Apollo closes second infra fund with US$2.54bn commitments

Apollo has achieved the final close of its second dedicated infrastructure fund, Apollo Infrastructure Opportunities Fund II LP (AIOF II), with approximately US$2.54 billion in capital commitments.

Receiving strong support from a diverse base of new and existing investors, AIOF II will continue its strategy of investing in mid-market infrastructure assets primarily across communications, power and renewables, and transportation. AIOF II has invested in leading energy storage and renewable energy platform, Broad Reach Power; formed the Ionic Blue joint venture with Johnson Controls to provide sustainability and energy efficiency services; created a joint venture to grow Great Bay Renewables’ renewable royalties business; and invested in U.S. Wind, a leading utility-scale offshore wind platform off the coast of Maryland. Recently, outside of AIOF II, the infrastructure team also led a US$816 million investment to finance NextEra Energy Partners’ stake in a 2.5 GW renewable energy portfolio of 13 utility-scale wind and solar assets.

AIOF II has also been active in telecommunications, investing in FirstDigital Telecom, a leading fiber-based carrier in the western United States, as well as acquiring Parallel Infrastructure, a US telecommunications platform with a portfolio of approximately 500 macro cell towers in operation and several hundred more under development.

Paul, Weiss, Rifkind, Wharton & Garrison represented Apollo in connection with the close of AIOF II.