Icon Infrastructure, which seeks a $1.8bn (€1.6bn) fundraise for its latest fund, has received $75m each from the New Mexico State Investment Council and the Ohio Police & Fire Pension Fund, according to the investors.
The new fund focus on privately-held investments in infrastructure assets in Europe and North America.
New Mexico, which disclosed Partners V’s fundraising amount, told IPE Real Assets that the fund’s focus on Europe will give the $26bn sovereign wealth fund’s infrastructure portfolio some geographical diversification.
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.