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Partners Group nears €1.5bn final close on global fund

Korean public pension POBA has committed €40m to the vehicle, which looks to invest in developed markets.

Partners Group has collected about €1.3 billion out of the €1.5 billion it targets for its latest global infrastructure fund, an investor with knowledge of the process told Infrastructure Investor

The fund manager is looking to raise around €700 million from South Korean institutional investors, according to local reports. 

Sources said that the $8 billion, government-run pension Public Official Benefit Association has agreed to invest €40 million in the blind-pool vehicle, which targets power utilities, roads, ports and other infrastructure assets in developed markets.  

Other South Korean institutional investors, including the Military Mutual Aid Association, Teachers’ Pension and the National Federation of Fisheries Cooperatives are considering investing in this fund, reports said. 

Partners Group is said to have started raising its third infrastructure flagship vehicle in 2015. The fund has a 10-year maturity and looks to deliver annual returns of eight to 12 percent. Infrastructure Investor understands it has now made nine investments.

Partners Group and POBA declined to comment. 

The firm’s previous global infrastructure vehicle was closed in 2014 on €1 billion. The fund has invested in assets including a solar power development platform in Southeast Asia, a desalination plant on the US West Coast and a core regulated utility in South East England.