INPP fundraising 83% allocated after five months

International Public Partnerships Limited, the UK-listed infrastructure investment company, is tapping into a strong deal flow. It has put to work £166m of the £200m it raised in June this year.

Buoyed by an encouraging investing environment in the UK, International Public Partnerships Limited (INPP) has already deployed £166 million (€207 million; $263 million) of the £200 million in new capital it raised from investors in June this year.

In an interim management statement for the period 1 July 2012 to 14 November 2012, the London-listed fund manager highlighted new investments in the likes of the Ormonde offshore electricity transmission (OFTO) project and further investments in the likes of Building Schools for the Future assets.

INPP reached financial close on the £115 million Ormonde project in July alongside its investment adviser Amber Infrastructure and transmission specialist Transmission Capital. At that date, the same consortium had been responsible for four of the five OFTO projects to have reached financial close.

Further OFTO deals worth up to £8 billion are expected to be tendered to the private sector over the next nine years, contributing to what INPP sees as an encouraging environment for investors in the UK. Between June and November, the share of the firm’s portfolio accounted for by UK assets increased from 54 percent to 62 percent, while Australian assets’ share dropped from 18 percent to 14 percent.

In its statement the firm hailed “the National Infrastructure Plan and recently announced incentives and support for infrastructure projects” as well as “the likelihood of greater investor interest in the sector, bolstered by initiatives to involve UK pension funds in the provision of financing to infrastructure schemes”.

During the July to 14 November period, INPP reported an increase in net asset value per share to 118.4 pence from 116.9 pence on 31 December 2011. A half-year 2012 dividend of 3.0 pence per share was paid on 19 October with a full-year 2012 target dividend of 6.0 pence per share (up 2.6 percent from full-year 2011).