CIP achieves third close for fund III

Copenhagen Infrastructure Partners’ new fund Copenhagen Infrastructure III has reached its third close on with total commitments reaching €1.9 billion (US$2.2 billion), after only 4 months of fundraising.

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.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 € ~2.0 billion 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.

Jakob Baruël Poulsen, Managing Partner in Copenhagen Infrastructure Partners, said:

“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”.

“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”.

CIP plans to have the next CI III closing in September 2017 with primarily international investors and finalise the fundraising process before year end.