NOVEMBER 8, 2013

First State European fund completes fourth close

by Drew Campbell

First State Investments has raised $818 million for its European Diversified Infrastructure Fund in a fourth close that has increased its total raise to more than $1.7 billion. EDIF, which has a $2 billion target equity size, has received commitments from pensions, insurance companies and sovereign wealth funds in Europe, Asia and North America.

EDIF, a 15-year closed-end fund, is targeting unlisted European infrastructure assets. The fund focuses on mature, income-generating assets in the utilities, transportation and essential services sectors.

To date, the fund has invested nearly $783 million in four assets: Anglian Water Group in the United Kingdom; Electricity North West Ltd., also in the United Kingdom; Reganosa, a Spanish liquefied natural gas regasification plant and gas transmission network; and Digita, a Finnish broadcast tower operator.

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