Asterion Industrial Partners has completed the final close of its third infrastructure fund at €3.4bn, surpassing its €3.2bn target. Including co-investment commitments, the firm secured €3.65bn for the Fund III strategy.

The close was achieved in less than 18 months, well ahead of the current two-year market average, underscoring strong investor demand. The fund attracted backing from 68 investors across Europe, North America, the Middle East, and Asia, with an 86% re-up rate. Asterion’s team also invested around 3.5% of the total capital.

Fund III continues the firm’s mid-market strategy in Western Europe, focusing on telecoms, energy, and transport. It has already deployed more than €1.2bn across four investments, including a minority stake in Dunkerque LNG, a 49% interest in 2i Aeroporti, the launch of renewable platform Revalue Energies, and biomethane developer ABIO.

Since its launch in 2018, Asterion has grown to approximately $10bn in assets under management and ranks among the top 25 global infrastructure managers, according to Infrastructure Investor. The firm now employs 67 people, following 18 new hires this year, including John Empson, formerly Head of Private Credit at CVC.

Founding Partner Winnie Wutte commented: “We are deeply grateful to our investors for the enriching relationships we are building together. We remain fully aware of the great responsibility entrusted to us and are committed to working diligently to deliver differentiated returns, fully aligned with our culture and values.”

The close of Fund III reinforces Asterion’s position as one of Europe’s leading independent infrastructure managers, despite a challenging fundraising environment.

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