Copenhagen Infrastructure Partners (CIP) has established a new fund, Copenhagen Infrastructure New Markets Fund I K/S (CI NMF I), which will invest in renewable energy infrastructure targeting fast-growing major new economies primarily in Asia and Latin America.

The new fund reached the first close of US$700m on May 9, 2019, with commitments from cornerstone investors PensionDanmark (PD), Arbejdsmarkedets Tillægspension (ATP), Kommunal Landspensjonskasse (KLP), and Lægernes Pension. The fund is expected to achieve its final close with total commitments of approximately US$1 billion within the next nine months.

The New Markets Fund I will target greenfield renewable energy infrastructure projects in the fast-growing economies in primarily Asia and Latin America as well as certain countries in Eastern Europe and Africa with scale, growth, and liquidity. CI NMF I will apply the same value creation and de-risking approach as CIP’s existing OECD-focused funds and invest in offshore and onshore wind, solar PV, biomass and waste-to-energy and transmission grid systems among others.

With the addition on CI NMF I, CIP has five funds under management with total commitments of EUR ~7.5bn. The existing funds CI I, CI A, CI II, and CI III focus on Western Europe and North America. The New Markets Fund focuses on fast-growing major economies, primarily in Asia and Latin America.