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RBC Global Infrastructure Fund LP raises over $600 million in first closing, exceeding commitment targets

TORONTO, May 31, 2023 /CNW/ - RBC Global Asset Management Inc. ("RBC GAM Inc.") today announced the first closing of RBC Global Infrastructure Fund LP ("the Fund"), which raised over $600 million in commitments from over 1,800 institutional and individual Canadian investors, exceeding initial commitment targets.

RBC (CNW Group/RBC Global Asset Management Inc.)
RBC (CNW Group/RBC Global Asset Management Inc.)

The Fund, which was launched earlier this year by RBC GAM Inc., will provide qualified investors with access to an underlying portfolio of directly held infrastructure assets, with the aim of delivering attractive risk-adjusted returns. The Fund's manager plans to work with co-investment partners to invest in core/core+ infrastructure assets diversified across sectors primarily focused in developed market economies, deploying currently committed capital over the next 6-18 months. The Fund is open-ended to allow for long-term growth and value creation.

The Fund is managed by Andrew Hay, head, Global Infrastructure Investments at RBC GAM Inc., who has over 20 years of infrastructure experience, including a senior role at Canada's largest pension plan. It is supported by a broad and experienced RBC GAM Private Markets team, led by Michael Kitt, and leverages the deep investment expertise housed within RBC Global Asset Management.

"Investors are looking for ways to access private infrastructure investments to diversify and enhance their portfolios," said Hay. "We have seen exceptional interest in the RBC Global Infrastructure Fund LP from a wide range of investors. We are grateful for the interest from clients, and we are excited to begin building a portfolio of direct private infrastructure investments to help clients meet their investment goals."

Combined with RBC Canadian Core Real Estate Fund and RBC Commercial Mortgage Fund, the Fund is a foundational pillar in the evolution of RBC GAM Inc.'s growing private markets capabilities. The launch of the three flagship strategies have led to strong growth in the private markets platform with assets under management within the private markets platform now totalling over $12 billion at March 31, 2023.

"The positive response from clients is a testament to the benefits that accrue to investors from investing in private asset classes," said Kitt. "Having direct access to high quality private market assets has traditionally been a portfolio diversification advantage only the largest institutional investors have enjoyed. The RBC GAM private markets strategies now offer clients the unique opportunity to access the same high quality private market investment segment, alongside experienced and aligned partners."

Once the Fund has deployed the majority of the committed capital from this initial launch, it is expected that a second subscription period will commence. The Fund is open to qualified individual and institutional investors.

For more information about RBC Global Infrastructure Fund LP, please visit here.

This information is not intended to be an offer or solicitation to buy or sell securities or to participate in or subscribe for any service. No securities are being offered, except pursuant and subject to the respective offering documents and subscription materials, which may be provided to qualified investors only. This document is for general information only and is not, nor does it purport to be, professional advice or a complete description of an investment in any fund managed by RBC Global Asset Management Inc. (RBC GAM). If there is an inconsistency between this document and the respective offering documents, the provisions of the respective offering documents shall prevail. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. RBC GAM and its affiliates assume no responsibility for any errors or omissions.

Investments in alternative funds are speculative and involve significant risk of loss of all or a substantial amount of your investment. Alternative funds may: (i) engage in leverage and other speculative investment practices that may increase the risk of investment loss; (ii) can be highly illiquid; (iii) are not required to provide periodic pricing or valuation information to investors; and (iv) are not subject to the same regulatory requirements as prospectus-offered mutual funds. In assessing the suitability of this investment, investors should carefully consider their personal circumstances including time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their professional advisors and consultants regarding any tax, accounting, legal or financial considerations before making a decision as to whether the funds mentioned in this material are a suitable investment for them.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund's offering documents before investing. The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

About RBC Global Asset Management

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $525 billion in assets and have approximately 1,500 employees located across Canada, the United States, Europe and Asia.

SOURCE RBC Global Asset Management Inc.


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