DIF hits ‘very quick’ €355m first close on fifth fund

The Dutch firm, which held a close after running out of dry powder earlier than expected, is advancing towards its €1.5bn target.

Amsterdam-based DIF has reached a first close on its fifth flagship vehicle, collecting about a quarter of its €1.5 billion target in barely six weeks.

The firm decided to hold a “very quick” €355 million close after its previous fund, the €1.15 billion DIF IV, ran out of money earlier than expected, a source with knowledge of the fundraising said. Recent months have seen the firm seal several large-scale deals, including acquisitions of stakes in the UK’s Affinity Water, the US’s Northwest Parkway and Autostrade per l’Italia.

DIF is aiming to raise €1.5 billion for the fund, with a hard-cap set at €1.75 billion. Contrary to DIF IV, no co-investment vehicle is currently being raised alongside it. The firm declined to comment.

It is understood that fundraising of DIF V has been happening in parallel with the firm’s efforts to raise DIF Core Infrastructure Fund, which has now reached a €375 million second close, above its €350 million target. The firm is no longer marketing the fund, the source said, and is aiming to close the vehicle after the summer at or near its €450 million hard-cap.

This week, DIF acquired a 45 percent stake in Autovía de Aragon, a shadow toll road linking Madrid’s city centre with its main airport, from developer OHL. Funded by DIF IV, the deal marked the firm’s first road investment in Spain.