Aviva Investors has announced the first close of its European Infrastructure Debt Fund at EUR170 million (US$197.25 million). This was raised from five European insurance companies, including Aviva France.

The firm has set a target of EUR500 million (US$580.15 million) for the fund and expects to complete fundraising next year. Following this, yhe fund will invest in euro-dominated infratsructure debt (both bonds and loans) in the power, utilities, social infrastructure and transport sectors. Investments will be between EUR15 and 75 million (US$17.4 and 87.0 million).

The fund is a successor to Aviva's European Secondary Infrastructure Credit Securitisation Vehicle, which closed at EUR450 million (US$522.1 million) in 2014.