German contractor Bilfinger Berger SE has launched what it says could be one of the first global investment funds to be based on operating revenue from public-private-partnership (P3) infrastructure assets. The fund, made up of assets of 20 of the firm's P3 projects in Canada, Australia, Germany and the U.K., was "oversubscribed" by investors at its mid-December offering, executives say.

About 80% of shares in the Bilfinger Berger Global Infrastructure Fund were acquired by investors, the firm said on Dec. 14. The fund is valued at about $322 million, says Bilfinger Berger, which holds the remaining 20%. "It is clear the infrastructure fund is being met with tremendous interest, especially in the turbulent capital markets," said Chairman Roland Koch.