Grain Management has so far raised $1.97bn (€1.6bn) for its latest US communications infrastructure fund, according to a potential investor.

Connecticut Retirement Plans and Trust Funds (CRPTF) said in a meeting document that it is planning a $75m investment into Grain Communications Opportunity Fund (GCOF) III and an additional $50m into a co-investment partnership with the fund.

GCOF III, which has $2.25bn hard cap target, is expected to have final close in the current quarter. The predecessor GCOF II fund raised $899m in April 2019.

According to CRPTF, GCOF III’s manager is expected to make a 2% co-investment into the fund.

According to Los Angeles County Employees Retirement Association it has also made a $100m commitment to the fund.

Fund III is planning to build a portfolio of investments in the range of $100m to $300m per transaction over a five-year period.

CRPTF said GCOF III seeks deals that can produce gross internal rate of returns of at least 20%.

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