Icon Infrastructure is planning to raise $3bn (€2.8bn) for its latest fund, according to an investor.

The New Mexico State Investment Council (SIC) said in a meeting document that it has approved a $100m commitment to iCon Infrastructure Partners VI, a fund which makes investments in Europe and North America.

Icon Infrastructure raised $1.9bn for a predecessor fund in 2020.

The latest fund, Partners VI, targets mid-market investments in core-plus or value-add portfolio companies.

According to New Mexico SIC, the fund’s investment opportunities pipeline includes power, social, telecommunications, transport and utilities.

The fund will be looking for transactions that can produce a net internal rate of return of around 10% to 12%.

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