SMIF, the Secondary Market Infrastructure Fund, is to be put up for auction this week and could sell for over £700m. The Information Memorandum has been sent out and binding offers are expected to be in by December. SMIF will open its books to first round bidders who are thought to include Prudential and Macquarie, the Australian Bank as well as private equity groups, other banks and foreign pension funds. SMIF has an underlying asset base of £4bn.