Cion Investments and GCM Grosvenor have launched their evergreen infrastructure fund, which holds a $240m (€231m) portfolio and $82m in additional committed capital.
As reported by IPE Real Assets last June, the Pennsylvania Public School Employees Retirement System (PSERS) previously committed $300m to the CION Grosvenor Infrastructure Interval Fund (CGIF), which was aiming to raise $3bn.
Announcing the launch of CGIF, Cion and GCM Grosvenor said the fund currently holds 43 private infrastructure assets across traditional sectors, including transportation, digital, energy and energy transition, as well as newer sectors such as supply chain and infrastructure adjacencies.
The managers said CGIF, supported by a “major institutional investor”, offers individual investors access to GCM Grosvenor’s institutional private infrastructure platform through their financial advisers.
The evergreen interval fund is priced daily and provides quarterly liquidity for up to 5% of its net asset value.
Michael A Reisner and Mark Gatto, co-CEOs of Cion, said: “Our firm’s mission has been to provide individual investors, through their financial advisers, with access to the private markets. We believe that the right manager and the right structure are critical for success in the space.
“GCM Grosvenor is a proven manager, infrastructure is an attractive asset class, and CGIF’s interval fund structure matches the needs of individual investors. The fund allows investors to seek to take advantage of the illiquidity premium in a structure that offers ease of execution and low minimums.”
Michael Sacks, chair and CEO of GCM Grosvenor, said: “GCM Grosvenor’s approach to infrastructure combines building a well-diversified portfolio, with a focus on flexibility and alpha generation.
“Our powerful sourcing network provides us a broad range of investment opportunities and different entry points into such opportunities, allowing us to be selective and only execute on the investments we believe provide the best risk/reward profile for investors.”
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