Deutsche Asset Management has raised more than €2.5bn of new capital targeting brownfield European infrastructure assets.
The firm has hit a €1.8bn final close for its second Pan European Infrastructure Fund, and another €800m in dedicated co-investment capital.
PEIF II has a primary focus on mature brownfield assets, targeting core Western European economic infrastructure assets with the aim of generating steady cash yield with long-term capital appreciation.
Pension funds and insurance companies each represented 40 per cent of the new fund’s capital, with the remainder comprising banks, assets managers and funds of funds.
It said eight of its new LPs had committed more than €100m each.
Deals done to date include the acquisition of Akiem, the second largest locomotive leasing business in continental Europe; TCR, an airport ground support equipment rental and service provider; and most recently a consortium deal to acquire a controlling stake in the Venice airport group SAVE.
DAM head of infrastructure Hamish Mackenzie said, “This is a great fund raising achievement for PEIF II and demonstrates the confidence investors have in our team’s ability to deliver upon strategy.
“Europe is the most developed private and public infrastructure market and we believe our team has the discipline, relationship network and extensive experience to access and manage this deal potential for our investors.”
Deutsche Asset Management held €7.9bn in direct infrastructure assets under management at the end of March.
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