Allianz Global Investors (AllianzGI) has raised an initial €880m for its latest European infrastructure fund.

AllianzGI said the first close of the Allianz European Infrastructure Fund II (AEIF II) fund received commitments from institutional clients across various European countries.

The fund was launched in December last year is managed by Allianz Capital Partners.

The predecessor fund, AEIF I, raised €860m at its final close at the end of 2019, AllianzGI said, adding that over 85% of the AEIF I are already either invested or committed.

The AEIF II will mainly invest in Europe while being able to pursue opportunities selectively also in OECD countries outside Europe.

Michael Pfennig, co-head of infrastructure at Allianz Capital Partners, said: “The AEIF II aims to invest in attractive and long-term infrastructure across Europe which are essential for a modern and sustainable society following Allianz’s strict ESG investment guidelines.

“Our institutional clients can benefit from our longstanding track record and expertise as one of the largest infrastructure investors globally.”

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