Pioneer Point Partners has raised €575m for Pioneer Infrastructure Partners, exceeding the €500m the manager had set for its maiden infrastructure fund.
The specialist sustainable infrastructure investment firm said the fund generated significant interest, with commitments from 15 “highly reputable and long-established” European and North American institutional investors.
The fund’s investors include pension funds, endowments, insurance companies, financial institutions and family offices, the manager said.
Pioneer Point said the lower mid-market value-add fund targets at least 15% internal rate of return over a ten-year term, including an annual cash yield of 4-6%, through a diversified portfolio of 8 to 10 investments.
The manager said the fund has committed €120m in two investments since its first close in December 2020. The Pioneer Infrastructure Partners fund made a €60m commitment to Stream BioEnergy, a developer and operator of biogas plants in the Republic of Ireland and Northern Ireland, and €60m to Altano Energy, which is building a renewable energy portfolio in Spain.
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