Second UBS AM infrastructure debt fund reaches €1bn hard-cap

UBS Asset Management’s (UBS-AM) second European infrastructure debt fund, launched nine months ago to raise €700m, has reached its €1bn hard cap target.

Last year, UBS-AM’s Real Estate & Private Markets (REPM) launched Archmore Infrastructure Debt Platform II (IDP II) with €448.4m of seed commitments from insurance companies and pension funds.

As at October last year, IDP II had raised over €850m.

UBS-AM REPM said the fund, which has now reached its €1bn hard cap target at close, raised capital from 48 limited partners, comprising a mix of pension funds and insurance companies from 10 different countries across Europe and Asia.

The fund-raising benefited from over 70% re-up rate from investors in IDP II’s predecessor, Archmore Infrastructure Debt Platform I, which completed its final investments in 2018, the manager said.

IDP II’s strategy targets private infrastructure debt opportunities of medium size in Western Europe, primarily through direct lending on senior secured projects, where it currently sees the most attractive risk-reward proposition.

Since its launch in March 2018, IDP II has already committed over 20% of the capital raised to four senior infrastructure financing transactions, UBS-AM REPM said.

Tommaso Albanese, the head of infrastructure at REPM, said: “The successful closing of our second European infrastructure debt fund has received strong support from both new and existing investors, who have looked to the track record of IDP I and reaffirmed their confidence in our strategy, underpinned by efficient deployment and investment diversification.”

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