DWS Group closed its third European infrastructure fund at its €3 billion ($3.7 billion) hard cap and ahead of its €2.5 billion target.
DWS' Pan-European Infrastructure Fund III, known as PEIF III, was launched in 2019 and closed with more than 70 investors from around the world. Much of the fundraising was conducted remotely, a news release said.
To date, about €1.1 billion has been committed across four transactions, including two investments in energy transition, one in health care and one in the rolling stock leasing sector — companies that own rail-related transportation.
"Our investment focus on the key macroeconomic trends of decarbonization and digitalization of the economy has proven its relevance in the current COVID crisis," said Harold d'Hauteville, head of infrastructure equity, Europe, in the news release. "We will continue to progress a robust pipeline with a consistent focus on the sectors that will further contribute to the long-term recovery and the sustainability of our economies."
Investors include the $67.9 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.
DWS' direct infrastructure business had more than €11 billion in assets under management as of March 31.