Strong re-ups help Asterion close Fund II on €1.8bn – exclusive

The fundraise lasted less than a year and saw the vehicle raise an additional €300m on top of its original €1.5bn hard-cap.

Asterion Industrial Partners has closed its second fund on €1.8 billion, surpassing its original €1.5 billion hard-cap by €300 million, Infrastructure Investor can exclusively reveal.

As first reported, Fund II hit its original hard-cap in October. While it stopped active fundraising then, the manager left the door open for a few more LPs to come into the vehicle, leading to the hard-cap being raised late last year.

Madrid-headquartered Asterion’s second fund originally targeted €1.35 billion and has ended up attracting commitments from 44 global LPs comprising pensions, insurers, sovereign wealth funds, endowments and asset managers from Europe, North America, Asia and the Middle East. That includes a re-up rate by capital of over 100 percent from Fund I LPs, Infrastructure Investor understands.

Fund II, which took less than a year to raise, will follow its €1.1 billion predecessor’s strategy, remaining loyal to its mid-market focus and targeting investments in the telecoms, energy, utilities and mobility sectors in its key markets, which include the UK, France, Spain, Portugal and Italy.

It has a 10-year lifespan, like its predecessor, as well as the flexibility to invest in larger opportunities through co-investments. To date, Fund II has already completed four investments in the energy and telecoms sectors in Spain, Italy, the UK and France.

Fund I is now fully deployed, bar a small amount of capital to be used for existing platform investments. It aims to generate gross returns of 12 percent to 14 percent, plus an average 5 percent yield.

Asterion boasts 12 investments across two vehicles and circa €4 billion of assets under management, including co-investments.

The manager was launched in September 2018 by founding partner and chief executive Jesús Olmos and a group of former KKR partners, including co-founders Winnie Wutte and Guido Mitrani.