GIP 'eyes $5bn war chest' as airport traffic slumps 23%

GIP has already held informal discussions with existing and potential investors about its plans and will kick off fundraising in the second half of 2010.

If GIP – which was founded by Credit Suisse and General Electric, reaches its target, the new fund could be the biggest since the credit crisis peaked.

Meanwhile, data showed that passenger traffic at BAA airports fell 22.7 per cent in April year on year after the volcanic ash cloud swept over Europe.

The company's three Scottish airports – Aberdeen, Edinburgh and Glasgow – were the worst affected, with 28.2 per cent fewer passengers. Heathrow saw a 20.8 per cent drop, Stansted traffic was down 24.4 per cent, while Southampton numbers declined 19.4 per cent.

The airports' operator handled a total of 6.9 million passengers during April, with almost all of the decline on last year's figure due to the ash crisis. It estimated that it dealt with 1.9 million fewer passengers as a direct result of the problems.

BAA – owned by Spain's Ferrovial – said last month that the closure of Heathrow and Stansted had cost it 28 million, and airports across Europe faced fresh disruption this weekend.

The ash cloud also saw spending in the UK by international shoppers drop by 16 per cent year on year in April, according to Global Blue, which operates tax-free shopping services from more than 15,000 UK outlets.

The new fund from GIP – which is led by chairman and managing partner Adebayo Ogunlesi – would come at a tough time for the aviation industry and for infrastructure fundraising.

It has invested up to $4.5bn of its first $5.64bn fund, focusing on energy, transport and waste assets such as ports, power stations, and waste management.

The new fund is likely to be of a similar size, the source familiar with the matter said, allowing GIP to bid for sizeable assets without lining up a string of partners.

GIP declined to comment on the source's comment.