A stronger than forecast dealflow pipeline has prompted ANZ Infrastructure Services (ANZIS) to increase the latest capital raising for the Energy Infrastructure Trust (EIT) to $300 million, after setting a $200 million limit in the information memorandum.
Existing unitholders in what is currently a $267.6 million fund have first priority in the raising, and it is understood most of them have taken the opportunity to top up. The chief investment officer of the Catholic Superannuation Fund (CSF), Tim Hughes, confirmed the fund had increased its exposure to just under $50 million. An initial investor in the EIT, the CSF has enjoyed a post-tax internal rate of return of 25.1 per cent from the trust’s February 2003 inception to April 30, 2007. It is understood the EIT will also gain several new investors from the capital raising, which ANZIS expects to be called and fully invested through 2007. The most recent investments made by the EIT include a $33 million convertible note investment in ERM BK Power, a holding company with a 10 per cent interest in Queensland’s Braemar power station and 20 per cent interest in WA’s Kwinana power station; 100 per cent of the proposed 140 megawatt Condamine Power Station development in Queensland; and 100 per cent of Wattle Point Wind Farm.
As super fund CIOs return to work for 2025, all eyes are on two things: Donald Trump’s presidency, and inflation. But they’re not the only issues that will drive investment decisions and returns, and some of them may present an unfamiliar set of challenges for a cohort of investment professionals that has grown up experiencing a particular set of market and economic conditions.
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