Abrdn’s latest European mid-market infrastructure fund has reached its final close with €585m in capital commitments.
Abrdn said its ASCI III core/core-plus infrastructure fund’s commitments included co-investments from a diverse range of investors, including corporate and local authority pension funds, funds of funds and charitable foundations across the UK, continental Europe, Japan, Korea and North America.
ASCI III also has a pipeline of further co-investment opportunities of over €200m, the manager added.
The mid-market infrastructure fund has already made seven investments across Europe, including a €300m investment in a Spanish fibre network, a stake in Finnish district heating company Etelä-Savon Energia, a partnership with Rock Rail and Alstom for new trains in Germany, an investment in UK fibre operator Wessex Internet, and a partnership with Italian renewable gas specialist Blu-H Energy.
Dominic Helmsley, the head of economic infrastructure at Abrdn, said: “We are delighted to announce the final close of our third infrastructure fund.
“Despite a challenging market backdrop, we are pleased that the overall capital raised, with anticipated co-investments, reflects our original target and investor demand for the small to mid-cap segment of the infrastructure market.”
Maciej Tarasiuk, the head of investments for economic infrastructure, said: “We continue to see our strategy and approach resonate well with investors, who seek long-term value creation through small to mid-market infrastructure investments across Europe, supporting positive outcomes for local communities.
“Having grown the team with seven new investment professionals, we look forward to the next chapter of growth, working with our investors and partners in identifying and investing in high-quality infrastructure assets that contribute to sustainable growth.”
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