TORONTO, May 31, 2023
/CNW/ - RBC Global Asset Management Inc. ("RBC GAM Inc.") today
announced the first closing of RBC Global Infrastructure Fund LP
("the Fund"), which raised over $600
million in commitments from over 1,800 institutional and
individual Canadian investors, exceeding initial commitment
targets.
The Fund, which was launched earlier this year by RBC GAM Inc.,
will provide qualified investors with access to an underlying
portfolio of directly held infrastructure assets, with the aim of
delivering attractive risk-adjusted returns. The Fund's manager
plans to work with co-investment partners to invest in core/core+
infrastructure assets diversified across sectors primarily focused
in developed market economies, deploying currently committed
capital over the next 6-18 months. The Fund is open-ended to allow
for long-term growth and value creation.
The Fund is managed by Andrew
Hay, head, Global Infrastructure Investments at RBC GAM
Inc., who has over 20 years of infrastructure experience, including
a senior role at Canada's largest
pension plan. It is supported by a broad and experienced RBC GAM
Private Markets team, led by Michael
Kitt, and leverages the deep investment expertise housed
within RBC Global Asset Management.
"Investors are looking for ways to access private infrastructure
investments to diversify and enhance their portfolios," said Hay.
"We have seen exceptional interest in the RBC Global Infrastructure
Fund LP from a wide range of investors. We are grateful for the
interest from clients, and we are excited to begin building a
portfolio of direct private infrastructure investments to help
clients meet their investment goals."
Combined with RBC Canadian Core Real Estate Fund and RBC
Commercial Mortgage Fund, the Fund is a foundational pillar in the
evolution of RBC GAM Inc.'s growing private markets capabilities.
The launch of the three flagship strategies have led to strong
growth in the private markets platform with assets under management
within the private markets platform now totalling over $12 billion at March 31,
2023.
"The positive response from clients is a testament to the
benefits that accrue to investors from investing in private asset
classes," said Kitt. "Having direct access to high quality private
market assets has traditionally been a portfolio diversification
advantage only the largest institutional investors have enjoyed.
The RBC GAM private markets strategies now offer clients the unique
opportunity to access the same high quality private market
investment segment, alongside experienced and aligned
partners."
Once the Fund has deployed the majority of the committed capital
from this initial launch, it is expected that a second subscription
period will commence. The Fund is open to qualified individual and
institutional investors.
For more information about RBC Global Infrastructure Fund LP,
please visit here.
This information is not intended to be an offer or solicitation
to buy or sell securities or to participate in or subscribe for any
service. No securities are being offered, except pursuant and
subject to the respective offering documents and subscription
materials, which may be provided to qualified investors only. This
document is for general information only and is not, nor does it
purport to be, professional advice or a complete description of an
investment in any fund managed by RBC Global Asset Management Inc.
(RBC GAM). If there is an inconsistency between this document and
the respective offering documents, the provisions of the respective
offering documents shall prevail. Information obtained from third
parties is believed to be reliable, but no representation or
warranty, express or implied, is made by RBC GAM, its affiliates or
any other person as to its accuracy, completeness or correctness.
RBC GAM and its affiliates assume no responsibility for any errors
or omissions.
Investments in alternative funds are speculative and involve
significant risk of loss of all or a substantial amount of your
investment. Alternative funds may: (i) engage in leverage and other
speculative investment practices that may increase the risk of
investment loss; (ii) can be highly illiquid; (iii) are not
required to provide periodic pricing or valuation information to
investors; and (iv) are not subject to the same regulatory
requirements as prospectus-offered mutual funds. In assessing the
suitability of this investment, investors should carefully consider
their personal circumstances including time horizon, liquidity
needs, portfolio size, income, investment knowledge and attitude
toward price fluctuations. Investors should consult their
professional advisors and consultants regarding any tax,
accounting, legal or financial considerations before making a
decision as to whether the funds mentioned in this material are a
suitable investment for them.
Commissions, trailing commissions, management fees and expenses
all may be associated with mutual fund investments. Please read the
fund's offering documents before investing. The performance data
provided assumes reinvestment of distributions only and does not
take into account sales, redemption, distribution or optional
charges or income taxes payable by any unitholder that would have
reduced returns. Mutual funds are not guaranteed, their values
change frequently and past performance may not be repeated.
About RBC
Royal Bank of Canada is a
global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 98,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper. As Canada's biggest bank and one of the largest
in the world, based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
About RBC Global Asset
Management
RBC Global Asset Management (RBC GAM) is the asset
management division of Royal Bank of Canada (RBC) and includes money managers
BlueBay and Phillips, Hager & North Investment Management. RBC
GAM is a provider of global investment management services and
solutions to institutional, high-net-worth and individual investors
through separate accounts, pooled funds, mutual funds, hedge funds,
exchange-traded funds and specialty investment strategies. The RBC
GAM group of companies manage approximately $525 billion in assets and have approximately
1,500 employees located across Canada, the United
States, Europe and
Asia.
SOURCE RBC Global Asset Management Inc.