DIF in January reached a first close on its Core Infrastructure Fund, collecting €215 million nearly four months after launching the vehicle.
Sources told Infrastructure Investor that the milestone took the vehicle about half way to its hard-cap, and two-thirds of the way to its €350 million target. The fund was launched in September, just as Willem Jansonius, now a partner at DIF, joined the firm to lead the new strategy.
It is understood that final close could happen towards the end of this quarter. DIF declined to comment.
The fund stands to be much smaller than the firm’s flagship infrastructure funds, the latest of which, DIF IV, closed on its €1.15 billion hard-cap in 2015. It will also differ in its focus, since it will move away from regulated utilities, PPPs and renewables to cover telecoms, unregulated utilities and energy storage.
It will aim for gross returns of about 15 percent through brownfield and greenfield deals averaging €45 million, according to sources. The vehicle will have a global remit, drawing on outposts DIF has now established in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.