Copenhagen Infrastructure Partners’ (CIP) new fund, Copenhagen Infrastructure III (CI III), held a €3.5 billion ($4.3 billion) final close at its hard cap, exceeding the €3 billion ($3.7 billion) target fund size.
The fund obtained commitments from 42 institutional investors comprised of pension companiesfunds, insurance companies, family offices, and asset/fund managers. The fund held its first close 12 months ago.
“CI III broadens CIP’s investor base to include a diverse range of investors in Australia, Asia, continental Europe, United Kingdom, and Israel, which complements the primarily Nordic investors in the predecessor funds. Nearly all existing investors in CI II committed new funds to CI III,” said Jakob Baruël Poulsen, managing partner at CIP, in a statement. “With total commitments of €3.5 billion [($4.3 billion]) corresponding to the fund’s hard cap, CIP is in a strong position to execute the fund’s investments in a large pipeline of attractive energy infrastructure projects sourced and developed over recent years.”
CI III will invest in projects in regulated and long- term contracted energy infrastructure, and has an investment pipeline that includes ownership or exclusivity rights to more than 15 projects currently being developed toward financial close. The portfolio amounts to approximately €3 billion ($3.7 billion) in potential investment volume and provides diversification across offshore wind, onshore wind, solar PV, biomass/waste-to-energy, geothermal, and reserve capacity in North America, Northwestern Europe and Asia Pacific. The investment strategy of CI III will be a continuation of the successful predecessor fund, CI II, which is committed and on track to provide investors with long-term stable cash flows and above target investment returns.
CIP currently manages four funds and has about €6.8 billion ($8.4 billion) under management.
