Exclusives

Lawrence has been replaced internally by James Bryce, who previously led the portfolio value creation group at the Canadian pension.

The pivot to a dedicated energy transition fund will see I Squared target slightly lower returns than that of its flagship vehicle.

The move comes after the $17bn close of KKR’s fourth flagship last March, which still has close to $10bn of uncalled commitments.

The new fund, launched by Patrizia in partnership with Mitsui, held a first close on $110m in December 2022.

At $1.5bn, the fund’s target is twice that of its predecessor – Michael Bonte-Friedheim and Shane Swords explain why they believe bigger is better.

Launched earlier this year, Macquarie Infrastructure Partners VI has raised about $4bn. Its predecessor closed on $6.9bn last August.

The GIG Energy Climate Opportunities vehicle is set to launch early next year, with an initial closing later in 2023.

Blackstone Infrastructure Partners exited public positions in Aena and a US utility earlier this year, generating IRRs of 34% and 54%, respectively.

Macquarie estimates there could be $50bn-$67bn of infrastructure secondaries AUM by 2025, compared with $18.6bn last year.

The firm’s new business is looking to acquire at least 40 specialised vessels over the next five years to address the major shortage of vessels servicing offshore wind farms in Asia.