DIF, an independent and specialist fund management company, has held a final close for DIF Core Infrastructure Fund I (DIF CIF I) at its €450 million ($530 million) hard cap.
Fundraising for DIF CIF I was officially launched in September 2016, with a first close occurring in January 2017, and a final close in November 2017. DIF CIF I experienced strong backing from both existing and new investors to the DIF platform.
DIF CIF I targets small to mid-sized infrastructure assets in the telecommunication infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term. The fund targets both greenfield and brownfield projects in Europe, North America and Australasia.
DIF CIF I is the first fund raised by DIF that pursues this particular strategy. The strategy is differentiated and complementary to the strategy pursued by DIF’s existing funds — DIF Infrastructure IV and its predecessors — which target PPP/concessions, regulated assets and renewable energy projects.
DIF CIF I has acquired two investments to date: a 25 percent interest in the Somerton Pipeline in Australia, and a 55 percent stake in the French fiber company ADTIM. Furthermore, it has a strong pipeline of investment opportunities across its target sectors and geographies targeted by the fund.