InforCapital

Infrastructure Investors in Europe

37 investors found

Browse 37 Infrastructure Investors in Europe. Discover top investors, their portfolios, AUM, and investment focus on InforCapital.

Abu Dhabi Investment Authority – ADIA

Abu Dhabi Investment Authority – ADIA

InvestorUnited Arab Emirates1.057M AUM

Founded in 1976, the Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund owned by the Emirate of Abu Dhabi. Its primary mandate is to prudently invest the emirate’s surplus oil revenues to ensure long-term financial sustainability and economic resilience. ADIA operates as an independent institution with a focus on generating stable, long-term returns for the Government of Abu Dhabi. ADIA manages a diversified portfolio that spans public equities, fixed income, private equity, real estate, infrastructure, and hedge funds. The organization follows a disciplined, research-driven investment approach and employs advanced risk management techniques. This investment philosophy allows it to navigate complex global markets and maintain capital preservation alongside long-term growth. Headquartered in Abu Dhabi, ADIA employs close to 2,000 professionals from over 65 nationalities. With a strong global presence and an emphasis on talent and governance, ADIA plays a key role in shaping the investment landscape while contributing to the economic strength and diversification of the United Arab Emirates.

Actis

Actis

InvestorBrazil12.0B AUM

Actis is a leading global investor in sustainable infrastructure, focusing on emerging markets across Africa, Asia, and Latin America. With a legacy rooted in development finance, Actis was established as an independent firm in 2004, and has since built a robust portfolio across energy, real estate, digital infrastructure, and private equity sectors. The firm is recognized for its impact-driven approach, integrating sustainability into every investment decision. The firm specializes in creating market leaders in sectors that support the growth and modernization of emerging economies. Actis combines deep local knowledge with global expertise to build businesses that are not only financially successful but also environmentally and socially responsible. By aligning investor returns with positive societal outcomes, Actis stands out as a responsible capital allocator. With a presence in major financial and growth centers around the world, Actis operates from 17 offices across five continents. It manages over $12 billion in assets, backed by institutional investors who share its long-term vision. Actis continues to drive change by deploying capital in ways that foster innovation, resilience, and inclusive growth in developing regions.

AltamarCAM Partners

AltamarCAM Partners

InvestorChile22.5B AUM

AltamarCAM Partners is an independent, partner-led private asset manager founded in 2004 and headquartered in Madrid, Spain. The firm specializes in providing institutional investors—including insurance companies, pension funds, and financial institutions—as well as high-net-worth individuals, with access to global alternative investments across private equity, venture capital, life sciences, real assets (real estate and infrastructure), and private debt/credit. Their investment strategies encompass primaries, secondaries, and co-investments, tailored to meet diverse client needs. With over €20.8 billion in assets under management, AltamarCAM operates through a network of specialized entities, including Altamar Private Equity, Altan Capital, and Altamar Advisory Partners. These subsidiaries enable the firm to offer a comprehensive suite of services, from fund management to independent financial advisory and merchant banking. The firm's global presence includes offices in Madrid, Barcelona, Munich, Cologne, London, New York, and Santiago de Chile, supported by a team of more than 350 professionals. AltamarCAM is committed to delivering long-term value through a disciplined investment approach and a strong focus on environmental, social, and governance (ESG) principles. Their diversified portfolio and strategic partnerships, such as the recent collaboration with Mirabaud to launch an evergreen semi-liquid private equity strategy, underscore their dedication to innovation and client-centric solutions in the private markets.

Arcano Partners

Arcano Partners

InvestorIreland13.0B AUM

Arcano Partners, founded in 2003, is an independent international financial advisory and alternative asset management firm headquartered in Madrid, Spain. It operates across four core business lines: Investment Banking, Asset Management (including Private Equity, Credit, Real Estate, Sustainable Infrastructure, Venture Capital, and Aviation Finance), Asset Finance, and Research & Strategic Advisory. The firm is recognized for its Merchant-Banking model and emphasis on sustainable, responsible investing. With over €12 billion in assets under management and advisory since inception, Arcano’s Asset Management arm focuses on primary, secondary, and co-investment opportunities in mid-market private funds and companies in Europe and the U.S. The firm has more than 250 professionals supporting more than 400 funds and 3,000 underlying companies. It is also a signatory to the UN PRI, reflecting its ESG commitment. Arcano is structured around a partnership model with offices in major European and U.S. financial hubs. Its approach combines high-level M&A advisory, specialist credit & asset financing, macroeconomic research, and tailor-made private markets solutions. The firm also ranks among the top 10 global managers in private equity secondaries, according to the HEC Paris–Dow Jones ranking.

