London-based Sequoia Economic Infrastructure Income Fund, managed by Sequoia Investment Management Co., is looking to raise £216 million ($272 million) to fund an attractive pipeline of investment opportunities in the economic infrastructure debt market.
The fund invests in income-generating economic infrastructure debt, creating attractive risk-adjusted returns for shareholders from its diverse portfolio of private debt and bond investments. Investments range across 12 mature jurisdictions and span sectors and subsectors, according to the Sequoia Investment Management Company website.
The commitments the fund is looking to raise are equivalent to up to 200 million of new ordinary shares, which will be issued at a price of £108 ($137) per new ordinary share. As of May 13, the unaudited net asset value (NAV) was £103 ($tk) per ordinary share.
Approximately 133 million new ordinary shares will be initially offered to qualifying stakeholders.
Sequoia Investment Management Company is also in negotiations to acquire £200 million ($253 million) of assets and expects to see a steady stream of investment opportunities in the future.
The pipeline of investment opportunities is comprised of 44.9 percent senior secured debt instruments, 71 percent floating rate instruments and 100 percent private debt instruments. Geographically, 29.7 percent are located in the United States, 20.4 percent are housed in the United Kingdom, and 49.9 percent are located in Europe.
