IAM Private Debt Group has closed its Infrastructure Private Debt Fund at $347 million in committed capital. The fund, backed by institutional investors, will make loans with terms of up to 25 years. It will build on the group’s prior financings of toll bridges, wind farms, solar energy, biomass and cogeneration facilities, and municipal waste treatment assets across Canada. The private debt group, a division of Toronto-based Integrated Asset Management Corp (TSX: IAM), raised $672 million for its fifth mid-market fund, Integrated Private Debt Fund V, last November.
Over $ 1 Billion Raised in Fiscal 2016 Integrated Asset Management Corp. and IAM Private Debt Group Announce $347 Million Close of Long-term Infrastructure Debt Fund
TORONTO, ONTARIO–(Marketwired – Sept. 28, 2016) – Integrated Asset Management Corp. (“IAM”) (TSX:IAM) and its private debt division, IAM Private Debt Group, today announced the close of its Infrastructure Private Debt Fund with commitments of $347 million. The Fund will make loans with terms up to 25 years.
John Robertson, President and CEO of IAM said “We are very pleased to have launched our first Infrastructure Debt Fund, not only because it meets a very specific need from investors but also because it allows us to expand our product offering utilizing existing resources and capacity.
I would like to congratulate the Private Debt Group. In November, 2015 they closed the 5th mid-term private debt fund at $667 million and have now closed their first Infrastructure Debt Fund, raising just over $1 billion in the last 12 months. This has increased our AUM by 59% since the end of our last fiscal year, September 30, 2015.
This gives us committed but not yet invested AUM of approximately $ 947 million in addition to $ 1.7 billion in invested AUM. As the committed capital is invested, revenue will increase accordingly.”
Philip Robson, President of the IAM Private Debt Group, said “There is strong demand from pension funds and insurance companies for longer term, higher yielding assets. Infrastructure debt provides an attractive combination of longer term, stable, predictable income and a yield higher than that available from public market bonds.
We have extensive experience in infrastructure lending, having provided financing for toll bridges, wind farms, solar energy, biomass and cogeneration facilities and municipal waste treatment. The investment program for the new fund will begin immediately, as we have transactions lined up and ready to go.”
In the last 11 years the IAM Private Debt Group has raised more than $2.7 billion for investment grade private debt on behalf of Canadian pension funds, endowments, foundations, insurance companies and other institutional investors.
IAM is one of Canada’s leading alternative asset management companies with approximately $2.7 billion in assets and committed capital under management in real estate, private debt and managed futures.
Philip Robson, President
IAM Private Debt Group
John Robertson, President & CEO
Integrated Asset Management Corp.
Photo courtesy of Integrated Asset Management Corp