Mirova raises €600m for first brownfield infrastructure fund
Natixis’ boutique Mirova has raised €600m for the first close of its first brownfield infrastructure fund, the Mirova Core Infrastructure Fund SCS SICAV-SIF.
The firm said it has surpassed the initial target of €500m due to strong investor demand. The fund’s final close is expected to be held in October 2015.
“The capital for the fund was raised from a diverse group of prominent European investors including pension funds, insurance companies and funds of funds. It also has the support of a number of leading consultants,” Mirova precised.
The Mirova Core Infrastructure Fund is the first brownfield public-private partnership focused fund in continental Europe. It has made investments across 18 assets for now including transportation, broadband networks and a diverse range of social infrastructure projects.
It has a 25-year fund term, matching the long term nature of the investments it will hold.
Gwenola Chambon, head of General Infrastructure Funds at Mirova and fund principal, said : “Our focus on core brownfield operational infrastructure, together with a seed portfolio generating significant cash yield, has proved to be very attractive to investors.
“Upon completion of the fundraising for this fund, the Mirova General Infrastructure Platform will manage over €1bn of assets. With Mirova’s first two equity funds dedicated to greenfield infrastructure, the Mirova Core Infrastructure Fund broadens the types of transaction we can now pursue.”