French insurer AXA’s private equity arm has raised more than €1bn towards what could become its largest infrastructure fund, it is understood.
The firm is aiming to hit €1.5bn for its third infra fund according to a report by Reuters, which said the capital would be used for projects such as gas networks and wind farms across Europe.
It quoted a source as saying AXA PE hoped to reach that target by early next year amid huge investor interest in the asset class.
The firm made its last infrastructure deal in June when it and Pragma Capital sold their 21 per cent stake in public transport operator Keolis to SNCF, the French rail operator.
AXA first bought a controlling stake in Paris-based Keolis in 2007 alongside a consortium of investors comprising Pragma and Canadian pension fund Caisse de dépôt et placement du Québec.
SNCF held a 45 per cent stake in the business before increasing its interest through a tie-up with car park operator EFFIA in 2010.
Last week Lloyds Banking Group reached a £150m first close for its latest infrastructure fund, a £250m vehicle the state-backed lender will use to invest in greenfield UK infrastructure projects.
The bank said Lloyds Bank UK Infrastructure Partners LP had raised commitments from several institutional investors including UK corporate pension plans, as well as European investors including the European Investment Bank.
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