Swiss Life’s second infra fund closes on €1.2bn

With 60% of GIO II already invested, the insurance group is looking to fully deploy the vehicle within the next year and build a portfolio of 10 to 12 assets.

Swiss Life exceeded its initial target for its second infrastructure fund by €200 million and saw a marked increase in the number of institutional investors that committed to Global Infrastructure Opportunities II.

The fund is more than 60 percent invested, the firm said in a statement, with seven assets currently comprising its portfolio.

“Further investments are planned in the coming months so as to be fully invested in a total of 10 to 12 companies during the next year,” Swiss Life said in a statement.

In February, Infrastructure Investor reported that the company had made its sixth investment through GIO II, when it acquired a 24.3 percent stake in French oil storage firm Pisto. Other investments through the vehicle include a €430 million transaction for Swiss Towers in May 2017 and investments in toll roads in Poland and Portugal. It also invested alongside Macquarie to buy Italian gas pipeline operator Società Gasdotti Italia from Eiser in 2016.

Swiss Life declined to comment on GIO II’s current portfolio or investor base beyond the press release.

According to the statement, the fund has a 25-year term and focuses on direct investments in minority participations of up to 50 percent, primarily core infrastructure investments in Europe and North America. Targeted sectors include regulated networks, transport, energy (conventional and renewables), telecoms and social infrastructure.

Infrastructure Investor previously reported that the fund is aiming for returns of between 6 percent and 8 percent.