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£200M fund launched for PFI

INVESTMENT COMPANY Innisfree has launched a second infrastructure finance fund in response to overwhelming demand from the Private Finance Initiative.

Innisfree launched the new £200M fund this week because it risked committing itself to too many projects. 'If all the projects we are working on came off we would fall short,' said chief executive David Metter.

The new fund is much larger than Innisfree's first, which was only worth £85M when launched in 1996.

Metter said that Innisfree was looking to invest the new money in London Underground's proposed privately financed infrastructure modernisation programme, as well as in rail and water infrastructure in Britain and the rest of Europe.

Innisfree has also recently set up a joint venture with consultant WS Atkins to invest in and manage PFI school projects. Called NewSchools, the venture plans to build up a portfolio of schools projects, linking with contractors which contribute to the equity portion of packages.

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