Listed infrastructure fund International Public Partnerships (INPP) has raised £330m (€391m) on the London Stock Exchange.

The placing by INPP, owned by Amber Infrastructure and invested in the Thames Tideway Tunnel and National Grid gas network, was oversubscribed by existing investors.

INPP originally aimed for a £250m capital raise.

Rupert Dorey, chairman of INPP, said: “The significant oversubscription of INPP’s latest capital raising demonstrates the continued demand for the company’s investment case, in providing shareholders with predictable, long-term and substantially inflation-linked returns from investment in long-term assets.”

The trust, he said, continues to offer shareholders a “highly visible and balanced pipeline of new opportunities, the outlook for which remains strong”.

Proceeds will be used to pay down debt.