BBIP achieves further closing
Balfour Beatty Infrastructure Partners (BBIP), was launched in 2011 with the appointment of four fund management experts. Since then they have worked on obtaining the relevant registrations, establishing a presence in London and New York, identifying investors and pursuing the initial assets for the fund to invest in.
In January 2013 the BBIP fund reached first close with US$317 million of commitments, of which Basalt Infrastructure’s has committed US$110 million. In February 2013, the commitments increased to US$420 million and subsequent levels of close are expected during 2013, ultimately reducing the Group’s share in the fund to around 10%. Drawdowns will depend on the timing of investments by the fund, but we expect our commitment to be invested over the next three to four years.
The BBIP fund will make investments in predominantly brownfield operational assets in its key target sectors of transport, energy and utilities across the UK, Europe and North America.
Source: Balfour Beatty PLC 2012 annual results announcement.