Basalt Infrastructure Partners has raised $2.75bn (€2.27bn) for its third fund.

The mid-market infrastructure investment firm said the Basalt III fund, which received commitments from 47 investors from around the world, exceeded its original $2bn fundraising target.

Like its predecessor funds, Basalt III will be investing across Europe and North America, focusing on opportunities in the utilities, power, transport, and digital communications sectors.

The capital raise for Basalt III was backed by support from existing investor relationships, re-committing and upsizing their commitments. The fund also received commitments from new investors, including first time commitments from Asia and increasing support from the Middle East, North American and European markets. In total, the fund received commitments from 47 investors from around the world.

Rob Gregor, managing partner of Basalt Infrastructure Partners, said: “Completing an oversubscribed fundraise for Basalt III through this pandemic is a testament to the disciplined focus on our mid-market strategy and the resilient and strong risk-adjusted returns of Basalt funds.

“We are incredibly grateful for the significant investor support shown for our strategy and our growing franchise.”

Gregor said market conditions remain positive for the Basalt strategy with Basalt III off to a strong start with commitments to the first three investments, Habitat Solar and Xpress Natural Gas in the US, and Full Fibre in the UK.

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