LONDON (ShareCast) - Newly-listed infrastructure fund Babcock & Brown Public Partnerships lifted net assets by 4% in the five months following its formation, adding that it is confident for the current year.

Pre-tax profit came in at £1.7m for the five months to end 2006, with net asset value up to £306.6m compared with £296m in the listing prospectus. NAV per share rose to 102.2p from 98.7p.

The group's portfolio comprises stakes in 23 projects in the UK and Australia. Since its float it has invested £7m in Australian rail group Reliance Rail, which supplies rolling stock to the Sydney metro, and a stake in the Durham Courts PPP project in Canada.

The company added that it has £85m of cash available for investment and intends to be fully invested by the end of the year. Its first dividend will be paid after June.

• News Channel