France’s AXA Private Equity (AXA PE) is nearing €650 million in funds raised for its third infrastructure fund, with an interim close expected to take place sometime this week, sources familiar with the fundraising told Infrastructure Investor.
Up to five new investors are said to be onboard for this latest closing, with AXA attracting attention from Dutch, Canadian, Japanese, Korean and US investors for its third fund. The fund is targeting a final close of around €1 billion, which may take place as early as this summer, one source said. The source added that AXA PE’s third fund does not have an official hard cap, but that the fund manager will not seek to raise more than €1.5 billion for the fund.
The relatively speedy fundraising for its third fund was one of the reasons behind AXA PE’s inclusion in this year’s Infrastructure Investor 30, Infrastructure Investor’s annual ranking of the 30 largest investors in infrastructure. AXA PE made it to number 27 in this year’s ranking up from number 31 last year.
The French investor’s third vehicle made its first investment in February, when it acquired a 10 percent stake in Spanish oil storage and transportation firm Compania Logistica de Hidrocarburos, the first seed investment of the fund.
AXA PE has two prior infrastructure funds. The first was a €200 million vehicle formed specifically so that it could acquire a stake in SANEF, the French motorway operator. Its second fund closed on €1.1 billion. Like its two predecessors, Fund III is also expected to focus on investments across France, Italy, Germany and the UK.