Pioneer Point Partners has raised an initial €150m for its first sustainable infrastructure fund.

The specialist infrastructure investment firm said the Pioneer Infrastructure Partners fund, which is seeking to raise €500m in total, received the initial capital commitments from five European and North American institutions.

Pioneer Point said, the fund, which started pre-marketing in February 2020, achieved the first close target in December.

The fund, which targets an internal rate of return of more than 15%, expects to invest will lower mid-market, value-add infrastructure strategy in the energy transition and environment sectors across Western Europe.

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