Asterion’s Fund II reaches €925m at first close

In less than three months since Asterion Industrial Partners returned to the market to raise its second fund, it has collected €925 million at first close, roughly 70 percent of its €1.35 billion target and around 60 percent of its €1.5 billion hard-cap.

In a statement, the Madrid-based firm, which also has a presence in London and Paris, said it had seen “strong participation from the existing Fund I investor base so far”.

With a target that’s just €250 million higher than the €1.1 billion raised for Asterion Industrial Infra Fund I, Asterion is remaining loyal to its mid-market strategy, targeting investments in the telecoms, energy, utilities and mobility sectors in its key markets that include the UK, France, Spain, Portugal and Italy.

It also has a 10-year lifespan like its predecessor as well as the flexibility to invest in larger opportunities through co-investments.

The firm has already made its first investment through Asterion Industrial Infra Fund II, acquiring a controlling stake in newly created Barter Energy, a community solar developer.

“Barter’s goal is to integrate electricity generation with local demand as well as additional electrical services in the future as they become economically viable,” according to the statement, which notes that that will include electric vehicle sharing services, charging infrastructure and energy storage.

Barter Energy, which describes itself as an energy start-up, will be part of Asterion’s newly launched Energy Transition Solutions platform. Unlike, Asterion Energies, a platform the firm created through Fund I, which comprises grid-connected wind and solar projects, ETS “is a provider for distributed energy and energy efficiency solutions”, the spokesman said.

Fund I is nearly fully deployed and aims to generate gross returns of 12-14 percent, plus an average 5 percent yield.