UBS Asset Management’s Real Estate & Private Markets (REPM) business has surpassed its fundraising target, raising €850 million ($978 million) for its second European infrastructure debt fund, Archmore Infrastructure Debt Platform II.
The fund will remain open to new subscriptions until year-end with a hard cap of €1 billion ($1.2 billion) having surpassed the €700 million ($805 million) target.
IDP II’s strategy targets private infrastructure debt opportunities of medium size in Western Europe, primarily through direct lending on senior secured projects.
The strategy of this follow-on fund remains consistent with its predecessor, Archmore Infrastructure Debt Platform I, which is now 94 percent deployed and has a pipeline of new investment opportunities. IDP II will focus on private infrastructure debt opportunities in Western Europe, primarily through direct lending, aiming to take advantage of the continued capital supply/demand imbalance in the mid-size European infrastructure investment market, where borrowers are seeking alternative sources of capital.
Archmore Infrastructure Debt Platform I closed in September 2016. The fund’s capital has been deployed into 11 investments to date. The latest investment was made into the refinancing of a brownfield toll road in Poland, where IDP I committed €75 million ($92 million).
