Private equity firm Global Infrastructure Partners (GIP) said on Dec. 8 it had raised $2.8 billion in its two credit funds that invest in the debt and equity of infrastructure assets in the oil and gas, renewable energy, power and transport sectors.
New York-based GIP raised $1.4 billion for its second credit fund, GIP Capital Solutions Fund II, and $1.4 billion for the successor fund, GIP Spectrum Fund, from institutional investors and high net worth individuals across North America, Europe, Asia and the Middle East, the firm said.
GIP aims to use its spectrum fund to make debt investments in infrastructure assets in sectors such as power, midstream oil and gas, transport and renewable energy, mostly in Organization for Economic Cooperation and Development (OECD) countries. The capital solutions fund will make debt and structured and preferred equity investments in similar sectors and countries.
The inaugural GIP Capital Solutions Fund I had raised $739 million in 2014.
GIP's infrastructure credit funds, which were launched last year, have made several investments including acquiring $325 million of the $400 million debt notes issued for the construction of the Whistler Pipeline, a 450-mile natural gas pipeline in Texas; a $325 million term loan to Saavi Energia, Mexico's fourth largest independent power company; and a $110 million term loan to Colombian port terminal, Puerto Antioquia.
Founded in 2006 by former Credit Suisse executive Adebayo Ogunlesi, GIP is one of the world's largest infrastructure investors. It has about $70 billion in assets under management.
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