The U.K. Treasury’s Charging Infrastructure Investment Fund (CIIF) has raised £380 million ($515 million) in capital commitments against a target of £400 million ($542 million) following its third close.
Zouk Capital, the manager of CIIF, said the third close was anchored from the private sector by Willis Towers Watson’s clients and investment funds as well as Morgan Stanley Investment Management’s Climate Impact Fund, with funding matched by HM Treasury.
CIIF is underpinned by plans to rapidly decarbonize the U.K.’s transport sector and improve air quality, with a goal of reducing net-carbon emission to zero by 2050. CIIF is dedicated to catalyzing the rollout of a robust and diversified public EV charging infrastructure that will support the electrification of vehicles throughout the United Kingdom.
The fund is targeting a final close in early 2021.
“In spite of the ongoing challenging business environment, leading global investors continue