Fund Commitments

Global Infrastructure Fund

global-diversified

Type: Fund
Date: November 2015
Strategy: Core
Geography: Australia, New Zealand, Europe

Overview

  • Existing relationship with the fund manager having previously partnered together
  • Recently restructured fund with a refined strategy to pursue core infrastructure assets at attractive risk adjusted returns
  • Open-end fund with historically strong performance and significant cash yield
  • Attractive valuations, particularly in light of existing market environment

Investment Rationale

  • Well-established infrastructure platform supported by the global presence and resources of one of Australia’s largest financial institutions
  • Minimum J-curve given no fees on commitments and quick drawdown
  • Ability to club Caledon clients together on enhanced terms
  • Attractive co-investment terms

First Time Independent Global Infrastructure Fund

global-infrastructure

Type: Fund
Date: May 2014
Strategy: Core Plus
Geography: Global

Asset Overview

  • Caledon identified a new fund investment opportunity for its clients in mid-2013
  • The Fund was targeting energy, utilities and transport assets with a focus on North America, Europe, and select high growth economies
  • Caledon led the diligence, negotiation and closing of the fund investment for its clients

Investment Rationale

  • Caledon recognized the opportunity to create a strategic relationship with a newly formed independent manager with extensive infrastructure experience
  • Ability to club Caledon clients together on enhanced terms
  • Attractive co-investment terms

Secondary in an Open-Ended Infrastructure Fund

secondary

Type: Secondary
Date: January 2013
Strategy: Core
Geography: OECD

Overview

  • Caledon was approached by the seller’s agent in November 2012
  • The seller had a $50 million interest in the fund and was looking to sell half its position as it was overcommitted to the infrastructure asset class
  • Caledon was able to negotiate a discount to the most recent NAV (including adjustments for distributions)

Customized Caledon Solution

  • Offered the opportunity to access an open-ended fund with an existing diversified portfolio of high-quality infrastructure assets
  • Acquiring the interest on a secondary basis enabled purchaser to avoid the queue
  • Opportunistic purchase terms including a discount, reduction of purchase price for distributions and no requirement to pay certain fund fees
  • Provided the opportunity for potential future co-investment opportunities with the manager