Balfour Beatty has raised $469.1 million for its infrastructure funds management business, Balfour Beatty Infrastructure Partners, according to a filing with the SEC. The fund launched in 2011 with a €750 million ($1.02 billion) fundraising goal.
The fund intends to make investments in predominantly brownfield (operational) assets in its main target sectors of transportation, energy and utilities across the United Kingdom, Europe and North America.
In January 2013, the Balfour fund held a first close with $418 million of commitments, of which Balfour Beatty has committed $110 million.
Recently, in November 2013, the Balfour fund refinanced a 20-megawatt U.K. solar platform, which acquired the solar park from Anesco in March 2013. Financial details were not disclosed. It was the fund’s first investment. BBIP is also responsible for long-term operations and maintenance.
In November 2010, Balfour Beatty announced plans to set up a funds management business. The objective was to utilize a combination of infrastructure asset knowledge, skills and experience that had accumulated within the firm.