Fundraising - FEBRUARY 14, 2017

CIM Group raises $405m for infrastructure fund

by Jody Barhanovich

CIM Group has raised $405 million for its CIM Infrastructure Fund II, according to a filing with the SEC.

CIM Infrastructure Fund II is a closed-end infrastructure fund that focuses on renewable energy generation, water management, and parking and urban transportation facilities, according to the firm’s website. The fund also focuses on waste management, including recycling and waste-to-energy facilities, as well as social and communications infrastructure, including healthcare facilities and wireless communication sites.

The fund previously received a $25 million commitment from the $3.6 billion San Mateo County (Calif.) Employees’ Retirement Association in January 2016 and a $35 million commitment from the $6.5 billion Alameda County (Calif.) Employees’ Retirement Association in 2015.

Through the infrastructure fund strategy, CIM Group purchased the solar assets of SkyPower Corp. in November 2009 and created a new entity named SkyPower Ltd. Among the assets were a 50 percent stake in the 9.1-megawatt First Light energy park — the first operational utility-scale solar energy project in Canada — as well as a pipeline of 50 additional projects representing the potential for more than 500 megawatts of solar power generation nameplate capacity.

In addition, CIM Group formed Urban Parking Joint Venture with a leading parking operator to acquire and operate urban parking assets in the United States. The venture seeks to improve operating performance of these assets, primarily in markets where supply/demand dynamics are becoming more attractive, through professional management and automation, according to the firm’s website.

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