Dutch pension fund APG has made a further €200m commitment to Patrizia’s Smart City Infrastructure Fund (SCIF).
APG, investing on behalf of its pension fund client ABP, made an initial €250m capital commitment to the global fund in 2018. In 2021, APG made a further €500m commitment to SCIF.
Patrizia said the latest capital commitment from APG takes SCIF’s overall total fund size to €950m, alongside a $500m co-investment side vehicle.
SCIF has fully committed its initial €750m capital to smart city projects across Europe and North America, the manager said, adding that the additional capital will be used to “focus on the expansion of SCIF’s Italian smart streetlighting platform and its smart city division”.
Jose Martinez Artiles, an investment director at Patrizia Infrastructure, who manages the Italian smart streetlighting platform, said: “Our smart streetlighting investments and smart city bolt-on acquisitions in Italy continue to go from strength to strength. Since our first acquisition in 2022, we have built solid relationships with many municipalities, who see the benefits of smart streetlighting, both from a financial and environmental perspective.
“I’m delighted that APG want to increase their investment in this segment and entrust us to deliver returns which will also boost municipalities and citizens alike.”
Earlier this year, Patrizia expanded its Italian streetlighting platform by acquiring an 85% stake in Atlantico.
To read the latest IPE Real Assets magazine click here.
