About This Fund
Asterion Industrial Infra Fund II FCR is the second flagship infrastructure fund managed by Asterion Industrial Partners, a Madrid and London-based infrastructure specialist founded in 2018 by former KKR infrastructure professionals. The FCR (Fondo de Capital Riesgo) designation reflects the fund's Spanish regulatory structure, registered with Spain's Comisión Nacional del Mercado de Valores (CNMV) in February 2021. The fund closed at €1.8 billion in commitments within less than one year of launch — well above its initial target of €1.35 billion and its revised hard cap — attracting 44 institutional investors from across Europe, North America, and Asia.
Fund II targets mid-market infrastructure assets across Western Europe, focusing on the telecom, energy, utilities, digital infrastructure, and mobility sectors where Asterion has developed deep operational and sector expertise. The fund pursues value-added infrastructure investments characterized by contractual or regulated revenue streams with meaningful industrial value creation potential. Target markets include Spain, France, the United Kingdom, Germany, Italy, and Portugal, with a mandate for essential infrastructure assets where Asterion acts as an active, operationally engaged owner. The management team commits capital alongside limited partners, ensuring long-term alignment across the investment cycle. Fund II maintained a strong re-up rate from Fund I investors, validating Asterion's ability to source and manage complex European infrastructure assets at scale.
Asterion Industrial Infra Fund II exceeded its hard cap, which was raised from €1.5 billion to €1.8 billion following strong investor demand, and raised approximately 70% of its initial target at first close — reached less than three months after registration. The fund attracted a diversified base of 44 global institutional investors including European and international pension funds, insurance companies, and sovereign wealth funds. Asterion has since raised €3.4 billion for its third-generation infrastructure strategy (2024 vintage), demonstrating the platform's consistent scaling across successive fund generations, with total AUM now exceeding €8.5 billion.