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Cube Infrastructure reaches third close

The Natixis-sponsored fund raised its total commitments to €600m at the end of 2009, adding a new institutional investor. A final close of €1bn is targeted for the first half of this year.

Paris-based European infrastructure fund manager Cube Infrastructure raised €600 million to reach its third close at the end of 2009.
The Natixis-sponsored fund is now one step closer to reaching its €1 billion target size, with a final close expected during the first half of 2010, Natixis, the corporate and investment banking arm of French banking group BPCE, said in a statement. 
Cube Infrastructure has raised its total commitments by €100 million since reaching its second close in late October 2009. A significant part of the extra capital came from a new long-term institutional investor while Swiss-based asset manager Partners Group and another investor have increased their commitments in the fund, Natixis stated.  The fund now has 12 shareholders comprising seven pension funds, two insurance companies, two banks and a fund of funds.
With the purchase of a 30 percent equity stake in Canadian renewable energy developer Boralex’s European business for €33 million in December, Cube Infrastructure increased its total investments to €280 million.  In addition to Boralex, it has invested in several regulated projects in the renewable, rail, telecoms, waste, and water sectors across Spain, France and the UK.