Infinity raises £120m-plus fund

INFINITY Asset management has raised a new $200m (£123.4m) fund from investors – bringing the total amount of funds under its management to $400m (£246.8m).

Manchester-based Infinity, which was launched four years ago by managing partner Daniel Finestein, had started life as a private equity fund making investments of between £1m-£10m.

He was joined a year later by the former managing director Ask Developments’ residential business in 2008 to launch a property fund, and many of its most recent investments made have been in the latter sphere, including the £13.5m purchase of the Manchester International Office Centre last week.

Infinity said that the new fund would continue to be invested across both disciplines, and that more than half of the new fund would be invested in assets outside of the UK.

It is looking at equity investments of between £5m-£10m in firms which will have an enterprise value of £10m-£50m who are looking to raise cash for development or acquisition finance.

Daniel Finestein, managing partner at Infinity, said: “The launch of this $200 million fund marks a major expansion for Infinity as we focus on larger and more international deals.

“We’ve already announced our first deal with the purchase of the Manchester International Office Centre and are looking at a number of very exciting investment opportunities.

“This takes our total assets under management up to $400 million. Our existing portfolio is still extremely active and has exceeded expectations in its performance.”

Infinity was advised on the launch of the fund by law firm HBJ Gateley Wareing.

Corporate partner Paul Jefferson said: “In the current climate, the launch of a private equity fund of this magnitude is practically unheard of. It’s quite an achievement for Infinity and we’re delighted to have advised on the fund formation.”