A $1 billion infrastructure development fund established by the Giles Government will be the first of its kind in Australia.
Treasurer Dave Tollner yesterday announced the fund managers would be Infrastructure Capital Group partly owned by Mike Fitzpatrick, who is chairman of the AFL.
Using $200 million from the sale of TIO as a financial cornerstone, the fund will seek a further $800 million of capital from Australian and overseas investors to create a $1 billion investment pool, which Mr Tollner said should generate at least $3 billion in infrastructure investment. 
The fund is expected to deliver dividends each year of its 10 year life. "The Northern Territory has never had a fund manager located here," Mr Tollner said. "It brings more private sector money to the Territory and should reduce the burden on the Territory Governemnt to fund all these projects. In the Budget context we invest $200m into the infrastructure fund so it doesn't go off the books it shows up as an investment and it helps in reducing net debt so it appears on the books as an asset." Opposition Leader Michael Gunner said Labor would keep the fund if elected. "While Labor fought against the CLP selling TIO, Labor does support this fund and has done so since its inception," he said. "I attended its inaugural meeting. I welcomes the appointment of ICG to the management role." The Infrastructure Development Fund is chaired by Les Fallick who is a former chairman of the Fred Hollows Foundation and a 20 year veteran of the banking sector.
He said there were examples of funds outside of Australia but none domestically. "This is a significant public policy initiative. No other state or territory has seeded a specific infrastructure fund of this kind. There are some international examples - Canada, UK and elsewhere but this is a significant public policy initiative," he said.
"Territorians will get their money back plus the rate of return on the investment fund. It (money) stays in the Territory and if everything goes to plan we start all over again.
The board of the IDF includes Mr Fallick; James Paspaley (Paspaley Group); Andrew Pickering (ICG); Bill Moss former head of Maquarie Bank and Under-Treasurer Jodie Ryan. There is one vacancy still to be filled.
Mr Pickering, who is the chairman of ICG and its chief investment officer, said raising the $800 million and the identification of projects were linked. He said a pipeline of potential projects had been identified but would not go into specifics.
Mr Fitzpatrick said the projects covered gas, tourism, water and renewable energy. "The Territory has got what the rest of Australia doesn't have - water - and we think there probably does seem to be opportunity in water," he said.
Mr Fallick said the key difference between the investment funds process and banks is they will generate opportunities. "This is a 10-year fund," he said. "It will be invest over the next five or six years and it will be harvested over the next five or six years after that. So over the next ten years there will be significant growth in the Territory and significant opportunities to invest this money on behalf of the Territory Government.
"We are a risk taking vehicle that originates projects and make them happen." Mr Fitzpatrick said political environments had to be included when assessing investment opportunities.He said ICG believed there were gas opportunities in the Territory and they were not related to fracking. ICG expects to open an office in Darwin in the next few months.