IFM set to raise $3bn as it targets $12bn pipeline

The Australian firm has prioritised commitments from existing investors until the end of March.

IFM Investors is looking to raise about $3 billion as it looks to pursue a pipeline worth a total of $12 billion over the next 12 to 18 months.

The Australian fund manager is seeking additional commitments for its open-ended Global Infrastructure Fund and has designated from January 2018 through to the end of March as a priority period for the fund’s existing investors, should they wish to invest further.

UK-based local authority pension scheme Barnet Pension Fund has confirmed its interest in increasing its commitment to the vehicle and is set to add a further £8.9 million ($12.3 million; €10 million) to the £53 million it invested in March 2017. US-based Sonoma County Employees’ Retirement Association has also approved an additional interest in the fund.

IFM has identified a range of opportunities in which to deploy the fund into, with a pipeline mostly spanning Europe and North America totalling a value of $12 billion. The larger targeted investments include potential utilities and renewables deals in North America and a port in Western Europe, in line with the Global Infrastructure Fund’s 8‐12 percent net target return range.

One of the planned investments is believed to already be underway. IFM earlier this month entered “advanced exclusive negotiations” in a bid to buy a 49 percent stake in Spanish water group FCC Aqualia.

The IFM Global Infrastructure Fund has about $16 billion in funds under management, according to pension fund documents released in the second half of last year.

IFM declined to comment.