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iCON switches currency for $1.8bn fifth fund

The London-headquartered manager raised over €2.7bn for its combined previous four vehicles.

iCON Infrastructure has begun collecting commitments for its iCON Infrastructure Partners V, which is targeting $1.8 billion, according to US pension documents.

The move to a dollar-denominated fund represents a significant shift for the firm, which raised €1.2 billion for its last 2017-vintage fund, and a total of more than €2.7 billion since it was founded in 2004.

The London-headquartered manager, which also has offices in Germany, Toronto and New York, has received $75 million commitments from pension plans including the New Mexico State Investment Council and the Ohio Police and Fire Department.

iCON had not responded to a request for comment at the time of publication.

The manager has been steadily increasing its presence in North America, which accounted for 34 percent of LPs in iCON Infrastructure Fund IV, according to documents from the Ohio scheme. This was the largest proportion of any geography, with Europe (excluding the UK) second with 33 percent. However, in terms of commitment size, Europe (39 percent) outstripped North America (34 percent).

The fourth fund exceeded its target by €200 million to reach its hard-cap after support from 47 LPs, targeting gross returns in the mid-teens. Fund V, according to the documents, will continue its mid-market strategy, investing in ticket sizes of between $100 million and $200 million. It targets investments in electricity, regulated utilities, waste, rail, airports and social infrastructure.