Bouwfonds Investment Management has raised capital from German insurers and pension funds for a communication infrastructure fund.

The investment manager is aiming to invest up to €600m in fixed-line networks in Germany.

It is aiming to raise €300m in equity for Communication Infrastructure Fund II and has so far secured €100m in a first close.

Bas van Dongen, managing director for communication infrastructure Germany at Bouwfonds, said: “The Fund focuses on regional and local access networks in Germany in areas that are currently underserved and have sufficient size and population density.”

Investments will primarily be made in fixed-line networks, but it can also invest in communication towers and data centres.

Bouwfonds IM launched its first communication infrastructure fund in the Netherlands in 2008, raising capital from Dutch pension funds in 2010.