Spain

The insurer has anchored the fund with €50m and identified the first four investments.

Ex-KKR infra co-head Jesús Olmos’ year-old outfit is the exception. In reality, a significant number of LPs are unwilling to commit to first-time vehicles. Here’s why Asterion was successful.

Asterion Industrial Infra Fund I closed on its revised hard-cap and is already close to 60% invested.

Enel will seed the new entity, which builds on the two companies’ partnership in Italy, with some 200 distributed photovoltaic generation, co-generation, tri-generation and energy efficiency projects.

The French fund manager will finance its portion of the €2.2bn acquisition through its recently closed European renewables fund and a co-investment vehicle created for this specific transaction.

The Madrid-based firm expects to reach a final close by year end on its €1bn hard-cap for what is already one of Spain’s largest-ever private equity vehicles.

The move is the first in Europe by the fund, which last month reached $1.6bn of commitments.

The proposed cuts, to be imposed from 2021, are 'harsher than what we were expecting', according to ratings agency S&P.

Acquisition of 11 data centres follows the Spanish firm’s recent launch of a renewables platform and marks the third investment through its debut fund.

The €519m initial close for Asterion Industrial Partners’ debut vehicle comes as fellow alumnus Guido Mitrani prepares to join firm in the coming weeks.