About This Fund
Asterion Industrial Infra Fund II FCR is the second flagship infrastructure fund of Asterion Industrial Partners, a Madrid-based pan-European mid-market infrastructure manager with offices in London and Paris. The fund is registered with the Spanish CNMV as a Fondo de Capital Riesgo (FCR), NIF V42807735, and represents a major scale-up from Fund I, raising €1.8 billion at final close in February 2022—exceeding its original €1.35 billion target and ultimately raised hard cap—in less than one year from its May 2021 first close of €925 million.
The fund targets mid-market infrastructure assets across Western Europe with a focus on four core sectors: telecommunications and digital infrastructure, energy and utilities, transport and mobility, and social infrastructure. Fund II builds on the investment philosophy and operational expertise established in Fund I (€1.1 billion vintage 2018, final close January 2020), deploying capital in essential service assets characterized by regulated or contracted revenue streams, long asset lives, and significant barriers to entry. Target markets span Spain, France, United Kingdom, Portugal, and Italy.
Fund II attracted 44 institutional investors globally—including pension funds, sovereign wealth funds, insurance companies, and asset managers across Europe, North America, the Middle East, and Asia—with a high re-up rate from Fund I investors reflecting strong interim portfolio performance and confidence in Asterion's management team. The successful Fund II campaign subsequently enabled the firm to launch Fund III (€3.4 billion, July 2024 final close), which attracted 68 investors and expanded Asterion's global LP franchise significantly.