AXA raises close to €400m for third infra fund

An interim close last week has taken the amount raised for the French investor’s third infrastructure fund to about €370m. The new fund is targeting a final close of €1.5bn by year’s end.

France’s AXA Private Equity (AXA PE) has so far raised about €370 million for its third infrastructure vehicle (Fund III) following an interim close held last week, Infrastructure Investor has learnt.

The amount raised is almost double the €200 million the fund had collected in late February, when it bought a 10 percent stake in Spanish oil storage and transportation firm Compania Logistica de Hidrocarburos, the first seed investment of the fund.

However, AXA PE is expected to hold another close shortly which will take the amount raised for Fund III to around €600 million. The French investor, which started fundraising for its latest infrastructure vehicle in the summer of 2010, is targeting a final close of €1.5 billion by the end of 2011.

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.