3i Infrastructure invests in Dalmore Capital Fund
3i Infrastructure plc ("3i Infrastructure" or "the Company") confirms that on 4 October 2012 it made a commitment of £15 million to the Dalmore Capital Fund ("DCF").
Of this commitment, circa £10 million is expected to be advanced on or around 19 October 2012, to fund DCF''s £89.5 million acquisition from Interserve plc of a 49.9% stake in two vehicles that together hold 19 UK PFI assets, including hospitals and schools.
3i Infrastructure''s commitment to DCF will not result in the Company incurring fees above the level normally due to the Company''s Investment Adviser under the Investment Advisory Agreement.
The Dalmore Capital Fund is managed by Dalmore Capital Limited ("Dalmore"), which employs key members of the team that managed I2, a secondary PFI Fund in which 3i Infrastructure held an investment between the Company''s IPO and 2011, which generated an IRR of 23.8% to the Company.
Dalmore has successfully completed the first closing of DCF, raising £130 million from five investors, including 3i Infrastructure, and will invest the remaining commitments in further secondary acquisitions of assets in the social infrastructure market.
Peter Sedgwick, Chairman, 3i Infrastructure, said: "This investment builds on the Company''s strong track record in social infrastructure, and provides it with access to the specialist investment skills that the Dalmore team has in the secondary PFI market."
Neil King, Partner, 3i Investments plc (Investment Adviser to the Company), said: "We have maintained a strong relationship with the Dalmore team since investing in I2. We are confident that the team can replicate its success at I2 in delivering value enhancements across DCF''s portfolio and using its market presence to source further attractive opportunities."
-Ends-
Download this press release as a PDF
For further information please contact:
Peter Sedgwick
Chairman, 3i Infrastructure plc
+44 1534 711 444
Silvia Santoro
Investor and press enquiries
+44 20 7975 3258
3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company that invests in infrastructure businesses and assets and is regulated by the Jersey Financial Services Commission. The Company is building a diversified portfolio of infrastructure investments, with a focus on Europe and India. As of 31 March 2012, 3i Infrastructure had a portfolio of 14 assets valued at £891 million, and net assets of £1,067 million. The Company listed on the London Stock Exchange in March 2007, raising £703 million in an initial public offering and a further £115 million in a subsequent placing and open offer in July 2008, and is a constituent of the FTSE 250 index.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Services Authority and acts as Investment Adviser to 3i Infrastructure plc.