Fundraising

The vehicle launched earlier this year is expecting a first close before Christmas and is predicted to reach its €6bn hard-cap next year.

The group’s second fund has made six investments and is roughly 60% deployed after raising €1.8bn in July 2017.

The fund has already raised more than $250m, mainly from Taiwanese life insurers, and will focus on attracting commitments from public pension funds over the next year.

The vehicle has a €500m hard-cap and has been launched as a ‘sustainable’ fund where ‘some clear investment choices will be made’.

The two firms say they ‘will be blazing some trails’, with the sub-sector set to become a ‘bigger part of the infrastructure market’.

The UK fund manager could come back to market next year to raise further funds after falling short of its $257m target.

IST3 Infrastruktur Global has now made 18 investments since its launch four years ago, including both direct and fund deployments.

The close comes after a ‘strict and intellectually rigorous process’ to roll over assets from the Italian group’s first fund, chief investment officer Carlo Michelini tells us.

AMOAI, the new entity resulting from Asset Management One’s acquisition of Mizuho Global Alternative Investments, is targeting close to $900m for the new vehicle.

Plans to expand the LP base to more institutional capital beyond the current DFIs would bring the fund to just over €500m.