HICL fund raises £250m

■ HICL, a fund that invests in infrastructure projects, yesterday raised £250m, around £70m more than its target, through a share placing and open offer. The group was advised in the transaction by Canaccord Genuity on its second day since merging with Collins Stewart. Graham Picken, HICL chairman, said: “The strong demand reflects the growing importance of infrastructure as an asset class.”