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Lloyds Banking Group hits first close for £250m infrastructure fund

13 Sep 2012

Lloyds Banking Group has reached a £150m first close for its latest infrastructure fund, a £250m vehicle the state-backed lender will use to invest in greenfield UK infrastructure projects.

The bank said Thursday that Lloyds Bank UK Infrastructure Partners LP has raised commitments from several institutional investors including UK corporate pension plans, as well as European investors including the European Investment Bank.

The announcement follows the closing of Lloyds Bank European Infrastructure Partners LP back in January, which is managed by the same team as Lloyds Bank UK Infrastructure Partners LP and raised several hundred million euros to invest in European greenfield infrastructure projects.

The new fund will invest in projects that are infrastructure concessions characterised by stable and partially inflation-linked revenues, it said.

The vehicle, whose investments are expected to be made exclusively in the UK, will be managed by a team led by Gershon Cohen and Sameer Amin, the fund principals.

John Burnham, formerly head of Citibank’s global infrastructure business, has been appointed as chairman of the investment and advisory committees of both the UK and European funds.

“The closing of a second infrastructure fund this year demonstrates continued appetite for investment in this asset class,” Gershon Cohen, CEO Infrastructure Funds at Lloyds Bank, said in a statement.

“We now have approximately £750m under investment in infrastructure funds, £500m of which is invested in the UK, which demonstrates our own focus on supporting the UK economy.”

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