iCON III's single close at its €800 million hard cap comes just three months after commencing fundraising and reflects substantial demand above its initial €600 million target, which ultimately led to the fund being oversubscribed.
iCON III will continue iCON Infrastructure's successful strategy of investing in mid-sized infrastructure assets in core infrastructure sectors in Europe and North America. iCON Infrastructure Partners II, L.P., iCON Infrastructure's previous €500 million fund, recently completed its investment programme approximately two years after its final close in 2013 with the acquisitions of Rothes CoRDe and Service Terminal Rotterdam this month.
The capital for iCON III was raised from a diversified group of 37 leading institutional investors from Europe, North America, the Middle East and Asia.
iCON Infrastructure was advised on the fundraising by Campbell Lutyens & Co. Ltd and Kirkland & Ellis International LLP.
Paul Malan, Senior Partner of iCON Infrastructure, said:
"We are delighted with the speedy and successful outcome of the fundraising for iCON III which is thanks to the continued support of all of our iCON II investors alongside a fantastic group of new, high quality institutions that we are privileged to welcome as partners for our business."
"iCON III enables us to continue our track record of investing as a reliable partner of industrial companies and governments looking to achieve their strategic, financial and social objectives."