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
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.