Asset management major Schroders Capital has hit the €1bn hard cap for its second European infrastructure debt fund – almost three times the size of its debut in the strategy.
JULIE II targets European sub-investment grade infra debt focuses on mid-sized brownfield core assets, such as water and energy companies, railways, renewable energy portfolios, electricity grids and roads.
Schroders hired Chantale Pelletier as its global head of infrastructure in January, three months after JULIE II was opened to LPs.
She said, “Investor interest in JULIE II has been exceptionally strong since this vintage was launched last year.
“To reach the hard cap target of €1 billion in a relatively short space of time is testament to the belief our investors have in the team’s ability to identify excellent investment opportunities and deliver robust returns.
“Opportunities in the infrastructure investment space are being driven by key megatrends and we continue to ensure we are well positioned to support investors.
“Post Covid-19, infrastructure projects will form the basis of the world’s economic recovery making it even more important for Schroders Capital to position itself as a local infrastructure specialist for our clients but on a global scale, with a global perspective.”
The firm raised almost €350m for the final close of its debut JULIE fund, which was launched in 2017.
It said the Fund II raise was evenly split between European and Asian investors.
Jerome Neyroud, head of Infrastructure debt at Schroders Capital, said, “The success and speed of this fundraise underpins how crucial it was for the team to have been one of the first movers in this market.
“We believe this to be among the largest junior debt funds in the market, positioning us as a leading manager in this space, dedicated to meeting the complex needs of our clients and investors.”
Schroders Capital has about $66bn in assets under management, and has invested around €2.8bn in more than 80 infrastructure transactions over the last five years.
Its parent business Schroders is responsible for about $785.1bn of assets worldwide.
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