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Basalt II reaches final close with USD1.285 billion of commitments

The second Basalt Fund (Basalt II) has reached its final close with total commitments of USD1.285 billion. Basalt II is an infrastructure equity investment fund focused primarily on investments in utilities, energy and transport infrastructure, in the United States, Canada and Western Europe.

Basalt II represents a continuation of the investment strategy deployed by the first Basalt Fund which has now been fully deployed.
The capital raising for Basalt II generated significant interest from a broad mix of global institutional investors, including public and private pension plans, sovereign wealth funds and fund of funds, culminating in demand in excess of the USD1 billion fund target, with commitments from in excess of 30 investors, primarily from North America and Europe.
Basalt II has already invested over a third of Basalt II commitments into four assets: Detroit Renewable Energy, a contracted district heating network operating since 1903 in downtown Detroit; DB Energy Assets, a portfolio of district energy and cogeneration assets in New Jersey, Connecticut and Delaware; North Star, an emergency response and rescue vessel business operating in the UK North Sea, and Mareccio Energia, a portfolio of operating solar assets in Italy.
Rob Gregor, Managing Partner of Basalt II’s investment adviser, says: “We are delighted with the support that Basalt II has received from the market, both from existing and new investors. We will maintain our focus on the infrastructure mid-market and continue with our relationship driven deal-sourcing approach.”
Fund raising advisors included Kirkland & Ellis (legal), Deloitte (tax), and Credit Suisse (Placement Agent).

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