Geneva-based Lombard Odier Darier Hentsch and Australia’s Macquarie Bank Group have raised SFr400 million ($330 million) in a joint venture to provide private clients and institutional investors with access to mainly European infrastructure investments. The amount raised is expected to be doubled by the end of the year and a total of SFr1 billion is the long-term target. The Swiss bank said that infrastructure investments should be considered for clients' portfolios, but that access was often only open to very large investors or were offered via closed-end funds which are sometimes volatile. The investment is offered via a Jersey partnership with an initial 10-year life and will target an internal rate of return of 8-10 per cent. Charges are a 2 per cent management fee and 20 per cent performance fee, with quarterly redemption.