HSBC Asset Management has completed fundraising for its global infrastructure debt fund, securing $612m (鈧�593m).
The asset management arm of banking and financial services firm HSBC said its Global Transition Infrastructure Debt strategy will focus on the lower mid-market infrastructure debt segment, which is 鈥渄ominated by small club and bilateral transactions鈥�.
As reported last August, the fund manager had raised over $240m at the time for the global infrastructure debt strategy, which invests in senior and second-lien debt in investment-grade countries across Europe, North America and Asia-Pacific.
Despite launching a first vintage fund in a 鈥渃hallenging fundraising environment鈥�, HSBC AM said it 鈥渓everaged its extensive experience in infrastructure and credit investing to secure commitments from institutional investors globally鈥�.
The firm said it had closed eight investments to date, with three fully repaid, and has generated returns approaching the upper limit of its 10-12% target gross internal rate of return.
Dimitrios Papatheodorou, head of high-yield investments at HSBC AM, said: 鈥淪uccessfully delivering on this strategy has been made possible through a tight-knit team of professionals with direct hands-on experience in negotiating, structuring and executing often bespoke transactions that can deliver value to our investors.
鈥淥ur approach benefits from a wide network of time-tested relations with equity sponsors and advisers around the world that drives deal flow, resulting in a robust investment pipeline.
鈥淭he interest we have seen in the strategy represents a clear vote of confidence from investors in the fund鈥檚 performance and returns to date. This compelling strategy represents a notable and successful milestone in the growth of HSBC AM鈥檚 infrastructure debt offering.鈥�
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