Copenhagen Infrastructure Partners (CIP) has raised Dkr11bn (€1475m) in commitments for a new renewable energy fund.
The fund – Copenhagen Infrastructure IV – is expected to make a capital commitment of Dkr40-50bn and could invest up to Dkr100bn, CIP said.
Investments are expected to be made worldwide in North America, Western Europe, developed countries in Asia and Australia.
Capital commitments have come from a group of leading institutional investors, including two Danish pension funds PensionDanmark and AP Pension, as well as a number of pension and life insurance companies and larger family offices.
Several other prominent institutional investors are in the process of making capital commitments to the fund, including investors from the Nordic countries, Continental Europe, the United Kingdom, Israel, North America, Asia and Australia, CIP said.
The fund is expected to be fully subscribed over the next nine-12 months.
CIP managing partner Jakob Baruel Poulsen said: “We are very pleased with the confirmed investment commitments and the launch of CI IV with both existing and new institutional investors committing to the fund.
“We are honoured by the continued high level of investor confidence in CIP’s approach to energy infrastructure investment, and we look forward to continuing to create value for our investors, project owners and communities through the fund’s investments.
“The market is favourable for investments in renewable energy infrastructure, and the fund and CIP are well positioned against the attractive opportunities in this market, not least through an attractive investment pipeline and a high level of execution security provided by an approximately 110-man CIP team of experienced industrial specialists.”
CIP partner Michael Hannibal said: “We are delighted and proud to have managed and invested what is expected to be the largest renewable energy infrastructure fund ever raised in the world, and we are excited to deliver energy infrastructure projects worth up to $100bn.
“We are proud to create value for our investors while contributing to the transition to a modern low-carbon energy system.”
PensionDanmark chief executive Torben Moger Pedersen said: “Since CIP was established in 2012, with PensionDanmark as the only investor, we have had very satisfactory cooperation, which we look forward to continuing on an even larger scale in the new fund.
“We look forward to reaping the benefits of CIP’s extensive knowledge in our joint efforts to invest in renewable energy infrastructure.
“Our investment will not only create great value for our members, but also contribute significantly to our efforts to achieve the UN’s climate goals on a global scale.”
AP Pension chie executive Bo Normann Rasmussen said: “We are proud to be part of the world’s largest fund for climate-focused energy investments, and with an investment of Dkr2.5bn.
“We are taking a major step towards fulfilling our ambitions to contribute to the green transition for the benefit of both the climate and our customers’ pension assets.
“That it can also happen in a Danish context at CIP, which has an impressive history and unique expertise in this particular type of investment, is just an added bonus.”