Fundraising

The manager now has a 19-strong team in the region, with the new vehicle looking to invest in telecoms, transportation, logistics and energy transition.

After securing a $1bn first close at the end of 2019, the global renewables fund reached an ‘inflection point’ last summer, according to head of renewables David Giordano.

The vehicle will continue its predecessor's mid-market strategy of investing in energy transition, telecoms and public transport.

The London-based GP has brought together AP4, IMAS Foundation, Industriens Pension and KLP to target core infra assets in Western Europe.

The case of JES Global Capital, in which a borrower is alleged to have fabricated commitments, highlights the need for LP-bank co-operation.

The Lucky Bay shallow-water port, operational since mid-2020, could list in late 2023 following a capital raise to fund expansion and repay construction debt.

The vehicle is a first of its kind in Brazil’s infra market and is investing in operating renewables and power transmission assets.

The Paris-based fund manager expects to reach final close on $1.5bn before summer, a target which, if met, will make AAIF V nearly double the size of its predecessor.

Final commitments to the firm’s latest energy fund will put the fundraising total above a $4bn target and at or near its hard-cap.

The fund will focus on projects in Japan, South Korea and Taiwan to capitalise on feed-in tariffs and the countries’ decarbonisation targets.