Alinda Capital Partners has shelved its IPO plans owing to exhausted investor coffers depleted by recent listed capital raises totalling almost £1 billion ($1.33 billion).

The US-based investment manager had planned to announce results of its £350 million raise for the Alinda Capital Infrastructure Investments vehicle this Wednesday (1 December 2021), but has been forced to withdraw.

Two recent equity raises have been blamed for exhausting pre-Christmas liquidity earmarked for infrastructure investing.

Pantheon Infrastructure (PINT) had a successful IPO beginning in October and concluded in November raising £400 million on a £300 million target. A close source to that raise said commitments were almost double what was targeted, resulting in a scaling back exercise.

More recently, Greencoat UK Wind held a mammoth £450 million oversubscribed equity raise this November, with the result announced last week. Commitments were so plentiful the manager was able to trigger a tap issue to increase takings by £54 million.

A new date for the Alinda IPO has not been determined, but a source said a H1 2022 return could be on the cards.

The strategy for the closed-ended investment company is to invest primarily in core-plus, mid-market infrastructure and infrastructure-related investment opportunities globally.

The primary focus will be on the transport and logistics infrastructure sector and utility-related and digital infrastructure sectors.

Alinda Advisors will act as its investment manager.

Joint bookrunners and corporate brokers to the new fund are: 

• Peel Hunt (also financial adviser) 
• Numis Securities