Copenhagen Infrastructure Partners (CIP) reached a 5.6 billion euros ($6.1 billion) first close of its fifth flagship fund last month, with a set target of 12 billion euros ($13.1 billion), according to a company announcement on Monday.
If capital commitments for the fund reach its aimed target, it could become the world’s largest dedicated renewable energy fund, the statement said.
The fund, dubbed Copenhagen Infrastructure V (CI V), has already received initial commitments from institutional investors across Europe, the Nordics, the UK, North America, and Asia Pacific.
Earlier this year, Toronto-based Brookfield Asset Management was said to be seeking $20 billion for its second global transition-focused fund, which would start fundraising by midyear, according to media reports, potentially challenging CIP’s fund.
Its predecessor flagship fund reached a final close in 2021 at 7.3 billion euros ($8 billion). It has multiple other specialised funds, including an energy transition fund, advanced bioenergy fund, new markets fund, and a green credit fund.
The fund will focus on greenfield investments within large-scale renewable energy infrastructure, much like the investment strategy of its predecessor flagship funds. It has a global mandate and will invest in contracted offshore wind, energy storage, onshore wind, and solar technologies across North America, Western Europe, and Asia Pacific.
Founded in 2012, CIP manages 11 funds and has raised approximately 25 billion euros to date ($27.4 billion) for investments in energy and associated infrastructure from more than 150 international institutional investors. It has around 400 employees across 12 offices globally.
“We believe the market timing for investment of CI V is favourable,” said Jakob Baruël Poulsen, CIP’s managing partner. “With its greenfield focus and large and diversified portfolio, CI V has the potential to significantly contribute to and accelerate the energy transition on a global scale while generating strong returns for our investors,”
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