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.