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UBS Global Asset Management successfully closes its USD 1.5 billion flagship infrastructure fund
UBS Global Asset Management today announced that its flagship UBS International Infrastructure Fund has successfully raised over USD 1.5 billion in committed capital, exceeding its original target. The fund, managed by UBS Global Asset Management's Infrastructure Asset Management (IAM) team, is now closed to new investors.
Through the fund, clients' assets are invested for a minimum of 15 years. The fund targets established direct investment opportunities in OECD countries, investing in a variety of infrastructure assets (transportation, utilities, energy and social infrastructure). The fund has already acquired stakes in three diverse investments - a US power generation business (Northern Star Generation); a UK water company (Southern Water); and a European waste management company (Saubermacher).
John Fraser, Chairman and Chief Executive Officer of UBS Global Asset Management, commented, "The investor base of UBS International Infrastructure Fund includes major institutions from North America, Europe, the Middle East and Asia Pacific. The successful close of our first direct infrastructure fund is a tremendous achievement particularly considering the current market conditions. It is testament to the depth of expertise of our Infrastructure Asset Management team and our strong global client base."
Mr Fraser added, "Due to the exceptional client demand for the UBS International Infrastructure Fund, I envisage that a similar strategy will be launched in 2009. The growth of the Infrastructure Asset Management business also provides a great platform for us to expand our alternatives business into private equity and we expect to announce shortly investment solutions for institutional investors in this field."
Steve Jacobs, Head of IAM at UBS Global Asset Management, added, "The success of our fund raising highlights the long-term benefits offered by infrastructure as an asset class. In these turbulent times, investors are increasingly looking for stable, uncorrelated, inflationresilient long-term returns and that is what our infrastructure funds can offer."
Sarah Small, UBS Media Relations +44 20 7568 2609