InfraRed Capital Partners, the fund manager spun out of HSBC Holdings in April, is rolling out the biggest fund with a focus on building and operating social infrastructure, Financial Times reports. The IIF3 fund will invest in new or greenfield developments and will concentrate on building schools, hospitals and state-funded transport projects in the U.S., Europe and Asia.
The $1.2 billion product had initially aimed to raise $1 billion from a mixture of private equity, pension and insurance funds and other institutional investors. Until now, the fund has already invested $400 million in projects, including the Singapore National Sports Hub. In addition to this vehicle, InfraRed manages two other funds that target the infrastructure market.
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