The global fund manager, Morrison & Co, has set up a $US3 billion ($4.3b) infrastructure fund, with the support of co-investors.
Photo: Minerals West Coast
The open-ended fund would pursue multi-decade global growth opportunities, in energy transition and decarbonisation projects, climate change initiatives and digitisation of the global economy.
Morrison & Co, which was also the manager of the infrastructure investment firm Infratil, said the fund offers investors exposure to long-term, lower-volatility opportunities.
"We are seeing a continued evolution in the infrastructure market globally, and as an asset class it continues to offer great benefits to investors," head of core infrastructure funds Gordon Hay said.
"Morrison & Co has a long and exemplary track record in infrastructure investment, typically investing higher up the risk spectrum."
The fund's objective was to provide investors with an annual gross return of 8 to 10 percent on investments which aim to be carbon neutral by 2050.
Morrison & Co will get a new chief executive early in the new year when Paul Newfield will replace Mark Bogoievski, who is stepping down after 13 years.
Newfield is the company's current head of Australian and New Zealand operations, and will take over on 1 January 2022.