Innisfree Ltd is a fund management company based in the United Kingdom which manages substantial interests in private finance initiative (PFI) schemes in the UK, Canada, Sweden and The Netherlands. It invests funds in social infrastructure projects, such as hospitals and schools, on behalf of institutional investors such as local authority pension funds. The company has a portfolio of 56 projects with a capital value of over £18 billion.

Role

The company was founded by David Metter in 1995 and has raised over £2.3 billion to date . Currently, it has over £1.7 billion under management in four long term income funds. These funds have lives of 35 years or more which matches the length of a typical PFI contract of between 25 and 30 years and reflects Innisfree's policy to remain a long term partner in these projects. The majority of Innisfree's investors are UK institutions with over 25% of funds from overseas. Most of these investors are pension funds seeking long-term sustainable income. Over 80% of Innisfree's commitments are to UK projects with the remainder located in Canada, The Netherlands and Sweden. The role of equity providers such as Innisfree in PFI projects is to ensure the delivery of public services infrastructure to a standard as set out by the public sector with financial penalties for non-performance. Payment is only made once a facility is delivered and when the facility is operating as contractually stipulated. The PFI unitary charge includes payments to cover the cost of capital expenditure, the services needed to run and repair that asset and, in certain circumstances, supporting soft services. If a project is built using conventional procurement, these future costs for services are not automatically covered, monitored or disclosed.

PFI schemes

National Health Service

The company is the largest external investor in NHS hospitals. Innisfree's health project clients include: *

Barts Health NHS Trust Barts Health NHS Trust is an NHS trust based in London, England. Established in 2012, it runs five hospitals throughout the City of London and East London, and is one of the largest NHS trusts in England. History The trust was established on ...

Derby Teaching Hospitals NHS Foundation Trust Derby Teaching Hospitals NHS Foundation Trust was a former NHS trust that ran Royal Derby Hospital and the London Road Community Hospital, both in Derby, together with outpatient and diagnostic services in a range of community hospitals, health ...

University Hospital Coventry University Hospital Coventry is a large National Health Service (NHS) hospital situated in the Walsgrave on Sowe area of Coventry, West Midlands, England, north-east of the city centre. It is part of the University Hospitals Coventry and Warwi ...

* St Helens and Knowsley Teaching Hospitals NHS Trust *

Sherwood Forest Hospitals NHS Foundation Trust Sherwood Forest Hospitals NHS Foundation Trust was formed in 2001 and gained Foundation Trust status in 2007. It runs three hospitals in Nottinghamshire - King's Mill Hospital, Newark Hospital and Mansfield Community Hospital. It also operates ...

Newcastle upon Tyne Hospitals NHS Foundation Trust Newcastle upon Tyne Hospitals NHS Foundation Trust is one of the Shelford Group of University Teaching Hospitals and an NHS Foundation Trust. It provides acute medical services in Newcastle upon Tyne, England, at Royal Victoria Infirmary and Fre ...

Maidstone and Tunbridge Wells NHS Trust Maidstone and Tunbridge Wells NHS Trust is a large NHS Trust in the English National Health Service that manages hospitals in Kent, primarily managing Maidstone Hospital and Tunbridge Wells Hospital at Pembury. It took over the Crowborough Birt ...

Norfolk and Norwich University Hospitals NHS Foundation Trust Norfolk and Norwich University Hospitals NHS Foundation Trust is an NHS Foundation Trust which runs Cromer Hospital and Norfolk and Norwich University Hospital, both in Norfolk, England. The trust was first established on 8 February 1994 as th ...

South Tees Hospitals NHS Foundation Trust South Tees Hospitals NHS Foundation Trust is responsible for the management of two North East hospitals, James Cook University Hospital in Middlesbrough, and Friarage Hospital in Northallerton. In July 2019 a merger with North Tees and Hartlep ...

Walsall Healthcare NHS Trust The Walsall Healthcare NHS Trust is a public sector healthcare provider in Walsall, West Midlands, England. It originated as Walsall Hospital NHS Trust in December 1990, and was renamed in April 2011 after a merger by acquisition of the Walsall ...

King's College Hospital King's College Hospital is a major teaching hospital and major trauma centre in Denmark Hill, Camberwell in the London Borough of Lambeth, referred to locally and by staff simply as "King's" or abbreviated internally to "KCH". It is managed b ...

(formerly

South London Healthcare NHS Trust South London Healthcare NHS Trust was a British National Health Service trust which ran three hospitals in south east London. It was dissolved on 1 October 2013 after going into administration. South London Healthcare NHS Trust was formed in 2009 ...

) *

Dartford and Gravesham NHS Trust The Dartford and Gravesham NHS Trust is an NHS Trust with an annual budget of about £121 million, and employs 1,900 staff. It manages Darent Valley Hospital in Dartford, Queen Mary's Hospital, Sidcup, Queen Mary's Hospital in Sidcup, Erith and Di ...

Lewisham and Greenwich NHS Trust Lewisham and Greenwich NHS Trust is an NHS trust which was formed on 1 October 2013 and is responsible for running two acute hospitals, Queen Elizabeth Hospital and University Hospital Lewisham, in addition to community health services in Lewisha ...

(for

Princess Royal University Hospital The Princess Royal University Hospital or PRUH is a large acute district general hospital situated in Locksbottom, near Farnborough, in the London Borough of Bromley. It is managed by King's College Hospital NHS Foundation Trust. History The ho ...

) *

University Hospital of South Manchester NHS Foundation Trust The University Hospital of South Manchester NHS Foundation Trust is a defunct NHS foundation trust that previously operated Wythenshawe Hospital, a major acute teaching hospital in Wythenshawe, Manchester. Many of the services and facilities previ ...

Hairmyres Hospital University Hospital Hairmyres is a district general hospital in the Hairmyres neighbourhood of East Kilbride, South Lanarkshire, Scotland. The hospital serves one of the largest elderly populations in Scotland. It is managed by NHS Lanarkshire. ...

* Buckinghamshire Healthcare NHS Trust *

Royal Berkshire NHS Foundation Trust The Royal Berkshire NHS Foundation Trust is an NHS foundation trust in England, which is responsible for the management of the Royal Berkshire Hospital in Reading, Berkshire, as well as the Prince Charles Eye Unit and the Dialysis Unit, both in ...

Taunton and Somerset NHS Foundation Trust Taunton and Somerset NHS Foundation Trust was an NHS trust which managed Musgrove Park Hospital in Taunton. It merged with Somerset Partnership NHS Foundation Trust to form Somerset NHS Foundation Trust in 2020. Dr Sam Barrell was appointed ...

Defence

Project Allenby Connaught Project Allenby Connaught is a scheme begun in 2006 to redevelop the military garrisons of Aldershot and Salisbury Plain in the United Kingdom. The project is named after Lord Allenby who served as a cavalry commander on Salisbury Plain, and the ...

, at £1.8 billion, is one of the UK's largest PFI projects. The 35-year contract with Aspire Defence was let in 2006. It involves servicing and refurbishment of buildings on 800 ha of army land around Salisbury Plain and in

Aldershot Aldershot () is a town in Hampshire, England. It lies on heathland in the extreme northeast corner of the county, southwest of London. The area is administered by Rushmoor Borough Council. The town has a population of 37,131, while the Alder ...

. Aspire Defence Limited is 37.5% owned by "funds managed by Innisfree"; the other shareholders are InfraRed Capital Partners (17.5%) and KBR (45%).

References

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External links

Innisfree
Investment companies of the United Kingdom