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Fundraising
Just over half the capital was raised from Nordic LPs but the region-specific fund also drew investment from outside the region for the first time.
A first close is planned by the end of the year, with the vehicle targeting higher-returning assets than its recently launched London-listed fund.
The Global Infrastructure Debt Fund, BlackRock’s first comingled fund targeting high-yield debt, had raised about $250m before the pandemic.
The Italian investment firm holds a first close on its fifth fund.
Norway’s largest pension hopes other pension funds will commit to the new vehicle, which will invest in loans with tenors as long as 20 years.
Despite a slow start, head of Asia Wymen Chan remains confident the fund’s first close will help lift the fundraising pace on its $250m target.
About 60%-70% of the fund has already been committed, with Omnes having seen a growth in solar development in northern Europe.
IIG is aiming to provide clean energy infrastructure developers a more nuanced approach to lending options than that offered by traditional lenders.
Five investments have already been made from its second core vehicle, with US and Canadian opportunities increasing since the first vintage.
The Europe-focused energy transition vehicle has shifted its length to 10 years from its predecessor's 20.
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