Vauban hits €2.5bn hard-cap for CIF III

The firm also raised another €400m for two co-investment vehicles that will invest in Vauban's €6bn digital platform and a Spanish PPP portfolio.

Vauban Infrastructure Partners has held a final close on its Core Infrastructure Fund III, exceeding its €2 billion target to reach its €2.5 billion hard-cap.

In a statement, the Paris-based firm said demand “well exceed[ed]” its hard-cap but declined, through a spokesman, to provide a specific figure.

“CIF III… attracted blue-chip international investors, including insurance companies and pension funds from 12 different geographies across Europe and Asia,” the firm said. It also achieved a 90 percent re-up rate, the spokesman told Infrastructure Investor.

CIF III will replicate the strategy of its predecessor, targeting digital infrastructure, energy transition, social infrastructure and mobility in Europe. Like CIF II, which closed on $1.27 billion in 2019 before Vauban spun out of Mirova, it will have a 25-year investment horizon.

The fund manager has already deployed around €1 billion from its latest fund across a range of sectors. CIF III’s portfolio currently comprises Niguarda Hospital in Milan and the Baixo Alentejo toll road in Portugal.

It also includes Vauban Infra Fibre, a €6 billion platform it launched with digital infrastructure developer Axione last July; and a PPP portfolio of brownfield assets in Spain, which includes four toll roads, a courthouse and a section of the Barcelona Metro. The firm has raised two co-investment vehicles, totalling around €400 million, to invest alongside CIF III in these two assets.

Vauban expects to secure a fifth transaction through CIF III this summer, the spokesman said.