Exclusives

The Europe-focused energy transition vehicle has shifted its length to 10 years from its predecessor's 20.

The fund is more than two-thirds to its €700m target and has already agreed or committed to investments in three European funds.

Jim Barry, who previously helmed the unit in addition to being global CIO at BlackRock Alternative Investors, will now focus on the latter role.

The French manager has already deployed circa €1bn from its latest core fund across transportation, digital and social infra in France, Spain and Portugal.

The vehicle will continue its predecessor's mid-market strategy of investing in energy transition, telecoms and public transport.

The Paris-based fund manager expects to reach final close on $1.5bn before summer, a target which, if met, will make AAIF V nearly double the size of its predecessor.

Final commitments to the firm’s latest energy fund will put the fundraising total above a $4bn target and at or near its hard-cap.

The manager is almost halfway to its €450m target, having raised €336m for its first infrastructure co-investment vehicle in late 2018.

The German asset manager is targeting the same amount on which it closed predecessor fund ESPF4 in October 2019.

The firm is understood to be in pre-marketing for the two vehicles, having launched its last European fund in 2016 and its Africa fund in 2015.