CIM Fund II raises $575 million

The California-based real assets firm has released no target or cap for its latest fund, which comes a decade after its first infra vehicle.

CIM Group, a Los Angeles-based real assets firm, has raised more than $575 million for its latest infrastructure fund, filings from the Securities and Exchange Commission reveal.

Fundraising for CIM Infrastructure Fund II launched in 2016, with no target announced. Last February, the fund had raised $405 million dollars from investors including the San Mateo County Employees’ Retirement Association and the Alameda County Employees Retirement Association.

CIM declined to comment on the fundraising.

Established in 1994, CIM holds approximately $19 billion in assets under management, mostly in the North American real estate space. The firm’s first infrastructure fund raised $205 million in 2007. CIM’s infrastructure strategy targets renewables, parking assets and social infrastructure. Its investments include an urban parking joint venture with lots in several major US cities; Toronto-based SkyPower, a solar firm; and California’s Willow Springs Water Bank.

Last February, CIM sold a 20-percent stake to Japanese Conglomerate Mitsui & Co. Mitsui invested around $500 million in the deal.