Ardian

Ardian

InvestorChile176.0B AUM

Ardian is a leading global private investment house headquartered in Paris, France. Founded in 1996 by Dominique Senequier as AXA Private Equity, the firm became independent in 2013 and rebranded as Ardian. Today, it is majority-owned by its employees, reflecting a commitment to long-term alignment with clients and stakeholders. With over $176 billion in assets under management or advisement, Ardian operates across private equity, real assets, and credit. Its private equity expertise includes buyouts, expansion capital, and secondaries, while its real assets portfolio encompasses infrastructure and real estate investments. Ardian also offers customized solutions tailored to institutional and private wealth clients. Ardian maintains a global presence with 19 offices across Europe, the Americas, Asia, and the Middle East, employing over 1,050 professionals. The firm's investment approach emphasizes sustainability, innovation, and value creation, aiming to support companies in achieving long-term growth and positive impact.

Asterion Industrial Partners

Asterion Industrial Partners

InvestorSpain1.6B AUM

Asterion Industrial Partners is an independent investment management firm focused on infrastructure investments across the European mid-market. Founded in 2018, the firm combines transactional expertise, operational experience, and industrial knowledge within a pan-European strategy. Asterion leverages extensive networks of investment professionals, operating partners, and industrial advisors to originate differentiated transactions. The firm employs an active asset management approach and operates with a commitment to operational transparency, responsible investment practices, and best-in-class governance across its organization, portfolio companies, and local communities. Asterion maintains a diversified portfolio spanning multiple infrastructure sectors, including renewable energy, telecommunications, data centers, healthcare transportation, urban mobility, and aviation. They focus on mid-market infrastructure investments, targeting growth and expansion stage opportunities. The firm has successfully exited several investments and currently manages multiple funds, with its most recent fund closing at approximately $1.63 billion in July 2024.

Basalt Infrastructure Partners

Basalt Infrastructure Partners

InvestorUnited Kingdom2.5B AUM

Basalt Infrastructure Partners is a dedicated infrastructure investment firm that focuses on sustainable infrastructure projects. Established in 2015, the firm has developed a strong reputation for its commitment to environmental, social, and governance (ESG) factors in its investment strategy.The firm primarily targets investments in the energy, transportation, and social infrastructure sectors, with a geographical focus on North America and Europe. Basalt Infrastructure Partners manages approximately $2.5 billion in assets, reflecting its robust investment capabilities and strategic approach to infrastructure.With a team of experienced professionals, Basalt Infrastructure Partners emphasizes a collaborative approach to investment, aiming to create long-term value through responsible and sustainable practices. The firm is known for its rigorous investment thesis, which prioritizes projects that align with its commitment to sustainability and positive societal impact.

Bridgepoint Group

Bridgepoint Group

InvestorChina43.0B AUM

Bridgepoint Group plc is a leading international alternative asset manager focused on middle-market private equity and private credit. Founded in 1984 as part of NatWest and spun out in 2000, the firm is headquartered in London and publicly listed on the London Stock Exchange since 2021. It manages over €39 billion in assets across a family of funds targeting mid-cap buyouts, growth investing, and specialist credit. Bridgepoint emphasizes long-term partnerships with portfolio companies and institutional clients, delivering strong returns through operational transformation and strategic growth support. The group operates six principal investment strategies: Bridgepoint Europe (mid-cap buyouts), Bridgepoint Development Capital (small-mid buyouts), Bridgepoint Credit, Bridgepoint Growth, Infrastructure, and Bridgepoint Direct Lending. Its portfolio spans sectors including healthcare, technology, business services, consumer, and advanced industrials. The firm typically targets businesses valued between €200 million and €1.5 billion, offering both capital and operational expertise to unlock scalable value. With over 200 investment professionals and 13 global offices, Bridgepoint maintains a diversified and regionally embedded structure. Offices are located in London (HQ), New York, San Francisco, Paris, Frankfurt, Madrid, Amsterdam, Luxembourg, Shanghai, Tokyo, Singapore, Seoul, and Abu Dhabi. As a UN PRI signatory, the firm integrates ESG principles across its investment processes and portfolio management, reinforcing its commitment to responsible and sustainable investing.

Buenavista Equity Partners (formerly GED Capital)

Buenavista Equity Partners (formerly GED Capital)

InvestorPortugal1.1B AUM

History: Founded in 1996 as GED Capital in Madrid, the firm rebranded in 2023 to Buenavista Equity Partners. Over 27 years it has pioneered private equity in Spain and expanded into infrastructure and venture capital strategies. The rebranding reflects a new visual identity while continuing GED’s legacy in the Spanish lower mid-market.Investment Focus: Buenavista is a multi-asset manager with three main verticals: (1) Private Equity – majority or significant minority investments in Spanish SMEs (often family-owned) via buy-and-build strategies; (2) Real Assets / Infrastructure – funds targeting smaller greenfield and brownfield infrastructure projects (€10–40m deal size, e.g. renewable energy, transportation); and (3) Ventures – early-stage venture capital funds in Spain and Portugal focusing on seed and Series A startups (especially in tech and innovation).AUM & Track Record: The firm manages approximately €1 billion in assets across its various funds. It has completed over 400 investments historically, with numerous successful exits. Recent activity includes launching a specialized Aerospace & Defense fund and continuing to invest through its existing Iberia-focused buyout funds and venture vehicles. Buenavista’s team and network provide deep expertise in value creation and sector-specific growth strategies.Organization & Offices: Based in Madrid (Montalbán 7) and active across Spain and Portugal, Buenavista Equity Partners has a highly qualified team of professionals and an extensive advisor network. The firm emphasizes robust governance and ESG in its management of portfolio companies, aiming to generate attractive risk-adjusted returns alongside long-term sustainable value for both investors and society.

