Six Kentucky-based banks have joined forces to launch a $150 million infrastructure fund to support public-private partnership projects, in which state and local governments can partner with private companies to finance and build large projects that might otherwise not be possible.
Commonwealth Infrastructure Fund is led by six of the largest community banks in the state: Commonwealth Bank & Trust, Stock Yards Bank & Trust, Central Bank & Trust, Kentucky Bank, Traditional Bank, and United Bank & Capital Trust. The fund was described as “an innovative, private fund established to provide debt financing to private-sector firms participating in public infrastructure projects at both the state and local levels.”
The fund will provide debt financing at a time when it is critically needed at both the state and local levels for projects such as the repair and replacement of roads and bridges, water and sewer systems, and social infrastructure projects such as student housing, treatment centers and charter schools.
The Commonwealth Infrastructure Fund will be managed by John Farris, founder of Commonwealth Economics and the chairman of the Kentucky Retirement Systems board of directors.