Infrastructure Capital Group has announced that it has commenced management of the Northern Territory Infrastructure Development Fund in partnership with the Fund’s Board and the Northern Territory Government (Australia)

The mandate has been seeded with a AUD200 million (US$145 million) investment from the NT Government and seeks to attract additional capital from domestic and international institutional investors. ICG was selected by the NT Government in April 2016 as manager of the fund’s investments after a competitive tender process.

ICG will now assess potential development projects for the fund, with plans underway to establish a Darwin office and hire key personnel. ICG’s recently expanded team and capabilities across investment and compliance will ensure a smooth implementation and management of NTIDF investments along with ICG’s existing investment strategies.

The NTIDF reflects a growing preference among investors for single client account structures that are geared to specific objectives and require specialist capability and focus.

ICG will continue to build on its separate account business in response to client demand and is actively engaging investors both domestically and globally on specific transaction opportunities.

As previously communicated to investors, the investment focus and scope of the NTIDF is on development projects in the Northern Territory, and is highly complementary to the Diversified Infrastructure Trust and the Energy Infrastructure Trust. The management focus and investment strategies remain unchanged for these products with both funds given priority asset allocation ahead of the NTIDF mandate.