Foresight Group has launched a new open-ended global infrastructure fund to invest directly into publicly listed companies.

The FP Foresight Global Real Infrastructure Fund (GRIF) will invest in shares of companies owning and operating real infrastructure and renewable energy assets that are listed in developed markets.

Foresight said it will target companies that own and operate real assets with “long-term, inflation-linked contracts attached, rather than cyclical equity infrastructure companies that are active in the broader infrastructure environment without true infrastructure characteristics”.

GRIF has a targeted annual return of more than 3% above inflation.

GRIF will draw from an investible universe of 91 listed renewable and infrastructure investment companies from a global pool of 5,700 companies.

Nick Scullion, head of Foresight Capital Management and lead fund manager of the new global fund said: “The launch of the new FP Foresight Global Real Infrastructure Fund marks an exciting evolution in the way that investors can access the infrastructure asset class.

“The fund invests exclusively in the shares of companies that own and operate physical infrastructure assets and contracts that typically benefit from long-dated, index-linked, government-backed cash flows that have historically shown low volatility and low correlation to equity markets.”