Gravis Capital Partners, which is set to create Britain's first listed infrastructure fund focused on providing debt to projects, said it would successfully complete its initial public offering (IPO).
"We are very confident that we will comfortably exceed the minimum 35 million pounds ($53.7 million) we said we would accept, by how much I don't know, but we will be closing successfully on Monday," Gravis Managing Partner Stephen Ellis told Reuters.
Gravis is due to close the books on July 19 on a London IPO targeting 50 million pounds for its infrastructure fund to invest in subordinated debt of projects under the UK private finance initiative (PFI), such as schools and hospitals.
Demand for infrastructure debt funds soared after the onset of the financial crisis, as developers, keen to put less equity into projects, turned to lenders other than banks for, often mezzanine, debt for their infrastructure financing needs.
Gravis launched an unlisted retail infrastructure fund in June 2009, offering investors willing to commit at least 25,000 pounds a long-term, fixed, net annual rate of return of 8 percent, with subscriptions and redemptions on a monthly basis.