INPP targets £180m fundraising

London-listed fund manager International Public Partnerships Limited is expecting to launch a placing, open offer and offer for subscription of new ordinary shares by the end of June this year, with the aim of raising £180m.

International Public Partnerships Limited (INPP), the London-listed infrastructure fund manager, has announced that it expects to launch a placing, open offer and offer for subscription of new ordinary shares by the end of the second quarter of 2012. It says the fundraising is expected to have a target size of £180 million (€223 million; $291 million).

In a statement, the firm referred to its annual results, published in mid-April, in which it said that approximately £170 million worth of investment – representing three opportunities in which has exclusivity – has progressed to an advanced stage. It said the fundraising would fund the acquisition of these assets as well as pay down the company’s corporate revolving debt facility.

The firm said it envisaged a prospectus being published sometime this month, with trading in the new shares commencing after the company’s annual general meeting next month. It added that further details as to precise timing and size of the issue would be announced in due course.

In its annual results statement, INPP said it had notched a record investment year in 2011, with £122 million of new capital invested in 22 deals – more than twice the amount the firm had invested in the previous year. The update with respect to £170 million of new investment in the pipeline adds weight to the comments of INPP director Giles Frost after the results announcement, when he told Infrastructure Investor that 2012 could see “at least as much [new investment] as last year…maybe much more”.

The INPP fundraising is part of trend of listed UK infrastructure fund managers seeking new capital to fuel busy deal pipelines. In March this year, HICL raised £250 million rather than the planned £180 million in response to strong demand from investors. In December last year, Gravis Capital Partners more than doubled its fund size with a larger-than-expected fresh injection of £67 million.