RBC Global Asset Management (RBC GAM) has raised over C$850m (€478.7m) in the second close of its global infrastructure fund.
The asset manager said the RBC Global Infrastructure Fund, which received the capital commitments from more than 2,100 Canadian individual and institutional investors, has now raised over C$1.5bn since its launch in May 2023.
The fund is expected to seek out co-investment partners to invest in core and core-plus infrastructure assets across various sectors, primarily in developed market economies, the manager said.
RBC GAM said it expects to deploy most of the fund’s capital within the next year, followed by another fundraising period.
Michael Kitt, managing director and head of private markets, RBC GAM, said: “We have developed RBC GAM’s private market investment programme around the principles of premium direct asset ownership, long term return resiliency and enduring earning power, and the RBC Global Infrastructure Fund LP led by Andrew Hay and team has been a wonderful example of executing with focus.
“The fund has quickly become a strong addition to our direct real estate and mortgage funds, giving investors a compelling set of complementary private market strategies to consider.”
Hay, managing director and head of global infrastructure investments at RBC GAM, said: ”We saw tremendous interest as we materially exceeded our initial commitment target over the course of our six-week fundraising period, and we are grateful for the support from investors.
”With more than C$900m in commitments available to deploy, the fund is well-positioned to take advantage of market opportunities and to continue to build a portfolio of global private infrastructure investments.”
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