Hastings fund in A$610m fundraise

Utilities Trust of Australia has bagged its first close of the year with commitments from new and existing investors. The unlisted fund has existed since 1994 and has a market cap of A$2.6bn.

Utilities Trust of Australia (UTA), an unlisted infrastructure fund managed by Hastings Funds Management (Hastings), has reached a first close on its 2012 capital raising of A$610 million (€495 million; $626 million), Hastings announced today.
UTA has managed to attract commitments from new and existing clients and will continue to raise capital throughout the year, Hastings said. The money raised will be used to support growth opportunities within the fund’s portfolio, such as Perth Airport and the widening of Sydney’s M5 toll road. It will also be used to fund UTA’s recent A$250m investment in the Sydney Desalination Plant.
“We are very pleased with the high level of support for UTA shown by our clients. We believe UTA offers investors a well managed, quality portfolio of assets in the core infrastructure space. It has delivered strong, consistent returns through the challenging economic conditions of recent times,” commented UTA chief executive – and Hastings executive director – Richard Hoskins.
UTA has been around since 1994, returning over 11 percent per year since inception. The fund’s portfolio counts some 17 investments across Australia, Europe and the US and has a net asset value of A$2.6 billion as at December 31, 2011.