Spanish manager Asterion Industrial Partners has reached a €1.52 billion first close on its third flagship fund, Infrastructure Investor can reveal.
The close comes after five months of fundraising, with 80 percent of the capital committed coming from Fund II investors. Fund III is targeting €3.2 billion with a hard-cap of €3.6 billion, fund documents reveal – a healthy uplift from the €1.8 billion raised by Fund II, now fully invested.
Another significant close is expected by year end, Infrastructure Investor understands. The vehicle has 12 months since first close to complete its fundraising.
The 10-year Fund III – which can be extended twice for one-year periods – will continue its predecessors’ mid-market strategy of investing in the telecoms, energy, utilities and mobility sectors in its key markets, which include the UK, France, Italy, Spain and Portugal (the latter two can comprise up to 60 percent of Fund III). It’s also open to doing opportunistic investments in Germany, the Benelux and the Nordic countries, with up to 15 percent of the fund able to be invested in non-European jurisdictions.
Fund III is an Article 8 vehicle under the EU’s SFDR framework.
Recent fund performance
- Asterion Industrial Infra Fund II (2021 vintage): Net IRR 7.07%; Net TVPI 1.08x
- Asterion Industrial Infra Fund I (2019 vintage): Net IRR 19.58%; Net TVPI 1.62x
Source: Infrastructure Investor’s data as of 30 Sept. 2023, citing information from Santa Barbara County Employees’ Retirement System Subscribers can view here.
First airports deal
The first close comes after Asterion clinched its first airports investment – a Fund III deal – acquiring 2i Aeroporti from Ardian and Credit Agricole Assurance in a transaction reportedly worth more than €800 million, according to Italian media sources.
The Italian airports business holds direct and indirect stakes in Milano Malpensa and Linate, Naples, Salerno, Torino, Trieste, Bologna and Bergamo airports. Together, they accounted for over 32 percent of Italy’s 2023 passenger traffic (63 million passengers) and circa 70 percent of its cargo.
The deal sees Asterion again partner with Italian manager F2i, which owns 51 percent of 2i Aeroporti from its third fund and has led the airports platform since it was created in 2010.
“We are committed to advancing 2i Aeroporti’s position as the first airport operator in Italy,” Asterion founding partner Guido Mitrani said in a statement. “Our strategy includes strengthening partnerships with local stakeholders and actively supporting the aviation industry’s efforts towards decarbonisation.”
Asterion has completed 18 investments since inception and currently has over €6 billion of assets under management.
