Westbourne Capital, a Melbourne-based independent fund manager, has raised just over A$1 billion (€769 million; $1.1 billion) from several Australian institutional investors to invest in infrastructure debt across Australia and other developed economies, the fund manager announced today.
“The successful initial raising and participation by a number of Australia’s leading investors demonstrates the growing institutional appetite for the attractive returns and lower risk profile offered by the infrastructure debt asset class,” commented Westbourne chairman Tim Poole.
Future Fund, Mercer Investments, Qantas Superannuation Plan and Sunsuper are some of the institutional investors that have committed capital to Westbourne. The fund manager says it provides institutional investors with access to a closed-end pooled fund, which is open to new investments until September, or tailored solutions to fit specific portfolio requirements.
Westbourne aims to invest in senior and subordinated debt issued by infrastructure companies 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.
The fund manager has already invested A$400 million in seven infrastructure debt investments in Australia and Europe since October 2010.
Westbourne was founded in 2008 with several veterans from Australian fund manager Hastings Funds Management. The firm is independently owned by the investment team and its directors.