Alternative asset manager Conquest is planning to raise €500m for its second European infrastructure fund.

The manager said the newly launched Conquest Sustainable Infrastructure II fund has a €240m pipeline of projects to invest in once the fund embarks on its first close.

The projects identified are mainly located in France, Spain and Italy, Conquest said, adding that it intends to deploy the capital within 24 months of the first closing.

Conquest Sustainable Infrastructure II invests in equity with a majority position in core energy transition infrastructure assets at an advanced stage of development, with long-term cash flows and an attractive risk-adjusted return combined with an annual cash yield as soon as year three, the manager said.

Conquest also said it has been approved by the French regulator, Autorité des Marchés Financiers, as an authorised Alternative Investment Fund Manager (AIFM).

Frédéric Palanque, managing director and founder of Conquest: “We have a target of raising €500m. This new key milestone in Conquest’s development is also marked by the fact that we have access to the European distribution passport from the AMF.

“Since our inception, we have been committed to investing and creating value in responsible projects that accelerate the transformation of the economy and critical infrastructure towards a sustainable growth model. Conquest’s industrial and operational expertise gives it a decisive competitive edge for the benefit of its investor clients.”

To read the digital edition of the latest IPE Real Assets magazine click here.