Plenary launches social infra fund(3)

Plenary Investment Management is intended to provide institutional investors with access to projects in the social infrastructure sphere. Its size will be capped at A$500m and will be seeded with a number of Plenary’s existing social infrastructure assets.

Australian infrastructure developer Plenary Group has teamed up with investment manager Pinnacle Investment Management to launch a new fund focusing on social infrastructure investments.
 
Plenary Investment Management is intended to provide institutional investors with access to projects in the social infrastructure sphere, and will be seeded with a number of projects already under the management of the Plenary Group.
 
The fund size will be capped at A$500 million (€288 million; $401 million), with Plenary holding a majority stake in the fund in order not to disrupt the management of the assets during their life cycle. As well as giving investors access to social infrastructure investments, the fund is also intended to give Plenary additional financial firepower to bid for future large scale developments.
 
Plenary’s social infrastructure portfolio includes the Archives of Ontario centre, the British Colombia Cancer Centre, the Victorian College of Pharmacy at Monash University and the South Australian Police and Courts project.
 
The developer has a strategic relationship with Deutsche Bank, a minority shareholder in the group, to provide long-term debt financing for its projects.