Edelweiss Infra Fund to raise funds for road, energy assets

Edelweiss had marked the first close of the fund in May 2019, raising $375 million and is likely to deploy the fund before December 2019

Edelweiss, Edelweiss Alternative Asset Advisors, Sekura Energy, Sekura Roads

Edelweiss Alternative Asset Advisors has begun Phase-II of fundraising for its infrastructure fund Edelweiss Infrastructure Yield Plus Fund, and is likely to close the fund at $750 million by early 2020.
Edelweiss has launched the road show and is in discussions with global pension funds, insurance companies and endowment funds to raise about $375 million (Rs 2,600 crore) to invest in roads and energy assets in India.

Edelweiss had marked the first close of the fund in May 2019, raising $375 million and is likely to deploy the fund before December 2019. The assets are acquired through two new platforms — Sekura Energy and Sekura Roads backed by Edelweiss Infrastructure Yield Plus Fund (EIYP). Sekura Energy had acquired two operating power transmission assets from Essel Infraprojects — namely Darbhanga-Motihari Transmission and NRSS XXXI (B) Transmission in October 2019.

The stake in the two other under construction assets will be acquired post commissioning. The total enterprise value of the energy assets will be about $750 million.

In June 2019, Sekura Roads had acquired two hybrid annuity road assets from Hyderabad-based Navayuga Group for an enterprise value of $150 million.

Edelweiss Infra also plans separate Infrastructure trusts or InvITs for roads and energy platforms in the next couple of years. Both global and domestic investors are looking to invest in good-quality operating infrastructure assets for long-term cash flow-based returns.

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