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Swiss Life reaches €825m first close on third global fund

The vehicle has a target of €1.6bn and follows on from its €1.2bn predecessor, which closed last July.

Swiss Life Asset Management has reached an €825 million first close on its third global infrastructure fund, a little over half of its €1.6 billion target.

Swiss Life Funds Global Infrastructure Opportunities III was anchored by the Swiss Life Group and has received additional commitments from institutional investors. The group declined to provide a breakdown of the investors’ origins.

A spokeswoman for Swiss Life added the fund does not have a hard-cap and is targeting net returns of between 6 and 8 percent. It is looking at investments in Europe and North America across regulated assets, energy, transport and telecoms. The vehicle has a 25-year fund life.

The third fund in the series follows the July 2018 closing of its predecessor on €1.2 billion, above its €1 billion target.

The fund has tended to take minority stakes in assets, with investments from the second fund including Brussels Airport, a motorway in Poland and and French oil storage company Pisto.