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The strategy, which typically targets returns of 8-12%, will follow the Swiss firm’s 2016 vintage which raised €2.2bn.
The fund is targeting $1.25bn and is expecting a first close between $700m and $900m.
The vehicle is being led by Hong Kong-based Hajir Naghdy, who joined from Macquarie Capital at the end of last year.
Jonathan Ord began his tenure in March but has returned to his previous role at the Local Pensions Partnership.
The vehicle is targeting high single-digit returns and will focus investments mostly in Europe.
The launch of the latest vehicle comes two years after the fund manager closed its GRPF II on $1.6bn, which has invested in more than150 projects.
The hard-cap for the German firm’s fourth renewables fund now sits at €750m after more than 90% of investors approved the increase.
The fund manager will look to attract institutional capital to invest in the new company, while its management team will hold a ‘significant minority stake,’ a source said.
The Miami-based firm has realised more than $2.8bn from the exits of three platform companies formed through its first infrastructure fund.
Nearly 150 LPs have committed to GIP IV, which will follow the same strategy as its predecessors and target 15%-20% gross returns.