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Goldman Sachs to put US$6.5bn into roads and gas

Goldman Sachs has raised more than US$6.5bn (€5bn) in committed capital for its new GS Infrastructure Partners fund, its first vehicle dedicated to making infrastructure investments globally.

The fund, which has already invested in the £2.8bn Associated British Ports and US$22bn Kinder Morgan transactions, will focus on opportunities in traditional infrastructure sectors including toll roads, airports and ports as well as regulated gas, water and electrical utilities, primarily in the US and Europe.

Goldman Sachs itself made an allocation to the fund of about US$750m, with pension funds, insurance companies and banks making up the bulk of the remaining investor base.

GS Infrastructure Partners raises the bar for 3i, Carlyle Group, JPMorgan and Macquarie, all of which have raised substantial capital in recent years for infrastructure opportunities. Capitalising on current interest in infrastructure, STAR Capital Partners, HBOS and AMP Capital Investors sold their interests in the Secondary Market Infrastructure Fund, which has 22 portfolio assets, to UK property outsourcing group Land Securities Trillium for £927m in December.