DIF V increases hard-cap to €1.9bn ahead of final close

The vehicle, which was originally targeting €1.5bn, has already invested in seven assets, with a further two deals to be closed soon.

Dutch fund manager DIF has increased the hard-cap on its flagship Fund V  from €1.75 billion to €1.9 billion, as it prepares to close the vehicle in the next few weeks, Infrastructure Investor understands.

DIF V, which was originally aiming for €1.5 billion, is targeting gross returns of around 13 percent. It is already invested in seven assets and is about to close on a further two deals. After that, it will have invested roughly one-third of capital raised.

Like its €1.15 billion predecessor – DIF IV, now fully committed – DIF V is targeting investments in regulated utilities, PPPs and renewables in Europe, North America and Australasia.

Last November, the Dutch fund manager closed its debut core fund on its €450 million hard-cap, backed by a predominately European LP base, after hitting its €350 million target last April.

DIF Core Infrastructure I launched in September 2016 to target mid-sized assets with contracted cashflows in “underserved” parts of the telecoms, rail, energy and utility sectors. It has already invested in three assets and is targeting gross returns of 15 percent.

Partner Willem Jansonius, who joined from Macquarie Capital in September 2016, is leading the core fund, drawing on the Dutch fund manager’s 75-strong team.