Access Capital Partners is more than halfway to closing fundraising for a European infrastructure vehicle.
The investment manager said it raised €130m for its Access Capital Fund Infrastructure strategy, a fund of funds vehicle.
With a target size of €250m, the fund secured commitments from existing insurance and pension fund investors.
The vehicle will combine primary and secondary fund positions, as well as direct co-investments in assets generating cash yield.
The fund will provide yearly cash distributions, which the firm said would represent a “relatively strong component” of total performance.
Access Capital said the fund would commit capital to European funds focusing mainly on core infrastructure and brownfield strategies offering predictable cash flows and a degree of inflation protection.
Its first direct co-investment – alongside an infrastructure fund in the energy sector in Finland – was recently completed.
The investment has been syndicated between ACF Infrastructure and a single-client infrastructure fund advised by the firm.
Managing partners said Access completed a third direct co-investment deal last year, and that it had more deals in the pipeline.