Home Exclusives
Exclusives
The Swiss manager is poised to return to market for its Direct Infrastructure series after raising $6.4bn for its predecessor in February 2022.
Global Infrastructure Partners V, which is targeting $25bn, is also thought to have between $5bn and $7bn in soft commitments still to come.
Lawrence has been replaced internally by James Bryce, who previously led the portfolio value creation group at the Canadian pension.
The pivot to a dedicated energy transition fund will see I Squared target slightly lower returns than that of its flagship vehicle.
The move comes after the $17bn close of KKR’s fourth flagship last March, which still has close to $10bn of uncalled commitments.
The new fund, launched by Patrizia in partnership with Mitsui, held a first close on $110m in December 2022.
At $1.5bn, the fund’s target is twice that of its predecessor – Michael Bonte-Friedheim and Shane Swords explain why they believe bigger is better.
Launched earlier this year, Macquarie Infrastructure Partners VI has raised about $4bn. Its predecessor closed on $6.9bn last August.
The GIG Energy Climate Opportunities vehicle is set to launch early next year, with an initial closing later in 2023.
Blackstone Infrastructure Partners exited public positions in Aena and a US utility earlier this year, generating IRRs of 34% and 54%, respectively.