Investment manager Industry Funds Management (IFM) has bought 14 power plants from United States utility company Consolidated Edison for US$480 million ($540 million).
It is the third big US infrastructure purchase the manager, which is backed by 40 super funds, has made in the past 18 months.
IFM teamed up with a US subsidiary of locally-listed company Allco Finance Group, AllCapital, to complete the current deal.
AllCapital took a 37.6 per cent stake in the business worth $287.3 million, while IFM owns the remaining 62.4 per cent.
The IFM International Infrastructure Fund now manages $3 billion in infrastructure out of a total of $14.5 billion in assets.
