Foresight Group’s European energy infrastructure fund, which is targeting a €500m fundraise, has received €342m in capital commitments at first close.
The manager said the Foresight Energy Infrastructure Partners (FEIP) fund received backing from European institutional investors, including DNB, Norway’s largest financial institution PRI Pensionsgaranti, Swedish mutually-owned insurance firm Arcano Earth Fund.
The fund also received commitments from a sustainable infrastructure fund of funds managed by alternative asset manager Arcano Capital, a number of Swedish pension foundations acting through COIN, investment management consultant IMAS Foundation and the European Investment Bank.
FEIP – which will invest in all aspects of new low-carbon energy infrastructure – has a pipeline of investment opportunities and the fund is expected to use €275m to acquire these assets, Foresight said.
Dan Wells, partner at Foresight, said: “FEIP’s strategy has been designed specifically in the context of the evolving energy infrastructure sector, given the global transition to decentralised, digitised and decarbonised networks.
”While we are delighted with the commitments secured for the first closing, the team’s focus is on the future and the rapid deployment of FEIP into a high-quality asset portfolio.”
Richard Thompson, Partner at Foresight, said: “Building on our track record of sustainable investments made on behalf of institutional investors, FEIP’s strategy has been closely aligned to selected UN Sustainable Development Goals.
“The portfolio will be structured with the objective of delivering an attractive risk-adjusted return to institutional investors, whilst providing a material and positive environmental and social impact.”
