Fiber Networks

Arroyo Energy Investors Fund IV (formally Arroyo Investors Fund IV, L.P.) is the fourth flagship closed-end infrastructure vehicle managed by Arroyo Energy Investment Partners LLC, an independent investment manager headquartered in Houston, Texas. The fund achieved its final close on July 1, 2025, raising more than $1 billion in total equity capital commitments from a broadly diversified institutional investor base. The close brings Arroyo's total assets under management to over $2.5 billion and represents a meaningful step-up in fund size relative to its $525 million predecessor, Fund III. Fund IV pursues an infrastructure-opportunistic strategy focused on acquiring equity stakes in existing energy infrastructure platforms and late-stage development projects across North America and Chile. The investment universe spans the power and energy value chain — including LNG liquefaction and bunkering, distributed power generation, digital infrastructure (data center development), and fiber-optic networks — reflecting a deliberate pivot toward digital and transition-energy assets alongside the firm's traditional power generation focus. LPs include endowments, foundations, family offices, fund of funds, insurance companies, and public and private pension systems; Threadmark acted as the fund's global placement agent. At the time of final close, Fund IV had already deployed capital into four platform investments: Seaside LNG, Mesa Solutions, Cielo Digital Infrastructure, and Fermaca Networks. The firm's track record from predecessor vehicles is anchored by Fund III's exit from a 143 MW natural gas power plant near Monterrey, Mexico, at an enterprise value of approximately $440 million, demonstrating Arroyo's capacity to originate, develop, and realize value in complex cross-border energy infrastructure assets.

Asterion Industrial Infra Fund III is the third infrastructure fund raised by Asterion Industrial Partners, a Madrid-based investment firm specialising in mid-market infrastructure transactions across Western Europe. The fund completed its final close in September 2025 with EUR 3.4 billion in total commitments, surpassing its EUR 3.2 billion target and representing the largest fundraise in Asterion's history. The milestone was achieved within 18 months of the fund's registration with Spain's financial regulator, the CNMV—an exceptionally fast timeline in an environment where infrastructure fundraising processes frequently extend beyond two years. Additional co-investment commitments of approximately EUR 250 million were secured alongside the fund, bringing total capital for the Fund III strategy to EUR 3.65 billion. Asterion Industrial Infra Fund III targets mid-market infrastructure assets in telecommunications, energy, utilities, mobility, and digital infrastructure across Western Europe. The firm's investment approach focuses on acquiring and actively managing operating infrastructure businesses and assets where Asterion can create value through industrial transformation, operational optimisation, and strategic repositioning. Asterion's target market sits below the very large ticket sizes pursued by major global infrastructure funds, allowing the firm to access a less competitive segment of the European infrastructure market. Fund III attracted 68 investors from Europe, North America, the Middle East, and Asia, with an 86 percent re-up rate from predecessor fund investors. The first close of Fund III reached EUR 1.5 billion in July 2024, representing approximately 50 percent of the target raised within five months of regulatory registration. Prior fund vintages have generated a strong track record of value creation across telecommunications infrastructure, energy services, and digital connectivity assets in Spain and across the broader European market. Fund III continues the firm's strategy of partnering with management teams in assets where industrial expertise and hands-on value creation can drive superior risk-adjusted returns over a typical infrastructure holding period.

The Digital Infrastructure Vehicle II ("DIV II") has successfully closed at approximately €1.6 billion, almost eight times larger than its predecessor fund. The Fund has attracted capital from global investors predominantly from Europe, US, Middle East and South Korea. It focuses on data centers, fiber networks and mobile access sites, and is targeting equity investments in the range of €150 to €250 million and will invest in 8-10 companies. The fund is located in Hamburg, Germany. In addition, DIV II is categorized as an Article 8+ fund and aims to have a minimum of 20% of its assets meet sustainable investment criteria. The fund also pledges to decrease its total greenhouse gas emissions and achieve carbon net-zero across its portfolio companies by the year 2040. The fund has achieved a GRESB 5-star rating, ranking 2nd out of 46 participating European PE infrastructure funds. Plans are underway for the next fund generation in the digital infrastructure sector, with a potential launch in 2025.

European Diversified Infrastructure Fund IV (EDIF IV) is the fourth flagship infrastructure fund in the EDIF series managed by Igneo Infrastructure Partners, the dedicated infrastructure investment platform of First Sentier Investors. Targeting a first close in 2026, EDIF IV aims to build upon the strong track record established by EDIF III, which reached its €5 billion hard cap and mobilized an additional €2.1 billion in co-investment capital. Igneo Infrastructure Partners is one of Europe's longest-established dedicated infrastructure managers, with deep expertise in mid-market sustainable economic infrastructure across energy, transportation, and digital sectors. EDIF IV focuses on mature, revenue-generating economic infrastructure assets across Europe, with emphasis on sustainable assets aligned with the energy transition and the modern digital economy. Target subsectors include energy distribution and transmission networks, transportation infrastructure including roads and ports, utility services, and telecommunications infrastructure such as fiber and telecom towers. The fund pursues a mid-market strategy targeting assets and platforms where Igneo's operational expertise and sustainability frameworks can generate measurable performance improvements and long-term value creation for institutional limited partners. The EDIF series has a two-decade investment history underpinning EDIF IV's fundraising. EDIF I (2009) was wound down delivering a 2.6x net equity multiple and returning €5 billion to investors across its lifecycle. EDIF III reached its €5 billion hard cap and deployed into high-quality European infrastructure businesses generating consistent distributions. The EDIF franchise has delivered strong outperformance across multiple economic cycles, positioning EDIF IV to benefit from both the established brand and accelerating institutional demand for European infrastructure at a time of significant energy transition investment.