3i Group has held a first close for its 3i European Operational Projects Fund, raising approximately €155 million ($170 million) in equity commitments.
The fund will invest in operational PPP projects across Europe, with a focus on France, the Benelux, Germany, Italy and Iberia and sub-sectors such as social infrastructure and transportation.
"We believe the European operational PPP market presents a compelling investment opportunity for institutional investors seeking long-term yield," said Phil White, managing partner and head of infrastructure, in a statement. "We are very pleased with the interest received so far from both new and existing 3i investors."
It aims to provide long-term yield to institutional investors. The fund will acquire a seed portfolio of 11 operational projects, generating immediate yield for investors.