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ALTERNATIVES

QIC closes global infrastructure fund at A$2.35 billion

QIC, the Brisbane-based money manager, announced the final close of its QIC Global Infrastructure Fund at A$2.35 billion ($1.78 billion).

Ross Israel, head of QIC global infrastructure, said in a telephone interview that the hard close, more than double the fund's initial August 2015 close, reflected broad investor interest in a hybrid structure, which borrows elements of both closed- and open-end infrastructure funds.

That hybrid, which gives investors the option of extending the period of investment without the “continuous fund raising” of open-end funds, looks to provide the “steady, predictable cash flows” investors have sought in a period of unusually low sovereign bond yields, he said.

Investors in the fund include the $25.6 billion Texas Employees Retirement System, Austin.