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.