Copenhagen infrastructure Partners is believed to be planning a final close by year-end for the mammoth energy transition fund.
African pensions and Asian and Middle Eastern SWFs are a highlight in the manager’s fourth flagship, showing trust in the African growth story.
The fund, which will see Stonepeak invest between $75m and $250m in equity cheques, exceeded its $2.5bn target.
The Net Zero Power Fund, which has made five investments to date, also secured $1bn in co-investment capital.
Fundraising was much improved year-on-year, but managers are spending nearly 30 months on the road before funds reach a final close.
The close puts the Spanish manager roughly at the halfway mark after five months in market, as it lands its first airports deal.
Eurazeo's first transition fund overcame LP hesitation to close oversubscribed at €663m, with another €43m in co-investments.
Unlike its predecessor funds, which targeted either a single technology or single country, it is understood the new fund will invest across technologies and across the EU.
QIC Infrastructure Debt Fund II is a 10-year closed-end fund aiming to hold a first close before the end of 2024.
CEO Anthony Catachanas is eyeing a NA and a Caribbean-including global infra strategy, with LatAm investors as anchors.