Tiger Infra’s second fund nears $350m target – exclusive

The mid-market fund manager has already committed around $200m from its sophomore vehicle.

Tiger Infrastructure Partners is nearing the $350 million fundraising target for its second infrastructure vehicle and expects a final close later this year, a source familiar with the firm told Infrastructure Investor.

The mid-market US fund manager has raised more than $300 million so far for Tiger Infrastructure Partners II, putting the investment vehicle more than halfway towards its $600 million hard-cap, the source said. Fund II has received re-ups from 90 percent of investors in Tiger’s first fund and has new commitments mostly from European LPs, the source explained.

The firm has already committed around $200 million from Fund II  across four assets, according to the source.

Tiger Infrastructure Partners I closed in 2013 on $113 million, while mobilising $600 million in co-investments and related capital.

Tiger declined to comment for this story.

The New York-based fund manager invests in “growing infrastructure platforms”, according to its website. Investments from Fund II include the acquisition of the 500MW Danskammer Station, a natural gas-fired generation plant in New York, and a £50 million ($66.3 million; €56.3 million) investment in UK-based energy storage firm Battery Energy Storage Solutions.

Earlier this week, Sunlight Financial, a portfolio company for Tiger that offers loans for residential solar and battery installations, received a $50 million investment from growth capital investor FTV Capital. FTV’s investment was a partial realisation of a portion of Tiger’s investment from Fund I. Last week, Tiger sold its majority stake in another company backed by Fund I, Hudson Fiber Network, to telecoms company ExteNet Systems.