Queensland Investment Corporation (QIC), one of Australia’s largest investment managers, announced raising A$1 billion (about $750 million) for the sidecar fund of its latest infrastructure vehicle, QIC Global Infrastructure Fund (QGIF).
QIC said the majority of commitments were from existing QGIF investors. Two new investors also participated in the extended funding round.
QGIF is an unlisted infrastructure fund that seeks to provide institutional investors with access to risk-adjusted returns through long-term exposure to a diversified portfolio of OECD infrastructure assets.
The first fundraise for QGIF reached its hard cap of A$2.375 billion ($1.8 billion) in March 2017 and was fully committed across 10 assets in December 2019.
The QGIF extension capital will primarily target bolt-on opportunities within existing assets and some new thematically linked investments, to further deliver growth, diversification, and resilience to the portfolio, according to the announcement.
“This extension will allow us to continue to further enhance the value of QGIF’s portfolio by growing a number of existing platform investments and leveraging our active management approach,” said Ross Israel, head of Global Infrastructure at QIC.
The sidecar vehicle forms part of QIC Global Infrastructure’s focus on sustainable infrastructure during 2021.
The strategy has already invested in three assets, including the acquisition of Tilt Renewables by PowAR, a follow-on investment in US distributed infrastructure platform Generate Capital, and the acquisition of Centro, the largest pure-play district energy platform in the US.
QIC has over 800 employees and serves more than 115 clients. Headquartered in Brisbane, Australia, it also has offices in Sydney, Melbourne, New York, Los Angeles, San Francisco, London, and Copenhagen.
QIC earlier reported delivering a record A$6.7 billion in investment return for the Queensland Government in 2020-21. The government-owned QIC managed approximately A$92.4 billion in assets for the Queensland Government and other domestic and international clients.