Union Investment, Mercer close first infrastructure fund

German asset manager Union Investment in partnership with Mercer Private Markets has achieved its first close for its infrastructure fund, UniInstitutional Sachwerte Infrastruktur-Invest 1 Fund, at EUR442 million (US$495.74 million). 

The fund will make direct, primary, and secondary investments in western Europe and North America, targeting returns of 6% - 8%. 

The "UniInstitutional Sachwerte SCS SICAV-SIF - Infrastructure-Invest 1" invests worldwide in selected infrastructure facilities in the fields of communications, energy, utilities, waste disposal and transport. Social infrastructure investments, for example in healthcare facilities or schools, are also eligible. The regional focus of the broadly diversified fund is Western Europe and North America.

In managing the fund, Union Investment works with Mercer Private Markets, an international investment manager specializing in alternative investments.