Golding raises €440m at first close for new fund of funds – exclusive

The fund is more than two-thirds to its €700m target and has already agreed or committed to investments in three European funds.

Munich-based Golding Capital Partners has reached a €440 million first close on the fourth vintage of its infrastructure fund of funds series.

Golding Infrastructure 2020, which is targeting €700 million, has raised 60 percent of the capital so far from existing investors, comprising pension funds, insurers and mid-sized banks. The latter were described as seeing infrastructure as an “increasing component of their proprietary trading activities” in a statement by Golding’s managing partner Hubertus Theile-Ochel. A close of Golding Infrastructure 2020 is envisaged by the end of the year.

Bernd Schumacher, Golding’s co-head of infrastructure, confirmed to Infrastructure Investor that the vehicle does not have a hard-cap and that it will continue the strategy of investing in core and core-plus funds in Europe and North America while responding to the various trends accelerated by covid-19.

A first investment for the fund has been agreed to, with Golding investing in Vauban Infrastructure PartnersCore Infrastructure Fund III, which Infrastructure Investor reported last month had secured €1.8 billion ahead of a €2 billion target. Further commitments to Spain-based Asterion Industrial Infra Fund II, which launched this year with a €1.5 billion target, and to Q-Energy IV are expected to be agreed on by the end of the month.

Golding said its fund targets a net IRR of 7-8 percent. While Schumacher declined to provide specific current return figures on previous vintages, he said they are all on target to beat the targeted IRR.

Golding Infrastructure 2018, its most recent fund of funds vehicle, closed on €710 million in April last year. In February this year, it reached a €215 million first close on a co-investment vehicle. Last month, Fabian Pötter, previously co-head of infrastructure at the firm, departed to create 51 North Capital, a new placement agent for the infrastructure, private equity and private debt markets.