Exclusive: BBIP fundraising passes halfway mark

The UK asset manager, which paid $299m for a US power utility in January, has raised $508m for its maiden vehicle.

Balfour Beatty Infrastructure Partners (BBIP) has collected more than half of the $1 billion it is aiming to raise for its debut fund, according to data from Infrastructure Investor Research & Analytics.

The firm, which had raised around $469 million as of last December, now has $508 million earmarked for investments by Balfour Beatty Infrastructure Partners Fund. Launched in 2010, the vehicle held a first close on $420 million in January 2013.

Limited partners (LPs) in the fund include London-based developer Balfour Beatty, which committed $110 million upon its launch, and US pension California State Teachers' Retirement System.

BBIP was established in 2011 as a partnership between a team of infrastructure investment professionals and Balfour Beatty. The firm sealed its first deal in March 2013, when it acquired a number of operational UK solar projects.

It has proved an active investor since, paying close to $299 million for Upper Peninsula Power Company (UPPCO), a US power utility owned by energy group Integrys, last January. Through McEwan Power, a wholly-owned portfolio company, BBIP also acquired seven operational UK solar parks earlier this month.

With offices in London and New York, BBIP invests in the transport, energy and utilities sectors across Western Europe and North America. It expects its commitments to be deployed within the next two to three years.