Macquarie seeks new PFI equity

Macquarie Bank is looking to expand its PFI equity portfolio - both by taking over existing portfolios from contractors wanting to recycle their capital into new schemes, and by providing equity funding to consortia bidding for future PFI projects.
Macquarie's failure to bid for Amey's PFI portfolio, snapped up a year ago by the John Laing Group, should not be seen as an indicator of the Australian bank's dwindling interest in the PFI sector, it claimed.
Jim Craig, managing director of the European Infrastructure Fund that Macquarie launched last week, told CJ: "We didn't move for Amey's portfolio as the timing was wrong for us."
Macquarie is best known in the UK construction industry for taking on Kvaerner's PFI portfolio three years ago.
"We've been delighted with that," said Craig, "as out of it came the M6 toll road, which is one of our best assets."
Craig would not rule out the possibility of a second similar private non-PFI toll road in the UK as Macquarie has 70 employees looking for opportunities throughout Europe.
The new fund is aimed mainly at projects calling for funding of £35m to £70m.