Asterion Industrial Partners has so far exceeded the €850m fundraising target for its first infrastructure fund by 6%.
The investment manager focused on infrastructure investments in Europe said its Asterion Industrial Infra Fund I, launched on 16 November last year, has already reached €901m in commitments as of 31 October 2019.
Asterion said the fund will remain open for a select number of investors who are currently in the process of completing additional subscriptions.
The fund is expected to close by before the end of the year, the manager said.
Investors in the infrastructure fund include pension funds, sovereign wealth funds, asset managers, insurance companies and endowments from across Europe, North America, Middle East and Asia.
In addition to the €901m of fund commitments raised to date, Asterion said the team has generated €400m of co-investment for its investors in two of the three transactions closed in the fund so far.
Including capital in the fund and through its co-investments, Asterion manages in excess of €1.3bn.
Jesús Olmos, founding partner and CEO of Asterion, said: “We are very honoured to have gained the trust of a very diversified institutional investor base and are thrilled to have exceeded our target within one year, especially with the challenge of being a first-time fund.
“We are very grateful for the support from all of our investors and are very focused on building long-term active partnerships.”
In March, the fund made its first investment with the acquisition of French energy services firm Proxiserve in partnership with Mirova.
Its second investment in Asterion Energies constitutes a renewables platform that is being built up to participate in the ongoing energy transition in Europe.
The third investment in the Asterion fund is a data centres platform, carved out from Spanish telecom incumbent, Telefonica.