Copenhagen Infrastructure Partners (CIP) has a $3bn (€2.58bn) final close for its second fund, which targets energy infrastructure projects across 15 high-growth, middle-income markets in Eastern Europe, Asia and Latin America.
CIP said the total capital raised for Growth Markets Fund (GMF) II, which includes commitments to the main fund and associated co-investment vehicles, is three times the size of its predecessor strategy.
GMF II has deployed $1.6bn across nine assets spanning battery storage in Chile, solar and battery projects in Mexico and onshore wind in Romania, CIP said. adding that the fund is on track to be fully committed within one to two years.
The previous fund in the series, GMF I, is expected to deliver approximately 8.7GW of energy in India and South Africa across 50-plus projects, the manager said.
Niels Holst, partner and co-head of growth markets funds at CIP, said: “Reaching a $3bn final close and tripling the fund size compared to our predecessor fund is a strong validation of our growth markets strategy and of investors’ confidence in our ability to originate, develop, and build large-scale renewable energy projects.
“For GMF II, we have been successful in attracting a diverse group of limited partners (LPs) including sovereign wealth funds, pension funds, impact-focused family offices and Development Finance Institutions, in addition to re-ups from existing LPs, expanding our outreach across Asia, the Middle East and North America.”
Ole Kjems Sørensen, partner and co-head of growth markets funds at CIP, said: “With GMF II, we are building on our track record and expanding our ability to connect capital with high-quality renewable energy projects in select growth markets that have a fundamental need for new and reliable energy infrastructure.
“We are delivering a robust investment product to our LPs, targeting attractive risk-adjusted returns within a resilient asset class.”
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