Union Investment raises €442m

The German asset manager has closed its latest infrastructure fund above target.

Union Investment has held the final close for UniInstitutional Sachwerte Infrastruktur-Invest 1 at €442 million, following commitments from around 100 German investors, most of which are banks belonging to cooperative financial group Volksbanken und Raiffeisenbanken. The fund, which has been raised in conjunction with Mercer Private Markets, had originally targeted €300 million.

Around 50 percent of its acquisitions will be primary investments in infrastructure funds. The remaining capital has been reserved for direct deals and secondary fund commitments.

The fund is targeting investments in western Europe and North America across the communications, energy, utilities, transport and social infrastructure sectors.