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$9bn target for funds launched in Q4

Thirteen infrastructure and energy-focused vehicles were established in the last quarter, which was otherwise a slower period on the fund closing front.

While most of 2016 has been dominated by headlines referring to the year’s mega-fundraises, vehicles launched in Q4 are notable for their smaller size and more clear-cut mandates.

Yet collectively they were still aiming to raise $9.05 billion, more than the largest infrastructure fund on record before Brookfield closed its $14 billion Fund III last July, according to Infrastructure Investor data.

Standing out among the Q4 cohort were Basalt Infrastructure Partners II, which is targeting $1 billion, InfraRed’s Fund V, for which no target is known, and the third vehicle by Rockland Power Partners, an energy-focused manager.

Also of note is the IFC’s infrastructure debt platform, which is dubbed MCPP Infrastructure and is aiming for $5 billion; Everbright and Zhejiang Kunlun Holding, two Chinese entities, are meanwhile hoping to collect nearly $1.5 billion for their Sports PPP vehicle.

The launches came amid a general tapering of fund closings in Q4, after a remarkable ramp-up in activity earlier in the year. Only 10 funds closed during the period, garnering a combined $9.68 billion. That compares to $13.35 billion in Q4 2015, raised by 23 funds.

Still, there were notable exceptions: vehicles that run past the finish line included Antin Infrastructure Partners’ landmark Fund III, for which the European firm collected $3.6 billion in just five months.

North America also came under the spotlight, with four funds focused on the region closed, including Carlyle’s $2.77 billion Energy Mezzanine Opportunities Fund II. Six vehicles had a mandate to scout for energy deals.