HedgeCo.Net — Igneo Infrastructure Partners has closed its fourth European infrastructure fund at its €6 billion hard cap, AltAssets reported. The total is 50% above the fund’s €4 billion target and was reached six months after the first close.
The fund is now closed to new commitments. Allocators that missed the hard cap will have to look to other managers’ vehicles or to the secondaries market, where sellers set the price.
The pace and the oversubscription are the notable features. Raising €2 billion above target in half a year indicates sustained institutional appetite for European infrastructure managers, and a hard-cap close means commitments above the ceiling could not be accommodated.
For allocators, that sets up a familiar dynamic. Investors who were not in the vehicle must now wait for the next vintage or pay a secondary-market price, which makes early relationships with in-demand managers more valuable.
Igneo’s portfolio activity continues in parallel. Its portfolio company US Signal recently acquired a 63,000-square-foot, 4.5 MW data center in Hillsboro, Oregon, its first owned facility in the Portland metro area.