HSBC said it had reached its first close on its fourth infrastructure fund, raising more than half of its $1 billion target in what is still seen as a tough environment for infrastructure investors.

The bank said the unlisted fund, called HSBC Infrastructure Fund III, which has a mandate to invest globally, has received commitments totalling $580 million from a small number of investors who have invested in HSBC's previous infrastructure funds.

Global infrastructure fundraising dropped by more than half in 2009 from 2008 as investors moved into more liquid assets. At the same time, increased competition for investors' money has put pressure on fees for unlisted funds.

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Posted by mopeng at April 2, 2010 1:38 AM