Infrastructure fund manager Ancala has raised €1.4bn for its third fund, surpassing its €1.2bn target.

Ancala Infrastructure Fund III, the firm’s largest-ever vehicle, was backed by new and existing institutional investors from Europe, North America and Asia.

Fund III has already invested in Europe’s largest aerial emergency services provider Avincis, Norwegian supply base Fjord Base and decarbonised heating and cooling specialist Noventa.

Spence Clunie, managing partner at Ancala, said: “Our investors are looking for enhanced returns from critical infrastructure investments. Ancala has an unwavering commitment to investing in and growing assets with traditional infrastructure characteristics.

“This latest fundraise, our largest ever, is further evidence of the trust international investors place in our proven and differentiated approach to infrastructure investment. We look forward to continuing to deliver on our successful strategy for our investors.”

Karen Dolenec, partner at Ancala, said: “Ancala takes an entrepreneurial and collaborative approach to consistently deliver results for our investors, the companies we invest in and the communities they serve.

“We are grateful to all of the investors that contributed to our third flagship fund. This latest fundraise will allow us to increase our role in creating sustainable value within critical infrastructure businesses across different sectors and geographies.”

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