The vehicle was backed by more than 30 investors, mostly from Europe and North America, and is already more than a third invested.
The emerging markets-focused firm has no plans to pause fundraising on its $6bn private equity fund as it awaits an auditor's report on its 2015-vintage health fund.
Beijing is also pledging €2bn of financings through China Development Bank to the region, in addition to the fund.
The firm’s inaugural open-ended infrastructure fund, which could raise as much as $15bn by year end, is expecting to reach a ‘mortal size’ first close in the coming months.
The 25-year vehicle is targeting £500m with a £750m hard-cap and is aiming for a gross IRR of between 6.5% and 7.5%. In addition, the firm has completed a landmark refinancing for a 64MW portfolio of subsidy-free Italian projects.
The US mid-market investor’s Fund II launched just over a year ago and has already surpassed its predecessor.
Hazem Ben-Gacem, head of European private equity, said the firm might look at acquiring an existing infra business.
The pair are aiming to catalyse private sector investment following Shariah-compliant principles with the first-of-its-kind vehicle.
The fund will focus on projects in Germany and other countries in Western Europe with a comparable regulatory system and seek to generate net returns of at about 4%, although returns can reach up to at least 8% through investment in a sub-fund involving more leverage. Agloria and Universal Investment are looking to avoid projects that ‘frequently miss the forecasted results’.
According to public pension documents, Blackstone is seeking to raise $7.5bn of equity over a nine-month period, which will be matched with money from Saudi Arabia’s Public Investment Fund.
The UK-headquartered manager has raised €70m for its Italian Green Bond Fund, which is aiming for €200m in total.
Some 13 investors have been tapped so far for the €600m vehicle, with €100m invested by the EIB. It will target 500MW of assets ready to be built and those recently operational, backed by regulatory regimes.
The London-based infrastructure fund, which is close to its $1.35bn fundraising target, has partnered DCO Energy in the deal for the assets in Connecticut, Delaware and New Jersey.
The firm’s third and largest vehicle of its kind is targeting capital from domestic institutional investors.
The firm’s fourth energy infrastructure fund raised three-quarters of its $2bn target between September and December, as it races towards its hard-cap.