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DIF hits €463m second close of renewable energy infrastructure fund

21 Dec 2012

Dutch fund manager DIF has hit €463m for the second close of its fourth fund, DIF Infrastructure III, which will tap into renewable energy opportunities and source public private partnerships (PPP).

It began fundraising in January and held first close in May on €320m.

The firm is targeting €600m, with a hard cap of €750m, and the firm hopes to close of fundraising in the first quarter of 2013.

As with previous funds, DIF will focus on both primary and secondary investment opportunities, which it said will allow it to generate immediate yield for investors and achieve capital growth.

DIF has invested in over 80 infrastructure projects throughout Europe, with a total project value of around €10bn.

Its previous capital pool was DIF Infrastructure II, with which it held a final close at €571m in 2010 and also had a PPP, PFI and renewable energy focus. It is still open to investments with this fund.

A specific green fund – DIF Renewable Energy – was raised in 2008 at €134m, provided equity to renewable energy projects and is now fully in invested.

Through these, and its inaugural fund DIF PPP, it has attracted heavyweight institutional investors such as APG, the European Investment Bank, insurers such as Achmea and Partners Group.

A spokesperson was unavailable to comment on the specifics of what deals it will be sourcing but previous investments include numerous mid-sized solar and onshore wind projects across continental Europe as well as a series of education-focused investments in the UK.

DIF is currently the preferred bidder for a number of transactions in various countries in both the PPP and renewable energy space.

The firm has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg and Toronto.

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