Royal Children's Hospital
Home// Our funds > INPP

International Public Partnerships is a global infrastructure fund, listed on the London Stock Exchange. At 30 June 2016 the fund had a market capitalisation of over £1.5bn.

International Public Partnerships seeks to provide shareholders with a combination of dividends and capital growth. The Fund aims to provide an internal rate of return of 8-9% on the initial public offer issue price of 100 pence per share by offering investors exposure to public infrastructure assets, such as PFI and PPP, both in the UK and abroad.

INPP seeks to provide shareholders with long-term distributions at levels that are sustainable and which preserve the capital value of the Group’s portfolio over the long-term. The Directors believe that long-term capital growth can also be achieved.

Dividends

A key objective of the Company is to provide a robust and attractive growing yield to investors. The Fund has a progressive dividend policy and currently expects to deliver dividend growth consistent with the c. 2.5% average annual growth that has been provided to investors since the Company's inception.

It is the Fund’s policy to pay dividends entirely from operating cashflow.

Capital Growth

The Fund aims to provide capital growth to investors, as when construction assets within its portfolio move into an operational phase. Around 8% of INPP’s portfolio is currently invested into assets currently under construction.

Additional growth in value may also come through:

  • Well priced acquisitions
  • Asset management initiatives to enhance revenue
  • Portfolio savings or synergies
  • Client variations 

Summary Investment Policy

The Fund’s investment policy is to invest in public or social infrastructure assets in the UK, Europe, Australia, North America and, in due course, other parts of the world. The Group intends to continue acquiring both operational and construction phase assets.

INPP invests with a long-term view, providing both income and capital growth while enhancing the capital value of its investments and the income derived from its investments through ongoing management of the investment portfolio. The Group intends to acquire further investments within any of the following parameters:

  • investments with characteristics similar to the Fund’s existing assets
  • investments in assets or concessions having a public infrastructure character and in respect of which availability, property rental or predictable user demand based payments are or will become payable and
  • investments in infrastructure assets or concessions which have high barriers to entry and expect to generate an attractive total rate of return over the life of the investments

While there are no restrictions on the Fund’s assets which may be invested in any one area or sector, the Group will, over the long-term, seek a spread of investments geographically and across industry sectors to achieve a broad risk balance in the portfolio.

  • Related sites

  • INPP
    View

  • Related links
  • Asset management
    More
  • Fund management
    More
  • Our funds
    More