Allianz raises €860m

The firm closes its first European infrastructure equity vehicle above target.

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Allianz Capital Partners held a final close of Alliance European Infrastructure Fund last month at €860 million ($954.5 million), above the fund’s initial €500 million ($554.9 million) target. The firm raised the target to €750 million during the fundraising process, which began in March.

This is the firm’s first vehicle making European equity investments, having raised debt funds for European infrastructure projects in the past. Allianz recently bought a stake in Elenia, a Finland-based electricity distribution company, with capital from the new fund.

No investors in the fund were disclosed, though an Allianz spokeswoman confirmed to Infrastructure Investor that all of the commitments came from European LPs.