Icon Infrastructure has raised $1.9bn (€1.7bn) to invest in infrastructure assets in Europe and North America.
The amount raised by the Icon Infrastructure Partners V fund in the single close exceeds the fund’s $1.8bn target and the €1.2bn the predecessor Partners IV fund raised in June 2017.
Last month, IPE Real Assets reported that the manager had received $75m each from the New Mexico State Investment Council and the Ohio Police & Fire Pension Fund.
Fried, Frank, Harris, Shriver & Jacobson, acting as counsel to Icon Infrastructure, said the single close at $1.9bn comes just three and a half months after commencing fundraising and reflects strong support for Icon’s investment strategy and recognition of the firm’s strong track record.
The fund received commitments from both existing and new investors, which includes a diversified group of 65 pension funds, asset managers, sovereign wealth funds and insurance companies from Europe, North America, the Middle East and Asia.
The fund will focus on privately-held investments in infrastructure assets in Europe and North America.
Partners V will be looking for deals that can produce low double-digit net internal rate of returns.
The fund, which aims to make equity commitments averaging €200m in companies, hopes to be a majority or full control investor in middle-market core, core-plus and value-add deals.