Meridiam Infrastructure has reached a final close on its Infrastructure Europe Fund III on €1.3 billion, the French manager announced today.
The firm claims it has witnessed total demand worth €2.2 billion for the vehicle, which it says was launched just four months ago. Like its predecessor, Fund III will have a 25-year duration and focus on early-stage greenfield projects.
The news comes in the wake of Meridiam collecting €350 million for its debut Energy Transition Fund, which was launched last November with a target of €400 million. The vehicle is anchored with a €150 million pledge by France’s CNP Assurances, with nearly all of the country’s life insurers said to be investors in the vehicle.
Meridiam has also raised €300 million for its Africa Fund, sources with knowledge of the firm told Infrastructure Investor. It is understood that the fund has not yet been closed.
Fund III is bigger than its predecessor, which closed in 2012 on €935 million. It was also raised much faster, Fund II having been in the market for more than two years before reaching its final size.
Meridiam’s latest vehicle is more than double the size of the firm’s debut Infrastructure Fund, which was established in 2007 and closed on €600 million.
The only publicly known investor in Fund III is the Maine Public Employees Retirement System. The pension, which pledged $110 million to the vehicle, was already present in Fund II.
Institutions including the Greater Manchester Pension Fund, Crédit Agricole Assurances, AECOM, the European Investment Bank and EUROCONTROL Pension Fund also backed Fund III’s predecessor.