Eiffel Investment Group has raised €1.2bn (£1.05bn) for its third European energy transition infrastructure debt fund, securing commitments from more than 30 institutional investors.
The manager, which oversees €8bn in assets under management, said the fund has reached its hard cap, with nearly 50 per cent of the capital raised coming from investors who backed the first two vintages of the Eiffel energy transition programme.
Eiffel said the vehicle originally targeted €1bn of commitments, but is expected to deploy around €3bn over its eight-year lifespan due to its recycling capacity.
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“This success confirms the relevance of our offering in response to the unprecedented financing needs for green energy infrastructure in Europe,” said Fabrice Dumonteil, chairman of Eiffel Investment Group. “Through the Eiffel Energy Transition III fund, our major investors are making a decisive contribution to financing European energy sovereignty and competitiveness.”
The fund will invest in European energy-transition assets, including generation infrastructure such as solar. Eiffel said it currently has a project pipeline worth more than €1.5bn awaiting financing.
More than half of the new commitments relate to energy developers and producers already backed by earlier vintages, the firm added.
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“Our investment capacity is keeping pace with the rapid increase in financing needs in the green energy sector in Europe,” said Pierre-Antoine Machelon, head of infrastructure at Eiffel Investment Group. “It is growing alongside the developers with whom we have established long-standing, trusted relationships.”
Eiffel has a set of strategies covering private debt, energy transition infrastructure, private equity and listed credit and equity markets.
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