Duet, a London-based financial group, is raising a fund which aims to provide senior debt for projects that are part of the UK government’s project finance initiative (PFI) programme.
The new vehicle – called the Duet Infrastructure Sterling Senior Debt Fund – is currently fundraising and aims to provide short-term bridging facilities for low-risk infrastructure projects in the UK. These projects are procured through the UK government’s standardised procurement process, PFI, which involves the private sector.
Duet says on its website that it plans to become a “leading participant in the funding of UK infrastructure projects” and intends to have over £1 billion (€1.1 billion; $1.6 billion) of assets under management in five years’ time. Regarding the new fund’s life cycle, Duet says it will be a perpetual open-ended fund with scheduled redemptions.
InfrastructureInvestor contacted a spokeswoman from Duet who declined to give any further details on the new vehicle, such as when it will hold a first close or how much it hopes to raise.
Duet manages 24 funds including nine hedge funds, five funds of funds, and 10 real estate and infrastructure funds, which includes the new PFI vehicle. As of September 2009, the firm had $2.1 billion of equity under management.