Asterion Closes Third Fund Securing $4 Billion

Spain’s Asterion Industrial Partners, an independent investment management firm focused on European infrastructure in the mid-market, announced today that it has reached the final close of its third fund, Asterion Industrial Infra Fund III FCR, securing $4 billion in commitments and exceeding its $3.77 billion target.

The firm has secured additional commitments from its investors to be deployed in the form of co-investment, reaching $4.3 billion of raised capital for the Fund III strategy. Asterion held its first close within 5 months from launch, securing $1.77 billion in commitments, 50% of the target size.

This final close comes less than18 months after registration of the Fund with the Spanish regulator, CNMV, and despite a challenging market environment, where average fundraising periods have exceeded two years.

Demonstrating support for the asset class and recognition of the firm’s investment strategy and track record, Asterion Fund III’s $4 billion commitments span across 68 investors from Europe, North America, Middle East and Asia, with an 86% re-up rate from the previous fund, alongside participation from new institutions and the team.

Asterion’s team has committed around 3.5% of the total capital raised in Fund III, underscoring its conviction in the strategy and reinforcing long-term alignment with investors.

Asterion was founded three partners – Jesús Olmos, Winnie Wutte and Guido Mitrani – in 2018, and over the past seven years, Asterion has grown to $10 billion in assets under management (AUM), 67 employees, and offices in Madrid and London, securing a place within the top 25 leading infrastructure managers globally, as ranked by Infrastructure Investor.

The strategy for Fund III is identical to that of the previous funds, focusing on mid-market infrastructure investments in Western Europe and more specifically targeting the telecom, energy, utilities, and mobility sectors within its core markets (UK, France, Spain, Portugal, Italy and now also Germany and Ireland).

The strategy continues to be focused on the rigorous approach to infrastructure risk coupled with a very strong application of industrial value creation to all stages of the investment cycle.

Additionally, Asterion remains committed to its differentiated partnership model both with its portfolio companies and its Fund investors, particularly through an active co-investment approach. Aligned with its strategy since inception, Asterion continues to maintain a strong focus on responsible investment.

Transforming Europe’s Infrastructure

The industrial DNA of the strategy and the team becomes tangible in the four investments already completed by Fund III, having committed around 40% of the total fund to date. These investments are a combination of early-stage platforms developed by the Asterion team and more mature high-yielding, operating assets in different geographies within the target strategy.

Most recently, Asterion has closed the acquisition of a minority stake in Dunkerque LNG, the largest liquified natural gas terminal in France and one of the largest in Northwest Continental Europe.

This is the only European LNG terminal directly connected to two national markets – France and Belgium – with an annual regasification capacity of 13 billion cu. m. of gas, sufficient to meet 25% of annual French and Belgian consumption, critical to the energy security of Continental Europe.

The other three investments completed for Fund III include the acquisition of a 49% stake in 2i Aeroporti, which holds interests in several major Italian airports, as well as Revalue Energies, a platform dedicated to the development, construction, and management of renewable energy facilities in Italy and, finally, its investment in ABIO, the build-up of a proprietary biomethane platform with presence in five key European markets: Iberia, Italy, Germany, Benelux, and the UK.