Helaba Invest has exceeded the fundraising target of its debut infrastructure fund of funds and plans to raise a second vehicle due to the level of demand from investors.

HI Infrastructure Multi Manager Fund has raised €300m, the company said, 50% more than its original €200m target.

The vehicle will target funds that invest in existing core assets in Europe, including social infrastructure, energy, utilities, communications and transport.

Having held a €97m first close in November 2017, the vehicle has invested in five infrastructure funds and is in talks with managers of other funds.

The plan is to build a broadly diversified infrastructure portfolio consisting of 10 to 15 funds and generate a net return of 6.5%.

Ulrich Lingner, a member of the executive board of Helaba Invest, said: “This high level of demand confirms that the asset class infrastructure is still very popular with institutional investors.”