Access ploughs through target with €371m close

The fund has already invested €117m across seven assets and received significant backing from Finnish investors.

Paris-headquartered Access Capital Partners has reached a €371 million close on ACIF Infrastructure, its first direct infrastructure fund, ahead of an initial €250 million target.

The European-focused vehicle was launched in 2016 and reached a €126 million first close in February last year. It was initially seeded with four assets, which included a 22MW operational wind farm in Finland, the firm’s stake in UK smart meter provider Calvin Capital and Aurora Distribution Grids in Finland.

A further three assets have since been added to the portfolio including the majority KKR-owned Spanish telecoms group Telxius and Venice Airport owner Save Group. Last December, Access, as part of an Allianz and Macquarie-led consortium, agreed a €3.5 billion deal to buy Finnish electricity distribution company Elenia.

A total of €117 million has been invested in the portfolio to date, Access said in a statement, adding that it should shortly finalise the acquisition of a stake in a French telecoms tower company. Access added that it expects to make a first yield distribution to investors shortly after the closing. It had not responded to a request for comment on the targeted returns of the fund.

Access Capital’s strong Finnish investment focus has been met with significant backing from Finland-based investors, such as pension funds Finnairin Eläkesäätiö, Verso and Vesasco listed as LPs alongside the Pohjantähti Mutual Insurance Company, according to Companies House filings.

The firm has an office in Helsinki alongside its bases in Paris, London, Munich and Brussels.

Following the closing of the fund, Access’s infrastructure assets under management, including co-mingled funds and segregated mandates, total €1.3 billion.