Report: Alterna holds first close on $229m(3)

The Connecticut-based firm is raising its debut $1bn fund that will focus on core capital assets related to the transportation, industrial and energy sectors. Its founding partners previously focused on similar investments at Citigroup.

Connecticut-based Alterna Capital partners has held a first close on $229 million for its debut fund targeting $1 billion, according to a report from LBO Wire.

The Alterna Core Capital Assets Fund will pursue opportunities in what it calls the core capital asset space: long-lived physical assets and resources essential to the transportation, industrial and energy sectors. Examples include rail, ships and barges, port and transportation facilities.

In January, the $4.9 billion Arizona Public Safety Personnel Retirement System committed $70 million to the fund, according to Pensions and Investments. Of the $70 million, $40 million was a direct investment in the fund and $30 million was a co-investment allowing the pension to invest into specific assets in which Alterna invests.

Alterna was founded by managing partners Harry Toll, Roger Miller and Eric press, who previously invested in core capital assets at Citigroup.

The firm started raising the fund in the middle of last year. CP Eaton partners is acting as placement agent.

Alterna declined to comment. CP Eaton declined to comment.