iCON Infrastructure, a London-based investment firm, has achieved first and final close for its fifth fund, iCON Infrastructure Partners V, for a total of US$1.9 billion investment. 

The Fund is approximately 50 percent larger than its predecessor fund, the EUR1.2 billion (US$1.33 billion) iCON Infrastructure Partners IV. The Fund exceeded its US$1.8 billion targets with strong support from both existing and new investors. The investors include a diversified group of 65 leading pension funds, asset managers, sovereign wealth funds and insurance companies from Europe, North America, the Middle East, and Asia.

iCON V will invest in mid-sized infrastructure businesses located in Europe and North America. iCON Infrastructure, through its previously launched funds, has invested in a diversified portfolio of 27 infrastructure businesses, across a range of essential infrastructure sectors including water, waste, transportation and energy generation, distribution and storage, with a successful track record of realizations.

Fried, Frank, Harris, Shriver & Jacobson acted as counsel to iCON Infrastructure on the closing of the infrastructure fund.