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Alternative Market Briefing

Icon Infrastructure raises $1.9bn for latest fund

Monday, March 30, 2020

Laxman Pai, Opalesque Asia:

UK-based fund manager Icon Infrastructure has raised $1.9bn for the first and final close of its fifth flagship fund.

The amount raised by the Icon Infrastructure Partners V fund in the single close exceeds the fund's $1.8bn target and the €1.2bn the predecessor Partners IV fund raised in June 2017.

The fund will continue the firm's strategy of investing in midsize infrastructure businesses across Europe and North America.

Fried, Frank, Harris, Shriver & Jacobson, acting as counsel to Icon Infrastructure, said the single close at $1.9bn comes just three and a half months after commencing fundraising and reflects strong support for Icon's investment strategy and recognition of the firm's strong track record.

The investors comprise a diversified group of 65 leading pension funds, asset managers, sovereign wealth funds and insurance companies from Europe, North America, the Middle East and Asia.

Through its four previous funds, Icon Infrastructure has invested in a diversified portfolio of 27 infrastructure businesses, across a range of essential infrastructure sectors including water, waste, transportation and energy generation, distribution and storage, with a successful track record of realizations.

Corporate partner Kate Downey said: "We are delighted to continue our long association with iCON Infrastructure team on this extremely successful fund-raising and congratulate them all on such a great result."

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