US water infrastructure investor PERENfra is seeking to raise $125m (€119.5m) for a newly launched core fund and has initially secured commitments from Garney Equity and Ferguson Ventures and various US-based family offices.
The amount of capital initially raised for Perennial Infrastructure Fund I has not been disclosed.
The manager said the fund, which expects to reach its fundraising target in the early part of this year, aims to invest “in safe, sustainable, efficient water solutions in a growing industry”.
PERENfra said the fund is making progress in deploying capital and expects to be fully invested by 2026. The fund’s initial investments support the financing, design, construction, ownership and operation of six new water and wastewater treatment plants under long-term contracts, the manager added.
Jeff Nelson, founder and CEO of PERENfra, said: “We’re humbled and excited by the support of our investors and partners in the fund. There is an unfulfilled need for capital in the water infrastructure market, and we’re ready to address that demand.
“We’re confident in our investment strategy, and we look forward to continuing our positive environmental and social impacts while delivering attractive long-term returns to our investors.”
David Burkhart, CEO at Garney, said: “Garney is proud to support the fund’s goals, which align closely with our purpose: building sustainable futures with the world’s most precious resources – water and people.
“By investing in the Fund, we’re advancing a shared vision of resilient, sustainable water solutions that will serve communities for generations to come.”
Blake Luse, MD at Ferguson Ventures, said: “Ferguson Ventures sees this investment in the Perennial Infrastructure Fund I as a strategic step toward enhancing innovation and sustainability within the water infrastructure sector.
“By engaging with PERENfra and Garney, we aim to deepen our understanding of emerging technologies and industry trends that can enrich our ability to serve our customers. This collaboration is in line with our core mission to provide value-added solutions and supports our commitment to fostering sustainable water solutions for the communities we serve.”
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