Natixis Asset Management subsidiary Mirova has raised €600m ($679m) for its first brownfield infrastructure fund.

In a first close, the Mirova Core Infrastructure Fund raised €100m more than its initial €500m target.

European pension funds, insurance companies and funds of funds backed the fund, which will invest in brownfield sites across Europe.

Mirova has scheduled a final close for the vehicle next month, with Threadmark global placement agent in Europe, outside of France.

Natixis Global Asset Management was responsible for distribution in France.

The fund has so far bought 18 assets, mainly in European public/private partnership and infrastructure concessions.

Transportation, broadband networks and a diverse range of social infrastructure projects have been bought by the fund, which has a 25-year term

Gwenola Chambon, head of general infrastructure fund activities and fund principal, said: “Our focus on core brownfield operational infrastructure, together with a seed portfolio generating significant cash yield, has proved to be very attractive to investors.”

The Mirova platform, which includes investment in greenfield infrastructure, will manage more than €1bn in assets.