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Report: Manulife raising up to $2B for infrastructure fund

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Report: Manulife raising up to $2B for infrastructure fund

Manulife Financial Corp. is looking to raise as much as $2 billion for John Hancock Infrastructure Fund LP, which will be managed by its John Hancock U.S. division, The Wall Street Journal reported, citing sources.

French private equity firm Ardian has already committed $1 billion to the fund. Of that, about $700 million would be used to buy into the infrastructure assets Manulife is transferring to the fund, while about $300 million would be earmarked for new deals.

Manulife has managed private market funds in farmland, timber and other strategies, but this is its first attempt to raise outside money for private infrastructure deals, the Journal noted.