After only 4 months of fundraising, Copenhagen Infrastructure Partners’ new fund Copenhagen Infrastructure III had its third close on July 13, 2017 with total commitments reaching EUR ~1.9 bn.
Copenhagen Infrastructure Partners (CIP) initiated fundraising for the new fund on March 8, 2017 with a target fund size of EUR 3.0 bn. The fund will be open for investor subscription until December 2017. Less than half way through the fundraising period CIP has successfully achieved ~2/3 of the targeted investor commitments for the new fund.
“Reaching almost EUR 2.0 bn in commitments is an important milestone in the fundraising process and a proof of investor confidence in CIP. Most investors in the existing CIP-managed funds have decided to invest in the new fund, which has also obtained commitments from new investors. We are grateful for the investor commitments received and look forward to welcoming the other prominent institutions, which have also indicated their interest to invest, during the coming months”, says Jakob Baruël Poulsen, Managing Partner in Copenhagen Infrastructure Partners.
The new fund has so far received commitments from primarily Nordic and UK-based investors, but CIP expects to receive commitments from a broader international group of prominent investors in the coming closings.
The investment strategy of CI III will be a continuation of the successful predecessor fund, CI II, which committed EUR ~2.0 bn to energy infrastructure projects in ~24 months and is on track to provide investors with long term stable cash flows and above target investment returns. CI III expects to invest in primarily large scale offshore wind, onshore wind, solar PV, and biomass / waste-to-energy, transmission / distribution in primarily Northwestern Europe and North America.
CIP has secured CI III a strong pipeline of investment opportunities and the fund has ownership or exclusivity rights to 9 energy infrastructure projects currently being developed towards financial close and comprising approximately EUR 1.5 bn of potential investments.
“The investor commitments of almost EUR 2.0 bn and the positive indications from multiple new investors obtained after only 4 months of fundraising highlight the attractiveness of the CI III pipeline and confirm the relevance of CIP’s investment strategy and approach to energy infrastructure investments”, adds Jakob Baruël Poulsen.
CIP plans to have the next CI III closing in September 2017 with primarily international investors and finalise the fundraising process before year end.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S (CIP) is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, and other energy assets like reserve capacity and storage. CIP has approximately 110 employees and offices in Copenhagen, Taipei, New York, Tokyo, Utrecht, and London.
CIP manages six funds and has more than EUR 8 bn under management. CI I, CI A I and CI A II have PensionDanmark as founding- and sole investor. CI II has 19 Danish and international institutional investors and CI III has 42 institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and multi-lateral organizations e.g. EIB. CI NMF I has 15 investors from the Nordics and Continental Europe.
CIP was founded in 2012 by senior executives from the energy industry in cooperation with Pension Denmark.