Private investment manager Ardian has increased its €4bn fundraising target for its fifth European infrastructure fund by more than one third.

According to sources that track fundraising, Ardian Infrastructure Fund V is now targeting a total equity raise of €5.5bn, more than double the €2.65bn raised for its fourth infrastructure fund.

Fund V, which was launched last year, is yet to announce a closing. The fund will target core infrastructure assets.

Ardian declined a request for comment.

The Employees Retirement System of Texas stated in a transaction report that it had made a €100m commitment to the fund.

The $29bn (€25.4bn) pension fund is looking to grow its infrastructure portfolio on a global basis mostly through funds.

At the end of August 2018, the portfolio’s net asset value was $567m, or close to 2% of the the pension fund’s total assets.

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