Westbourne Capital, a Melbourne-based independent fund manager, has managed to raise over A$1.4 billion (€1.1 billion; $1.4 billion) to invest in infrastructure debt across Australia and other developed economies, sources told Infrastructure Investor.
The fund manager has raised an extra A$400 million since last May, when it announced that it had amassed A$1 billion from several of Australia’s leading institutional investors, including the likes of Future Fund, Mercer Investments, Quantas Superannuation Plan and Sunsuper, to name a few.
Some 18 institutional investors have invested in Westbourne’s debt fund, Infrastructure Investor understands, with the fund manager expected to raise a total of A$2 billion by year end.
To date, Westbourne has invested about A$800 million across 12 debt instruments. Investments have been sourced from both the primary and secondary markets and include bid financings, refinancings and growth-based capex.
Increasingly, banks have been approaching Westbourne to sell down loan portfolios, sources added.
Westbourne – independently owned by its investment team and directors – was founded in 2008 with several veterans from Australian fund manager Hastings Funds Management.
Its debt strategy targets senior and subordinated debt in the transport, utilities and telecommunications sectors across Australia and countries that are part of the Organisation for Economic Cooperation and Development (OECD), a club of developed countries that also includes Canada, the US and the UK, among others.