UBS Asset Management's Archmore Infrastructure Debt Platform II (IDP II) has raised EUR1 billion (US$1.14 billion) and reached its hard cap within nine months of launching.

IDP II raised capital from 48 limited partners, comprising a mix of pension funds and insurance companies from 10 different countries across Europe and Asia. The fund benefited from its predecessor Archmore Infrastructure Debt Platform I (IDP I), which completed its final investments last year, with over 70% re-up rate.

IDP II will focus on private senior secured infrastructure debt opportunities, primarily through direct lending, in mid-sized European assets. The fund was launched in March 2018 with EUR448.4 million (US$512.92 million) of seed commitments from insurance companies and pension funds, with a target of EUR700 million (US$800.72 million).

Since its launch, IDP II has committed over 20% of capital raised to four senior infrastructure financing transactions.