RBC GAM collects C$600m-plus for direct private infrastructure fund

• The fund was launched earlier this year by RBC GAM
• It is managed by Andrew Hay, RBC GAM’s head of global infrastructure investments
• The fund’s manager plans to work with co-investment partners to invest in core and core-plus infrastructure assets diversified across sectors primarily focused in developed market economies

RBC Global Asset Management (RBC GAM), an affiliate of Canadian bank RBC, has held the first closing of a new direct private infrastructure fund, raising more than C$600 million.

RBC Global Infrastructure Fund, which exceeded initial commitment targets, was backed by more than 1,800 institutional and individual Canadian investors. The vehicle was launched earlier this year.

The fund is managed by Andrew Hay, head of global infrastructure investments at RBC GAM. It is supported by the RBC GAM Private Markets team, led by Michael Kitt.

The fund’s manager plans to work with co-investment partners to invest in core and core-plus infrastructure assets diversified across sectors primarily focused in developed market economies Committed capital will be deployed over the next 6 to 18 months.

“Investors are looking for ways to access private infrastructure investments to diversify and enhance their portfolios,” said Hay in a statement. “We have seen exceptional interest in the RBC Global Infrastructure Fund LP from a wide range of investors. We are grateful for the interest from clients, and we are excited to begin building a portfolio of direct private infrastructure investments to help clients meet their investment goals.”

RBC GAM is the asset management division of Royal Bank of Canada and includes money managers BlueBay and Phillips, Hager & North Investment Management. The RBC GAM group of companies manage approximately $525 billion in assets.