About This Fund
Arcano Earth Fund III (AEF III) is the third sustainable infrastructure investment fund managed by Arcano Partners, one of Spain's largest independent alternative asset managers. Launched in July 2025 with a target size of €300 million, the fund is registered with Spain's Comisión Nacional del Mercado de Valores (CNMV) as a Fondo de Capital Riesgo (FCR), making it eligible for Spanish institutional and sophisticated investors. AEF III succeeds Arcano Earth Fund II (AEF II), which established the firm's track record in blended infrastructure fund-of-funds strategies.
AEF III employs a dual-allocation model that combines broad diversification with targeted return enhancement: 50 percent of the fund is invested in primary and secondary infrastructure funds to achieve exposure across more than 150 underlying projects, while the remaining 50 percent is deployed through direct co-investments alongside select fund managers. This structure increases the co-investment allocation relative to AEF II's 30 percent co-investment target, reflecting Arcano's growing co-investment capabilities and LP demand for direct asset exposure. The fund targets three high-conviction infrastructure subsectors: Digital Infrastructure (data centers, fiber networks, and telecommunications towers), Energy Transition (renewable energy, battery storage, and green hydrogen), and Transport & Logistics (roads, ports, and logistics platforms). The fund targets a net return greater than 10 percent for investors.
Arcano Partners is a leading Spanish alternative asset manager with expertise spanning private equity, private debt, infrastructure, and real estate. The Earth Fund series reflects the firm's commitment to sustainable infrastructure investing, directing capital to projects with strong ESG credentials and structural alignment with the European Union's sustainable finance taxonomy. AEF III is positioned to benefit from the accelerating capital expenditure requirements of Europe's energy and digital transitions, offering investors exposure to defensive, cash-generating infrastructure assets alongside higher-upside direct co-investment opportunities.