Exclusive: First and final €1.2bn close for iCON fund IV

The UK-based firm garnered commitments from 47 investors, raising 50% more than for the vehicle’s predecessor in about three months.

iCON Infrastructure today closed its fourth fund on its hard-cap of €1.2 billion, Infrastructure Investor has learnt.

The London-based firm reached the milestone in one go, collecting pledges from a total of 47 LPs in about three months. The vehicle had a €1 billion initial target.

Made up of pension funds, asset managers, sovereign wealth funds and insurers, its investor base spans Europe, North America, the Middle East and Asia.

LPs present the last time around included ABP, Northwestern Mutual, the Virginia Retirement System, MassMutual, Pantheon, Shell Asset Management Company, the Greater Manchester Pension Fund, Daido Life Insurance Company, Caisse des Depots et Consignations, YIELCO Investments and Japan Trustee Services Bank, according to Infrastructure Investor data.

The vehicle will maintain a strategy similar to that of its predecessors, focusing on mid-sized infrastructure assets, though this time with an increased focus on North America. Fund IV is 50 percent bigger than the €800 million Fund III, which itself was nearly double the size of Fund II.

In 2014, iCON told Infrastructure Investor that it was targeting gross returns in the mid-teens, of which approximately half was expected to be generated through yield.

The firm declined to comment.

Law firm Fried Frank advised on the fundraise.