Mercer Private Markets and Union Investment have raised €442m from institutional investors in Germany, mainly co-operative banks, for a joint infrastructure fund.

The fund will invest in a broadly diversified infrastructure portfolio, including communication, energy, disposal, transport and social infrastructure assets. 

The regional focus will be on western Europe and North America.

The fund will be able to subscribe to new equity funds and make secondary market investments in existing infrastructure funds and direct investments.

Benjamin Bauman, co-portfolio manager of the infrastructure fund and CIO of Mercer Private Markets, said: “After many interesting conversations with our future investors from all over Germany we are looking forward to assuming our investment management responsibility and to start building the portfolio for this product.”