28 July 2015

Carey Olsen and Alter Domus advise on Infra Debt Fundraising

Carey Olsen has advised Macquarie Infrastructure Debt Investment Solutions (MIDIS) on the launch of its UK inflation linked infrastructure debt fund, which attracted total commitments of almost £740 million at final close.

The transaction brings total awarded mandates for MIDIS’ global infrastructure debt platform, which includes both pooled funds and separately managed accounts, to over £2.5 billion. Alter Domus has been appointed as administrator of the new fund.

The new fund will focus on investment in investment grade, inflation linked debt of infrastructure borrowers in the UK.  It will aim to make investments in borrowers who provide essential services to the community such as gas, electricity, water, transportation and waste disposal as inflation linked revenue streams are more common in these infrastructure sub-sectors.

The Carey Olsen team was led by Guernsey funds partner David Crosland and senior associate Gemma Campbell who advised on the launch alongside international law firm Linklaters LLP.

Mr Crosland said: "For MIDIS to have exceeded its fundraising target at a challenging time for infrastructure funding is testament to the strength of Macquarie's reputation and the unique investment objectives of the fund. With a 30 year life, the fund provides a long-term commitment to Guernsey's fund industry and we were delighted to have been involved."

James Brasher, Managing Director of Alter Domus in the Channel Islands said “Alter Domus is delighted to have been selected to service Macquarie’s UK Inflation Linked Debt Fund. The engagement of Alter Domus further strengthens our existing relationship with Macquarie and Alter Domus’ position as a leading provider of administration, accounting and secretarial services to Alternative Investments Funds in the Channel Islands”.