Infrastructure - JULY 17, 2017

CIP holds €1.9b third close on infrastructure fund

by Jody Barhanovich

Copenhagen Infrastructure Partners, a fund management company focused on energy infrastructure, has held a third close on its new fund Copenhagen Infrastructure III (CI III), raising €1.9 billion (42.18 billion) in total equity commitments.

Copenhagen Infrastructure Partners initiated fundraising for the new fund on March 8, 2017, with a target fund size of €3 billion ($3.44 billion). The fund will be open for investor subscription until December 2017.

Copenhagen Infrastructure III will have the same focus as CIP’s previous funds, investing in energy infrastructure with stable cash flows, including onshore and offshore wind farms, solar energy, biomass-fired power plants and transmission grid systems, primarily in Northwestern Europe and North America.

Most investors in the existing CIP-managed funds decided to invest in the new fund, but CIP also obtained commitments from new investors as well, said Jakob Baruël Poulsen, managing partner at the firm. These investors are primarily Nordic and U.K.-based investors, but CIP expects to receive commitments from a broader international group of prominent investors in the coming closings.

The investment strategy of the fund will be a continuation of the successful predecessor fund, Copenhagen Infrastructure II, which committed €2 billion ($2.29 billion) to energy infrastructure projects in approximately 24 months and is on track to provide investors with long-term, stable cash flows and above-target investment returns.

CIP has secured CI III a pipeline of investment opportunities, and the fund has ownership or exclusivity rights to nine energy infrastructure projects currently being developed toward financial close and comprising approximately €1.5 billion ($1.72 billion) of potential investments.

CIP plans to have the next CI III closing in September 2017, with primarily international investors, and then finalize the fundraising process before the end of the year.

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