European fund manager Access Capital Partners has reached a €130 million first close for its European-focused infrastructure fund of funds from existing insurance and pension funds investors.
The fund of funds is targeting a total of €250 million. It will be able to focus mainly on primary and secondary fund positions but can also do direct co-investments in yield generating assets. The vehicle will concentrate on core infrastructure brownfield assets offering low-risk predictable cash flows and some degree of inflation hedging.
Access said it had also closed its first direct investment from the fund of funds in an undisclosed Finnish energy project, alongside an infrastructure fund. The energy investment has been syndicated between ACF Infrastructure and a managed infrastructure account run by Access, also targeting European investments.
Access would not comment on the energy deal, saying more details will be released before the end of January.
The Finnish deal is one of three direct co-investments made by Access during 2015, the other two funded through the managed account. One of the co-investments, also in Finland, saw it partner with Germany’s Goodyields Capital to buy a 21.6-megawatt wind farm last October, sold by Taaleritehdas Group.