Successful close for New Zealand Social Infrastructure Fund capital raising
Morrison & Co PIP Limited and Craigs Investment Partners Limited are pleased to announce
the successful close last Friday of the initial public offer (IPO) of shares by the New Zealand
Social Infrastructure Fund Limited (NZSIF).
The capital raising closed with $41 million of committed capital from approximately 750
investors including private investors, community groups, charitable trusts, Maori trust
organisations and Craigs Investment Partners itself.
NZSIF will invest as a Limited Partner in the Public Infrastructure Partners Limited Partnership
(the PIP Fund), an institutional fund established to invest in public-private partnerships (PPPs)
that deliver social infrastructure assets (such as schools, hospitals and local government
facilities) to the community.
The NZSIF board is pleased with the outcome and the widespread investor support shown
during challenging market conditions both globally and locally over the last two months. The
amount raised represents the largest successful equity raising in New Zealand this year
available to the investing public.
“The level of support from investors for NZSIF was pleasing, particularly with markets going
through an unsettled period in recent weeks. It required investors to take a long term view
and social infrastructure as an asset class is very well suited to that. It should also be noted
that this is the first, and possibly only opportunity New Zealand retail investors have to invest
in this new asset class,” said Neil Craig, Executive Chairman of Craigs Investment Partners
and director of NZSIF.
In addition to the $41 million of committed capital raised for NZSIF, Morrison & Co is currently
in discussions with several large investors and expects these to lift the total capital committed
to the PIP Fund to date to approximately $160 million.
“We are delighted to have such a broad group of investors participating in the PIP Fund via
NZSIF,” said Peter Coman, Managing Director of the Morrison & Co PIP Fund. “With the
combination of retail and institutional commitments approaching $160 million, we are well on
the way to our overall target of raising over $200 million for the PIP Fund.”
The PIP Fund is continuing its institutional capital raising process with final close of the
institutional fund in October 2010.
For further information contact:
Peter Coman, Managing Director, PIP Fund
Peter.Coman@hrlmorrison.com, (09) 304 0302, 021 366 040
Neil Craig, Executive Chairman, Craigs Investment Partners, Director of NZSIF
email@example.com, (07) 577 4732