Allco raises A$200mln for global infrastructure fund
SYDNEY, Dec 31 (Reuters) - Allco Finance Group AFG.AX, an Australian asset manager, said on Monday it had raised A$200 million ($175 million) from a domestic institutional investor for a new global transport and infrastructure fund.
The unlisted fund's initial assets would include five European wind farms, three aircraft and a share in a portfolio of 27 ships, the company said in a statement. These assets are currently held on Allco's balance sheet.
The fund is targeting A$350-A$450 million in total commitments from overseas and local investors which are expected to come in next year. The fund would be closed once it reaches a A$450 million maximum.
Allco announced the launch of the fund earlier this year but the first closure comes three months ahead of target, reflecting confidence in Allco's deal-making capabilities in the fund's main target areas of aircraft leasing and ships.
Allco did not name the domestic institutional investor.
Allco shares rose 4 percent to A$5.99 in a flat overall market, but are still among the five worst performing Australian stocks in 2007 on worries over their ability to make deals amid the rising cost of credit. ($1=A$1.14) (Reporting by Denny Thomas; Editing by James Thornhill)
