KEY POINTS:
A new infrastructure fund launched by Carmel Fisher and Lloyd Morrison is unlikely to invest in any New Zealand companies.
The Fisher Morrison Infrastructure fund was soft-launched this week and is the first joint venture for the investment managers since Morrison's purchase of a 26 per cent stake in Fisher Funds last month.
Morrison said it was too soon to give any specifics about which companies the fund would invest in.
But it would make a play in the areas in which Morrison & Co already had experience, such as airports, renewable energy, Australian energy reform and public transport.
European airports and the US energy sector were areas of interest, he said, although there would be no crossover between the fund and Morrison's other investments through Infratil and the NZ Super Fund.
"It's designed to be complementary to our New Zealand investments."
Morrison said he was analysing about 200 companies around the globe of which the fund would invest in 10 to 15.
Fisher said the fund was unlikely to invest in any New Zealand companies although it was not barred from it.
"It's all about the relative attractiveness of the company."
It would aim for a net yield of 5 per cent a year as well as capital growth. It would not invest in any unlisted infrastructure companies initially, although it had the potential to do so.
Fisher said the fund did have the potential to gear or borrow money but this would not be used to increase the return to investors.
Other infrastructure investors such as Macquarie and Babcock & Brown have hit trouble in recent months because of high levels of borrowing used to buy into infrastructure assets.
Fisher said infrastructure was attractive at the moment because it was the backbone of an economy and was likely to be one area where countries would continue to invest.
