Carlyle launched the investment vehicle in 2016, according to a regulatory filing, and ended fundraising $300 million short of the fund’s $2.5 billion target. The Global Infrastructure Opportunity Fund received commitments from US, European and Asian pensions, insurance companies and sovereign wealth funds.
The fund is targeting investments in sectors including transport and logistics, energy and power, water and agriculture infrastructure, according to the statement. Carlyle has already announced investments including in the modernisation of Terminal One at New York’s JFK International Airport; the Lone Star Ports Harbor Island Crude Export Terminal in Texas; and Crimson Midstream Holdings, a provider of crude oil transportation and storage services in California, Louisiana and off the Gulf of Mexico.
Carlyle will deploy most of the Global Infrastructure Opportunity Fund’s capital in the US during the vehicle’s five-year investment period.
“We’re largely focused on traditional infrastructure where we see a strong opportunity for value creation through improving the community, customer and commercial outcomes of the underlying infrastructure,” Peter Taylor, managing director and co-head of the Carlyle Global Infrastructure Opportunity Fund, told Infrastructure Investor. “What investors are interested in are assets that provide a defensive risk profile with the opportunity for value creation. They want to make sure that infrastructure can perform through all cycles.”
Taylor leads Carlyle’s infrastructure fund along with Andrew Marino.
The vehicle is the first infrastructure fund Carlyle has raised since its $1.1 billion Global Infrastructure Buyout fund in 2006. The firm has raised a number of energy and power vehicles since then, including the $1.5 billion Carlyle Power Partners II fund, which closed in April 2016.
Carlyle also announced on Thursday the closing of its $2.4 billion inaugural Carlyle Credit Opportunities Fund.