Eredene ‘making progress’ toward $300m India fund

The UK-listed infrastructure fund is continuing to raise equity for its debut unlisted investment vehicle for the country despite the the effects of the global financial crisis.

UK-listed infrastructure fund Eredene Capital is ‘making progress’ in its debut $300 million unlisted fundraising for Indian infrastructure, a person familiar with the matter told Infrastructure Investor.

The firm began to raise an unlisted fund late last year since its listed fund, which has made nine investments since its IPO on the London Stock Exchange in 2006, is now 92 percent invested.

The source said the firm is ‘making progress’ in its fundraising effort despite the onslaught of the global financial crisis, which has slowed fundraising and dealflow in many emerging markets.

The firm intends to have a first close on $75 million by the end of the first quarter.

Eredene Capital is an internally managed infrastructure investment fund listed on the London Stock Exchange’s Alternative Investment Market (AIM). It raised £57 million in its IPO in April 2006 and targets investments between $15 million and $50 million in logistics, distribution, ports and related services and real estate.

The firm originated as a real-estate fund focused on the Indian market. It changed its focus to port-related infrastructure in 2006 after it hired a team of P&O Ports professionals who had been laid off as a result of DP World’s $6.8 billion acquisition of the container terminal operator.