Fundraising

JPMorgan raises $1.7bn for infrastructure fund

In the same week that it agreed to a $427m water deal, JPMorgan Asset Management’s Infrastructure Investments Group said in a regulatory filing it had raised additional capital for its infrastructure fund.

By
Cezary Podkul
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JPMorgan Asset Management’s Infrastructure Investments Group has raised $1.7 billion for one of its infrastructure funds, according to regulatory filings.

JP Morgan: $1.7bn for
infrastructure
The firm said in filings with the Securities and Exchange Commission on Thursday that it had raised the money for its Infrastructure Investments Fund (IIF), which invests in infrastructure assets across developed markets.

The money came from three different pockets of money affiliated with the fund: JPMorgan IIF LP, which raised $551 million from 50 investors; JPMorgan IIF ERISA LP, which raised approximately $1.03 billion from 19 investors; and JPMorgan IIF Tax-Exempt LP, which raised $154 million from 12 investors, according to the filings.

A year ago, JPMorgan disclosed in regulatory filings that JPMorgan IIF LP had raised $478 million from 40 investors; JPMorgan IIF ERISA LP had raised $970 million from 18 investors; and JPMorgan IIF Tax-Exempt had raised $109 million from 9 investors, for a grand total of about $1.56 billion.

The fundraising disclosure comes on the heel of IIF’s agreement to buy SouthWest Water, a California-based water and wastewater utility, for $427 million. Of that, $225 million comprises the value of SouthWest’s equity, priced at $11 per share. The reminder is assumed debt.

The take-private deal, in which IIF is a 90 percent equity participant, marks the firm’s first investment in the US water sector. SouthWest management expects the deal to close within 12 months.