iCON Infrastructure closes new USD1.9bn fund

Fried, Frank, Harris, Shriver & Jacobson has acted as counsel to iCON Infrastructure on the raising of their latest flagship infrastructure fund, iCON Infrastructure Partners V, which has announced its first and final closing at USD1.9 billion.

iCON V’s single close at USD1.9 billion comes just three and a half months after commencing fundraising and reflects strong support for iCON’s investment strategy and recognition of the firm’s strong track record.

iCON V is approximately 50 per cent larger than its predecessor fund, the €1.2 billion iCON Infrastructure Partners IV. The capital raising exceeded iCON V’s USD1.8 billion target, courtesy of strong support from both existing and new investors. The investors comprise 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 continue iCON Infrastructure's successful strategy of investing in mid-sized infrastructure businesses located in Europe and North America. Through its four previous funds, iCON Infrastructure 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 realisations.
 
Corporate partner Kate Downey says: “We are delighted to continue our long association with iCON Infrastructure team on this extremely successful fund-raising and congratulate them all on such a great result.”