International Infrastructure Finance Company Fund (IIFC Fund)

Cayman Islands

Last updated 12 May 2020, by Impactyield.

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Fund geography

Global (48)

The IIFC Fund is designed to serve as a flexible institutional scale counterparty to global banks to enhance the management of regulatory capital. The IIFC Fund investment strategy is positioned at the intersection of two major investment themes—the global shortage of bank regulatory capital and the urgent need for infrastructure. The IIFC Fund intends to address each of these shortfalls while seeking to generate favorable risk-adjusted returns by structuring its investments to assist project finance banks in the management of their regulatory capital, economic capital, and liquidity exposure. By helping banks to release regulatory capital, the IIFC Fund expects to facilitate a significant expansion in infrastructure lending, building dramatic new capabilities for Impact through credit creation at global financial institutions. Mariner also understands that socially critical infrastructure services are not always credit-worthy from a bank perspective. We have therefore chosen to dedicate 5% of IIFC Fund management fees to UNICEF, enabling them to expand their life-saving relief and aid programs.

Financial description

The Fund’s investment strategy is positioned at the intersection of two major investment themes—the global shortage of bank regulatory capital and the urgent need for infrastructure. In response to the global financial crisis, regulators around the world expanded financial regulatory frameworks. These frameworks, modeled generally off of the Basel III rule-set, establish strict capital and liquidity standards for banks and have contributed to material funding shortfalls at these institutions worldwide. Given the relatively tight credit spreads generally associated with infrastructure loans, the regulatory requirements make it very difficult for banks to profitably hold infrastructure loans as these loans now require high and increasing amounts of capital and long-term matched funding, despite the favorable historical default and recovery performance of the asset class. At the same time, as discussed above, there is significant need for investment in global infrastructure assets. Mariner believes that these circumstances have created an opportunity for non-bank financial counterparties to generate favorable risk-adjusted returns by assisting banks in the management of their regulatory capital and funding exposure against their vintage infrastructure loan books while facilitating fresh lending into the sector.

10 years

of track record


the year funded



Asset manager

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: Mariner Investment Group

Product track record: Fund has 10 years of track record

Target IRR: n.a.

Committed Capital: n.a.

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:

Style/Stage: ,

Inception year: 2013

Vintage year: n.a.

Target region:

Target close date: n.a.

Product term: 10 years from the Initial Closing Date + option for two 1-year extensions at the discretion of the General Partner

Assets under management: n.a.

Investment size: Min: 0; Max: 0; Avg: 0

Co-investment policy:

Currency of investments:

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Fund investments to date: 0

Fund investments to date exited or repaid: 0

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Pension Funds, Other Institutional Investors


E-mail: n.a.


Phone number: 215-701-9605

If you wish to have your details removed from this database please email

Andrew Hohns

Managing Director at Mariner and Lead Portfolio Manager for the MIIM team

Impact Performance


Impact thesis

The OECD, the World Bank, and the World Economic Forum each estimates that the annual infrastructure investment requirement ranges from $2 trillion to $3 trillion. Private financing sources will be needed for approximately 50% of the project finance capital mix. Meanwhile, the 5-year moving average of project finance debt issuance is about $200 billion, less than 8% of the anticipated funding requirement. The Fund’s investments are designed to address these shortfalls by providing specialized financial tools that will allow banks to release regulatory capital and funding, a portion of which they can recycle to support new loans in the project finance space.
Additionally, Mariner has committed 5% of annual asset management fees from the IIFC Fund to UNICEF because we believe that in the places where vital infrastructure is not credit-worthy from an investment perspective or where the markets have not reached, UNICEF provides stopgap emergency services that serve as a proxy for infrastructure.

Impact Management


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