From a structuring perspective, infrastructure funds are most
frequently established as either a limited partnership or a limited
company. Partnerships are the familiar vehicle for private funds,
whereas companies will be used for listed vehicles.
Obviously there will be nuances, depending on the asset class
and the type of investors being targeted. "You can give
limited companies characteristics that resemble a limited
partnership, particularly in offshore jurisdictions like Guernsey,
but generally it will be one of the two options described,"
says Craig Cordle, investment funds Group Partner from Ogier in
Guernsey.
There are some inherent difficulties with infrastructure funds,
given the incubation period for setting up one of these vehicles.
Cordle notes that ideally, investors want the fund vehicle to have
a seeded portfolio in place or at the very least identified target
assets – they will want to be confident that the capital will
be deployed and,
