Gatwick airport owner eyes second $5 bln fund -source

* GIP planning new fundraising in H2 -source

* GIP targets similar size to $5.64 bln current fund -source

* Fund could top Alinda, be largest post-Lehman Brothers

* GIP said to be close to sale of third Gatwick equity stake

By Quentin Webb and Simon Meads

LONDON, May 10 (BestGrowthStock) – Gatwick airport owner Global
Infrastructure Partners (GIP) is preparing to raise a second
$5-billion fund, a person familiar with the matter said, braving
a still-tough market for infrastructure fundraising.

GIP, the owner of London’s Gatwick and City airports, has
already held informal discussions with existing and potential
investors about its plans and will kick off fundraising in
earnest in the second half of the year, the person said.

If GIP, which has Credit Suisse (CSGN.VX: ) and General
Electric (GE.N: ) as founders, reaches its target, the new
infrastructure fund could be the biggest since the credit crisis
peaked.

GIP has invested between $4-4.5 billion of its first $5.64
billion fund, focusing on energy, transport and waste assets
such as ports, power stations, and waste management.

The new fund is likely to be of a similar size, the person
said — allowing GIP to bid for sizeable assets without lining
up a string of partners. However, investors are likely to take a
harder line on fees and corporate governance than before the
credit crisis, making fundraising slower and more laborious.

GIP declined to comment.

Earlier this year GIP sold stakes in Gatwick to the Abu
Dhabi Investment Authority (ADIA), which is the world’s largest
sovereign wealth fund, and to South Korea’s National Pension
Service, leaving it with a 73 percent stake. Both investors are
likely to be contacted over the new fund.

GIP is also likely to bring in a third outside investor into
Gatwick in the coming fortnight, the person said, and could
later attract a fourth, provided it retains majority control. It
is also examining a bond refinancing for the airport.

Infrastructure funds have already raised $11.7 billion this
year, more than in all of last year, according to an April 23
report by Preqin, the data provider — although that reflects
funds raised over many months. [ID:nLDE63M22B]

Fundraising dried up in 2009 as institutional investors,
such as pension funds and insurance firms, moved into more
liquid assets.

Independent U.S. asset manager Alinda Capital Partners
closed its second $4.1 billion infrastructure fund in January,
the biggest achieved since the collapse of Lehman Brothers in
September 2008.

Stock Report

(Additional reporting by Greg Roumeliotis in Amsterdam; Editing
by Louise Heavens)

Gatwick airport owner eyes second $5 bln fund -source