ADIC-UBS Infrastructure Fund
From Taighde
ADIC-UBS Infrastructure Fund was a joint venture between the Invest AD and UBS Global Asset Management until being liquidated in March 2010. It was formed in February 2008 and will focus on infrastructure investments in Middle East, North Africa and Turkey. The fund currently has $500 million, but it is believe that the fund can draw upon more, if needed.
The Board of Directors is made up of three individuals from each company. The investment team is lead by Mark Thompson. The CIO is Vincent Gilles. The fund aims to give investors an internal rate of return of about 15 to 20 percent a year.
ADIC's stake in the fund came from ADIC's interest in the recently awarded concession for the redevelopment, expansion and operation of Queen Alia International Airport (Amman, Jordan), ADIC has a 38% stake in the expansion project
The fund has taken a $100 million equity stake in a 3,000 megawatt power project in Saudi Arabia worth $3.5-4 billion.
The fund has currently bid for four multi-billion US dollar infrastructure projects including the Aqaba Port Redevelopment in Jordan, an Independent Power and Water Plant in Saudi Arabia, a Sewage Treatment Plant in Bahrain, and a Schools Project in Egypt. It has put a bid for the $2.5 billion Abu Dhabi Roads Project.
Mark Thompson said in November 2008 that they would create more funds after this current fund closes in 2009. The next fund is expected to have $750 million to $1 billion.
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