Toronto-based manager Integrated Asset Management has reached a C$347 million ($264.9 million; €236.1 million) close on its Infrastructure Private Debt Fund.
The fund is IAM’s first infrastructure debt fund launched by its private debt group, which has raised more than C$2.7 billion in the last 11 years for a range of institutional investors.
IAM said the fund will provide loans of up to 25 years and that it will begin investing immediately. It has identified a number of transactions which have been lined up and which can be agreed imminently. IAM’s previous investments have focused on renewable energy and toll bridges.
“There is strong demand from pension funds and insurance companies for longer term, higher yielding assets,” Philip Robson, president of the IAM Private Debt Group, said in a statement. “Infrastructure debt provides an attractive combination of longer term, stable, predictable income and a yield higher than that available from public market bonds.”
IAM has approximately $2.7 billion in assets and committed capital under management in real estate, private debt and managed futures.