Balfour Beatty Infrastructure Partners has held a third close of its debut infrastructure fund, Balfour Beatty Infrastructure Partners, LP. According to a Securities and Exchange Commission (SEC) filing of January 8th, 2014, the fund has raised US$469 million.
In January 2013 the BBIP fund reached first close with US$317 million of commitments, of which Balfour Beatty has committed US$110 million. In February 2013, the commitments increased to US$420 million.
After achieving this milestone, the fund subsequently completed its first investment on 28th March, acquiring a number of operational UK solar projects from UK based renewable energy developer, Anesco Ltd. The solar parks, with a total capacity of 20MW, were developed and built by Anesco.
Balfour Beatty Infrastructure Partners, LP's strategy is to invest in predominantly brownfield (operational) assets in its key target sectors of energy, transportation and utility assets across the UK, Europe, and North America.
Balfour Beatty Infrastructure Partners LLP (BBIP), the fund's manager, is an investment advisor and was set up in 2011, with the recruitment of four senior individuals. In August 2013, Balfour Beatty Infrastructure Partners LLP announced the hiring of Rob Keough to join the firms New York office as Principal, to focus on the origination, execution, and management of infrastructure investments in North America.
Drawdowns will depend on the timing of investments by the fund, but the fund manager expects to invest the commitment over the next three to four years.