Edmond de Rothschild Asset Management is expected to close its second generation infrastructure debt vehicle later this year as the investment strategy surpasses €1 billion in assets under management.
The Benjamin de Rothschild Infrastructure Debt Generation II (BRIDGE II) platform is expected to raise the same as the previous vehicle, which attracted total commitments of €595 million on its final close in 2014. The firm is anticipating closing the fundraising in the second quarter.
€385 million was deployed in 10 investments last year and the first vehicle is almost fully invested. Across the three infrastructure debt funds the firm has managed since it launched the strategy, it has collected more than €1 billion in commitments.
According to the firm, five first-time investors have committed a total of €147 million to the second vehicle. Institutional investors from Italy, Germany and France have invested in the latest fund. The firm did not name the investors involved.
The senior debt-focused fund targets both brownfield and greenfield projects as well as renewable energy projects. The firm is expected to close a deal in the renewable energy sector shortly and before Christmas completed an investment in a fibre optic public-private partnership in France. Further details on each transaction were not disclosed.
The BRIDGE II platform is eyeing a benchmark return of 200+bps and has an expanded geographical mandate compared with the previous fund.
A representative for the firm was not available for comment before publication.