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OIC closes debut growth fund above target at $370m

Orion Infrastructure Capital (OIC), a US middle-market infrastructure manager, has held the final close of its inaugural infrastructure growth fund with over $370 million in commitments, surpassing its initial target of $350m.

The fund attracted strong support from existing OIC investors who accounted for over 80% of the capital raised, while also adding new investors from Europe and North America. LPs include insurance companies, pension funds, foundations and family offices.

The fund has already allocated over 60% of of its capital across a diversified initial portfolio of six investments including: Subsea Environmental Services, which focuses on recovering out-of-service submarine telecommunication cables and recycling their constituent parts; Occurrent Power, a tidal power developer; and Forge Nano, which uses an innovative process called atomic layer deposition to improve performance, efficiency, and safety of batteries.

Latham & Watkins LLP served as legal counsel to OIC and the Fund.

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