Fengate Asset Management’s latest North America infrastructure fund has closed with $1.1bn (€1bn) worth of capital commitments.

The alternative investment manager said the amount raised for Fengate Infrastructure Fund IV fund at close exceeded its target.

Fund IV attracted investors from Canada, the US, Europe and Japan, including public and private pension plans such as the LiUNA Pension Fund of Central and Eastern Canada, along with insurers and fund-of-funds managers.

Fengate said it raised a total of $2bn in 2024, comprising $200m for Fund IV co-investment vehicles, $550m for the eStruxture Data Centers continuation vehicles and $140m for the Fengate Infrastructure Yield Fund.

The core-plus and value-add infrastructure fund has so far made eight investments in the social, transportation, energy transition and digital sectors across the US and Canada. Fund IV had invested or committed over $740m as of the end of last year.

George Theodoropoulos, managing partner at Fengate, said: “We exceeded our fundraising target to close the largest fund ever raised by Fengate. This success underscores investors’ confidence in our strategy and ability to deliver strong results, despite an exceptionally challenging fundraising environment.

“Fund IV also significantly expanded our investor base and geographic reach. We are grateful for the support from both existing and new investors.”

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