Cordiant set to launch private digital fund eyeing €750m – exclusive

A first close is planned by the end of the year, with the vehicle targeting higher-returning assets than its recently launched London-listed fund.

Cordiant Capital is planning to launch a private digital infrastructure fund this year, targeting about €750 million, Infrastructure Investor has learnt.

The Canadian manager is believed to have begun discussions with investors ahead of a planned first close before the end of the year. The 10-year fund will pursue a value-add strategy, seeking to take advantage of some of the opportunities associated with the growth of 5G in Europe.

The targeted returns are set to be higher than the 9 percent pursued by Cordiant Digital Infrastructure, the firm’s London-listed vehicle, which raised £370 million ($522 million; €431 million) in its IPO in February and raised a further £185 million last week.

The same team that has worked on Cordiant Digital Infrastructure will also lead the efforts for the private markets fund, with Benn Mikula, managing partner and co-chief executive of Cordiant, joined by Steven Marshall, chairman of the listed fund and the former president of American Tower Corporation’s US tower division.

Cordiant is also expecting to close its Cordiant VII Infrastructure & Real Assets Debt Fund this year on about $600 million, with the vehicle having reached a first close in late 2019 on $500 million. A successor to the fund, which seeks to invest in emerging Europe, Latin America and selected parts of Africa and Asia, is thought to be slated for launch early next year.

Cordiant declined to comment on the fundraising plans.