UBS Asset Management raises €448m

The Zurich-based firm held first close for its second infra debt fund.

UBS Asset Management has held a first close for its Archmore Infrastructure Debt Platform II (IDP II) at €448.4 million.

The firm started fundraising in January this year with a €700 million target and a €1 billion hard-cap. So far, nine institutional investors have invested in the fund.

The fund’s predecessor, UBS Archmore Infrastructure Debt Platform closed on €570 million in September 2016.

The firm will follow a similar investment strategy for the vehicle as its predecessor by focusing on private infrastructure debt opportunities in Western Europe across sectors including transport, utilities, telecoms, energy, social infrastructure and renewables.