London-based Basalt Infrastructure Partners has surpassed its $1 billion target to reach a $1.285 billion final close on its second infrastructure fund.
The vehicle was backed by more than 30 investors, primarily from Europe and North America, including public and private pensions, fund of funds and sovereign wealth funds. It will target utilities, energy and transport assets across Western Europe, the US and Canada – a strategy in line with its $420 million predecessor fund, now fully invested.
“We will maintain our focus on the infrastructure mid-market and continue with our relationship-driven, deal-sourcing approach,” commented managing partner Rob Gregor.
Basalt’s second vehicle is already over a third invested across four assets, including: Detroit Renewable Energy, a contracted district heating network; DB Energy Assets, a portfolio of district energy and cogeneration assets in New Jersey, Connecticut and Delaware; Mareccio Energia, an Italian operating solar portfolio; and North Star, a UK North Sea emergency response and rescue vessel business.
Credit Suisse acted as placement agent for Fund II.