Mirova, a boutique infrastructure investment affiliate of Paris-based Natixis, has raised €600 million ($678 million) in equity commitments for the first close of its first brownfield infrastructure fund, the Mirova Core Infrastructure Fund SCS SICAV-SIF.
The firm surpassed its €500 million ($565 million) equity fundraising target. The fund’s final close is expected to be held in October 2015.
The Mirova Core Infrastructure Fund focuses on brownfield public-private partnerships in continental Europe. It has made investments across 18 assets, including transportation, broadband networks and a diverse range of social infrastructure projects.
The fund has a 25-year fund term, matching the long-term nature of the investments it will hold.
Upon completion of the fundraising for this fund, the Mirova General Infrastructure Platform will manage more than €1 billion ($1.1 billion) of assets. With Mirova’s first two equity funds dedicated to greenfield infrastructure, the Mirova Core Infrastructure Fund broadens the types of transaction the firm can now pursue.