Infranode plans second Nordic fund launch in H2 – exclusive

The Swedish manager is at the early stages of planning the fund, which could raise up to €1bn.

Swedish fund manager Infranode is eyeing the launch of its second Nordics-focused infrastructure fund in the second half of this year, sources have told Infrastructure Investor.

The plans for the vehicle are believed to be at the more preliminary stages, but it’s understood it could target between the size of its SKr4.45 billion ($477.2 million; €420.9 million) first fund and up to the equivalent of €1 billion. It is thought to be targeting a similar strategy to the debut vehicle of investing in energy, social infrastructure and transport assets in Denmark, Finland, Norway and Sweden.

The first fund is still being committed, with investments to date including district heating companies in Sweden, Norway and Finland, a Norwegian specialist care and pre-school company and Swedish solar and heating group Eneo Solutions.

The 2014-vintage Infranode I was closed in 2017 following commitments from a number of Nordic institutions such as AP4, Folksam, LähiTapiola, KPA Pension and the IMAS Foundation. It also received a €95 million investment from the European Investment Bank. It exceeded its hard-cap of Skr4.25 billion and was said to be the first long-term infrastructure investment platform based in Sweden. It has a 20-year term with a high single-digit return target.

Infranode was established in 2014 by Nordic real estate fund manager Areim. The group declined to comment on the fundraising process.