Travers Smith LLP has advised the Pensions Infrastructure Platform on the successful first closing of PiP Multi-Strategy Infrastructure LP (the "Fund") with commitments from a number of UK pension funds.

The Fund will invest directly in UK infrastructure with the objective of producing the stable, long-term inflation-adjusted yields required by pension schemes to meet their long-term pension payment liabilities. Pension schemes will benefit from transparent, low cost fees that reflect the true cost of operation.

The Fund has a minimum commitment of £1m that allows schemes of any size, including the smallest, to invest and still share the same terms with all other investors. There is also a co-investment programme that allows larger investors to achieve even further benefits of scale.

The Travers Smith team was led by head of investment funds, Sam Kay and also included investment funds associate Ed Ford, regulatory partner Phil Bartram and senior tax associate Elena Rowlands.

This fundraising continued the relationship between Travers Smith and the Pensions Infrastructure Platform with Travers Smith having previously advised the Fund's manager, PiP Manager Limited, on its FCA authorisation as a full scope 'AIFM'.