The O’Leary Global Infrastructure Fund has successfully completed its initial public offering of 4.6 million Class-A combined units, Gencap Funds LP announced on Friday.

The fund was created to invest in publicly traded equity and debt securities of infrastructure issuers with market capitalizations of at least $1 billion, and in equity and debt securities of private issuers with infrastructure assets or operations.

The units were issued at a price of $12 per unit for aggregate gross proceeds of $55.2 million.

Each combined unit consists of one transferrable Class-A trust unit and one purchase Class-A warrant. Each warrant entitles the holder to purchase one unit at a subscription price of $12.00 on or before 5:00 p.m. on Nov. 30, 2009.

The combined units will separate into units and warrants upon the earlier of the closing of the over-allotment option and 30 days following the closing. Once separated, the unit and the warrant will trade on the Toronto Stock Exchange independently under the symbols: OGN.un and OGN.wt.

The fund has granted the agents an over-allotment option to acquire up to an additional 690,000 combined units.

The initial monthly cash distribution of $0.06 per Class-A unit is payable on Jan. 15, 2009 to unitholders of record on Dec. 31, 2008.

Stanton Asset Management Inc. and O’Leary Funds Inc. will work together to identify investment opportunities for the fund.

IE