NN Investment Partners has launched a €200m fund to target infrastructure debt across Europe.

The €238bn manager said the NN (L) European Sustainable Infrastructure Debt fund, launched last week, aims to have a first close in the first half of 2019.

NN (L) European Sustainable Infrastructure Debt has a target annual gross return of 3% to 4% and a duration of 12 to 15 years.

The fund aims to build a diversified portfolio of infrastructure debt across Europe in five core sectors, including social infrastructure, transportation, energy, utilities and digital infrastructure, the manager said.

Alistair Perkins, the head of infrastructure debt at NN Investment Partners, said: “We are very excited to launch this new fund, as it allows us to combine our in-depth knowledge and experience of infrastructure debt with the growing demand from our clients to invest in the real economy and contribute to the UN Sustainable Development Goals.

“We are convinced that by carefully selecting sustainable investments, we can build a future-proof portfolio that enhances value for our investors while demonstrating a tangible contribution to a more sustainable economy and prosperous society.”

NN Investment Partners is the asset manager of NN Group, a Dutch financial corporation listed on Euronext Amsterdam.