AIG Highstar, the New York-based private equity partnership with a focus on infrastructure-related businesses, has closed its latest fund, AIG Highstar Capital III, on $3.5bn.
Over 90 per cent of the fund’s capital commitments were sourced from non-AIG-affiliated investors, principally from a group of pension plans, endowments, financial institutions and family investment offices, according to a statement.
The Highstar III investment portfolio includes Ports America (formerly P&O Ports North America), which was acquired from Dubai Ports World in March 2007; and two other US-based port operators, AMPORTS and MTC Holdings.
AIG Highstar is a private equity investment partnership formed to make controlling or influential minority investments in infrastructure-related assets and businesses. In particular, Highstar will target investments in assets and businesses that provide essential products and services in the energy, transportation, waste management and water sectors.
Highstar and AIG began their partnership in 2000.