Infracapital, the infrastructure investment arm of M&G Investments, is in process of fundraising for a new vehicle focused on greenfield investments. The new initiative has £1 billion (US$1.45 billion) target. 

The group sought for limited partner funding from the European Investment Bank (EIB) last week. The funding amount requested to the EIB has not been disclosed.

The fund's objective is to make 10-12 investments in greenfield projects across health, transport, energy, telecommunications, and services sectors, and across geographical regions.

Thus Infracapital is in line with latest greenfield investments as the launching of the Bioenergy Infrastructure Group (BIG), a platform established to invest in the construction of biomass and Energy from Waste (EfW) plants in the UK.

Infracapital raised an initial £908 million (US$1.32 billion) infrastructure vehicle in 2010. After that Infracapital reached a final closing of its latest fund, Infracapital Partners II, with total commitments of £1.0 billion (US$1.6 billion) in October 2014.