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Cube IM seals biggest flagship fundraise at €1bn first close, targets €1.5bn

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Infrastructure buyout house Cube IM has held the first close of its third flagship fund on €1bn, reaching 65% of its €1.5bn target. The vehicle is already the firm’s biggest flagship fund to date.

Fund III will focus on European brownfield mid-market infrastructure investments, with a particular focus on energy transition, communication, and public transport sectors.

The firm said the vehicle had a strong re-up rate and also a strong push in the US.

Renaud de Matharel, CEO and managing partner of Cube IM, said, “We are extremely proud to have reached a first close at €1bn for our third-generation mid-market fund. It demonstrates investors strong appetite for the mid-market and I take this opportunity to sincerely thank our LPs for their continued support and to welcome our new investors.

“We believe that Cube III is strategically positioned in a dynamic market, our investment team is ready to invest in opportunities that have the potential to leverage on the megatrends we are observing and to scale up thanks to their strategic positioning and solid management teams.”

Cube said it invests in essential and local infrastructure needs in markets offering strong downside protection.

The Luxembourg-based buyout house closed its Connecting Europe Broadband Fund at €555m in July, beating its €500m target.

It held a first close for its €1.2bn-targeting Infrastructure Fund II on €358.5m in 2016.

European buyout firms have seen success this year in raising infrastructure funds. Vauban Infrastructure Partners has hit a €2.5bn hard cap close for its third core infrastructure fund in July, saying the sector’s fundamentals remain strong despite the Covid-19 crisis.

Foresight Group passed €880m of LP capital for its Foresight Energy Infrastructure Partners fundraise in June.

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