Manulife announced the closing of approximately $2 billion in capital commitments to the John Hancock Infrastructure Fund.
The fund provides third party investors the opportunity to invest alongside Manulife's General Account in direct private equity investments and co-investments in the infrastructure sector in the United States. The company operates primarily as John Hancock in the United States and Manulife elsewhere.
The fund's infrastructure equity investing strategy builds on John Hancock's more than 15-year track record in this space. The infrastructure investment team works with world-class infrastructure operators that are looking for a knowledgeable and experienced capital partner.
The fund attracted prominent institutional investors with approximately 45 percent from North America, 40 percent from Europe and 15 percent from Asia. Nearly half of the fund was raised from pension funds and insurance companies, and the remaining commitments primarily from global asset managers with select sovereign wealth funds.
The fund was partially seeded by the Company and it has agreed to maintain a 40 percent ownership of certain of the assets and 50 percent ownership of the balance of the assets. In addition, the Company will match the Fund's new primary investments on a dollar-for-dollar basis.
