First State holds first close on €200m for European infra fund

The open-ended fund focuses on economic infrastructure within Europe, such as utilities and transportation. It is led by London-based Danny Latham, who joined First State in August 2007.

First State Investments has held first a close on €200 million for its European Diversified Infrastructure Fund. 

A person familiar with the fundraising said the first close was held late this summer.

First State launched the fund in May 2007, according to a press release. First State has structured the fund as an open-ended vehicle, meaning that the fund has no defined term and has the capacity to add on additional investors throughout its life.

First State said at the time that it would seed the fund with an interest in Anglian Water Group Limited, a water and sewerage provider in England and Wales. Colonial First State Global Asset Management, the parent company of First State, was a lead investor in the Osprey consortium that acquired the company in 2006 in a £5.7 billion deal. Colonial First State Global Asset Management held a 32.3 percent stake in Anglian Water Group as of April 2007, according to a press release.

In late 2007, the fund acquired an interest in Electricity North West Limited, a regulated electricity distribution network in northwestern England. Other investors in the £1.7 billion deal included JPMorgan Asset Management’s Infrastructure Investments Group, headed by New York-based Mark Weisdorf, according to a press release.

In early 2008, the fund expanded its team, adding Jeffrey Altmann and Niall Mills as senior asset managers. Jan Petke also joined the firm as an investment manager, according to a press release.

The fund focuses on economic infrastructure within Europe, such as utilities and transportation. It is led by London-based Danny Latham, who joined First State in August 2007, according to a press release.

Latham was previously the director of RREEF Infrastructure in London.

Campbell Lutyens is acting as a placement agent for First State in its fundraising effort.