Exclusive: Five investors back First Infra’s $1bn fund close

A subsidiary of Texas-based Quanta Services, the debut vehicle also has $2bn in non-discretionary co-investment capital.

First Infrastructure Capital Advisors, a subsidiary of Texas-based Quanta Services, hit its hard-cap on its $1 billion debut infrastructure fund, with an additional $2 billion in non-discretionary co-investment capital available.

The firm received contributions of $230 million each from four investors, Infrastructure Investor has learned, with Quanta, a Texas-based utility infrastructure contractor, contributing the remaining $80 million.

The firm’s first fund, First Infrastructure Capital will back projects to which Quanta provides services. It will focus on utilities, energy and communications infrastructure projects, spanning both greenfield and brownfield projects in the US, Canada, Latin America and Australia. Energy projects will cover renewables, midstream and downstream support assets as well as electric transmission distribution storage assets.The firm, which is led by managing partner Dan Shapiro, will look to leverage Quanta’s size and experience to tap investment opportunities through Quanta’s network. A Quanta presentation described the fund as a “strategic capital partnership between Quanta and select infrastructure investors that intends to invest in concessions, P3 and private infrastructure projects”.

Eaton Partners is serving as placement agent for the fund.

Quanta has focused on electric power infrastructure and oil and gas pipelines, with projects including the Maurepas pipeline in Louisiana, the Raven natural gas facility in Texas, and the Fort McMurray transmission line project in Edmonton, Canada.