Cube Infra surpasses €700m for fourth close

Two new investors have joined the Natixis-sponsored fund as it holds its fourth close at just over €700m, placing it on track to reach a final close of €1bn by the end of June.

Paris-based European infrastructure fund manager Cube Infrastructure has raised over €700 million to reach its fourth close, to be officially announced soon, according to a market source.

Two new investors from Europe and North America joined the Natixis-sponsored vehicle, while two existing investors increased their commitments to the fund. That takes the fund’s shareholders to 14 in total, including pension funds, insurance companies, banks and funds of funds. Natixis is the corporate and investment banking arm of French banking group BCPE.

Cube Infrastructure’s previous close was in December 2009 at €600 million. The fund intends to reach final close by the end of June at €1 billion, although it has a hard cap of €1.5 billion.

In a recent statement, Cube said that one of its subsidiaries is part of a consortium that has just won a multi-million euro contract to deploy a 2,000 kilometre submarine telecommunication cable from Cadiz, in mainland Spain, to Gran Canaria and La Palma, in the Canary Islands.

Last December, it bought a 30 percent equity stake in Canadian renewable energy developer Boralex’s European business for €33 million. In addition to Boralex, Cube has invested in several regulated projects in the renewable, rail, telecoms, waste and water sectors across Spain, France and the UK.