The vehicle was closed €150m above its original target and has invested €233m to date across Europe.
After closing the year’s largest fund on $7.4bn, KKR’s infrastructure team gathered in Miami to discuss its future strategy. We catch up with head of infrastructure Raj Agrawal and key team members to find out what’s changing.
The vehicle launched earlier this year is expecting a first close before Christmas and is predicted to reach its €6bn hard-cap next year.
The group’s second fund has made six investments and is roughly 60% deployed after raising €1.8bn in July 2017.
The fund has already raised more than $250m, mainly from Taiwanese life insurers, and will focus on attracting commitments from public pension funds over the next year.
The vehicle has a €500m hard-cap and has been launched as a ‘sustainable’ fund where ‘some clear investment choices will be made’.
The two firms say they ‘will be blazing some trails’, with the sub-sector set to become a ‘bigger part of the infrastructure market’.
The UK fund manager could come back to market next year to raise further funds after falling short of its $257m target.
IST3 Infrastruktur Global has now made 18 investments since its launch four years ago, including both direct and fund deployments.
The close comes after a ‘strict and intellectually rigorous process’ to roll over assets from the Italian group’s first fund, chief investment officer Carlo Michelini tells us.
AMOAI, the new entity resulting from Asset Management One’s acquisition of Mizuho Global Alternative Investments, is targeting close to $900m for the new vehicle.
Plans to expand the LP base to more institutional capital beyond the current DFIs would bring the fund to just over €500m.
Fundraising among the firms that feature in infrastructure’s most elite ranking has grown by 23% to a whopping $378bn. You now need almost $2bn to make it into the II 50 and more than $55.5bn if you want to dethrone MIRA from the top spot.
New York-based Apollo Global Management plans to use a recent $1 billion deal with General Electric as the foundation for a dedicated infrastructure strategy, its executives said during a recent earnings call. Apollo co-president Scott Kleinman called the recent acquisition of power and midstream assets from GE Capital, the US company’s investment arm, an “attractive […]
Fund IV will pursue a broadly similar strategy to that of its predecessors, focusing on Europe but also investing outside the region on an opportunistic basis.