BBIP is an infrastructure funds management business set up in 2011 by Balfour Beatty to exploit the knowledge within the company to earn advisory fees and a better return on capital.
Four specialists were recruited for the new business and have spent the past two years obtaining the relevant registrations, establishing a presence in London and New York, identifying investors and pursuing the appropriate initial assets for the fund to invest in.
Balfour Beatty announced that the BBIP fund has today reached first close with £200m of commitments, of which Balfour Beatty has committed £70m.
Subsequent levels of close are expected during the course of 2013, ultimately reducing Balfour Beatty's share in the fund from 35% to around 10%.
The fund managers plan to make investments in predominantly brownfield (operational) assets into its key target sectors of transport, energy and utilities across the UK, Europe, and North America.
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