Quaero Capital reaches EUR600m hard cap for second private equity infrastructure fund
Quaero Capital completed fundraising for Quaero European Infrastructure Fund II (QEIF II) at its EUR600 million hard cap, exceeding the initial target of EUR500 million set at its launch in July 2019.
The management company is also expecting additional investment capacity given the strong interest from investors for co-investment opportunities.
As a reminder, the fundraising for its previous EUR275 million investment vehicle (QEIF) ended in April 2017 and the fund has since been fully invested.
QEIF II’s strategy is to finance equity in both greenfield and brownfield infrastructure projects in Europe. The fund targets project finance assets and notably assets with development and growth requirements with a view to support it. It deploys a multi-sectoral approach, investing in energy, telecoms, water and environment projects, social infrastructure, transport, and utilities.
QEIF II has already invested more than 40 per cent of its commitments through 6 assets in 4 countries and several sectors: renewables (wind farms), telecoms (optic fibre networks, data centres), social infrastructures (schools PPP) and public services (electricity network).
"This success recognises the renewed trust from QEIF’s investors as well as the support of new investors, in particular in Switzerland, France, Belgium and Luxembourg. These investors were convinced by the quality of the first fund, the assets already in the QEIF II portfolio and more generally by the performance of the infrastructure asset class," says Sébastien Bourget, Managing Partner, in charge of the infrastructure activity at Quaero Capital.
QEIF II investors include leading European investors notably insurance companies, pension funds, funds of funds, the Fonds de Réserve pour les Retraites and the European Investment Bank.