CIM Group raises $575m

The Los Angeles-based asset manager’s second infra fund has raised more than twice the size of its predecessor.

CIM Group has corralled $575 million so far for its CIM Infrastructure Fund II. Around $170 million in additional equity has been raised since the vehicle’s $405 million first close in February 2017.

Fund II has already raised more than twice the equity hauled by its predecessor, which closed at $205 million in 2007. The investors of Fund II include San Mateo County Employees’ Retirement Association and the Alameda County Employees Retirement Association.

The fund will follow a similar strategy as Fund I, targeting renewables, parking assets, and social infrastructure.