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Laxman Pai, Opalesque Asia: Global alternative asset manager GCM Grosvenor has closed its Infrastructure Advantage Fund II (IAF II) securing $1.3 billion in commitments.
The American investment management company with with approximately $76 billion in AUM said in a media release that the money raised for IAF II is a substantial increase over its predecessor, "Fund I", which closed in 2020 at $893 million.
GCM Grosvenor's Infrastructure Advantage Strategy focuses on partnership with organized labor and other stakeholders to invest in infrastructure projects with long-term community and economic benefits, it said.
Similar to Fund I, IAF II will focus on building a diverse portfolio of assets across infrastructure sectors including transportation, energy transition, and digital infrastructure. The Fund attracted a broad group of 58 investors from across the U.S. and Canada.
"We are grateful for the continued confidence of our investors, who share our vision of effectively deploying infrastructure capital in the U.S. and Canada," said Michael Sacks, Chairman and Chief Executive Officer at GCM Grosvenor. "We look forward to building on the success of Fund I and delivering value to our IAF II investors."
Launched in 2018, GCM Grosvenor's Infrastructure Advantage Strategy manages nearly $2.5 billion in assets, and through its investments, has generated more than $8 billion of total economic impact across the United States and Canada.
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