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.
The brunt of losses from the LA wildfires are expected to be borne by primary insurers and high-risk reinsurance programs, but super funds are nevertheless closely monitoring the possible impact of the fires on catastrophe bond and insurance-linked securities exposures.
Simon HoyleJanuary 17, 2025