CapMan

CapMan

InvestorDenmark5.8B AUM

Founded in 1989 and listed on Nasdaq Helsinki, CapMan Plc was one of the first Nordic managers dedicated to unlisted assets. From its Helsinki base the firm has expanded to seven offices—including Stockholm, Copenhagen, Oslo, London and Luxembourg—while nurturing a culture of active, hands-on ownership. CapMan today oversees €6.4 billion in assets (≈ US $7 billion) across five investment franchises: Private Equity (Growth, Buyout, Special Situations), Real Estate, Infrastructure, Natural Capital and Private Credit. The platform serves 300-plus global institutions and, through CapMan Wealth, offers tailored multi-manager solutions to family offices and foundations. Responsible investment anchors the strategy: CapMan has Science-Based Targets and a net-zero 2040 pledge, and it aims to double AUM to €10 billion by 2027 through organic fundraising and bolt-on acquisitions. With specialist teams embedded in local markets, the group shapes businesses and assets that underpin the green and digital transition in Northern Europe.

Clifford Capital

Clifford Capital

InvestorSingapore11.0B AUM

Established in 2012 with support from the Singapore Government, Clifford Capital Pte. Ltd. is a specialized provider of structured finance solutions. The firm focuses on delivering innovative financing for infrastructure projects globally, particularly those with a Singapore nexus. Its mission is to catalyze the growth of Singapore-based companies in overseas markets by addressing cross-border financing gaps and mobilizing institutional capital into global infrastructure markets. Clifford Capital operates through several entities, including Clifford Capital Credit Solutions, Clifford Capital Asset Finance, and Clifford Capital Asset Management. These entities collectively offer a comprehensive suite of services encompassing debt origination, structuring, distribution, and fund management. The firm has pioneered innovative financing structures, such as Infrastructure Asset-Backed Securities (IABS), to facilitate capital recycling by banks and attract institutional investors. With a strong emphasis on sustainability, Clifford Capital is committed to funding green, social, and transition projects across the globe. The firm's diversified portfolio spans sectors like energy & utilities, natural resources, transportation & industrial, and digital & social infrastructure. Headquartered in Singapore, Clifford Capital leverages its strategic location to serve clients across Asia-Pacific, the Middle East, Africa, Europe, and the Americas.

Climate Fund Managers (CFM)

Climate Fund Managers (CFM)

InvestorColombia2.0B AUM

Climate Fund Managers (CFM) is a pioneering investment firm dedicated to mobilizing private capital for climate adaptation and mitigation projects in emerging markets. Established with a clear mission to address the critical funding gaps in climate resilience, CFM focuses on innovative blended finance solutions that combine public and private resources. By leveraging partnerships with institutions such as the European Union and Sanlam Investments, CFM aims to create sustainable investment opportunities that yield both financial returns and positive environmental impact. The firm’s flagship fund, Climate Investor Two (CI2), recently achieved a significant milestone by closing at USD 1.065 billion, exceeding its target and setting a new standard for climate adaptation financing. CI2 is strategically focused on sectors such as water, waste, and oceans infrastructure, primarily across regions in Africa, Asia, and Latin America. These regions have been identified as critical areas where investment in climate resilience is urgently needed, yet often underfunded. CFM employs a dual-fund structure within CI2, which includes a Development Fund that provides concessional support to de-risk early-stage projects and a Construction Equity Fund that caters to varying risk-return profiles as projects transition from development to construction. To date, CI2 has committed approximately USD 339 million to 25 climate adaptation and mitigation projects, which encompass initiatives such as water supply systems, desalination plants, and waste-to-energy projects. Notably, one of its landmark projects includes a debt-for-nature exchange in Ecuador aimed at marine conservation. One of the innovative features of CI2 is its Bridge-to-Bond mechanism, which facilitates the refinancing of assets through climate bonds, thereby enhancing the accessibility of private capital for green projects in frontier markets. This mechanism is supported by a strategic partnership with Sanlam Investments and a guarantee from the European Commission, ensuring robust governance and risk management practices are in place. Looking forward, CFM is poised to continue its momentum with the launch of CI3, which has a target range of USD 750 million to USD 1 billion. This new fund will focus on expanding investment in energy transition technologies, including green hydrogen, further solidifying CFM's role as a leader in mobilizing private capital for impactful climate solutions. CFM’s approach underscores a broader shift in the investment landscape towards blended finance models that integrate public policy with private investment to accelerate climate resilience in challenging markets. By delivering safe drinking water and improved sanitation while simultaneously protecting ecosystems, CFM is making a significant contribution to sustainable development and climate adaptation.

Cloud Capital

Cloud Capital

InvestorUnited Kingdom2.0B AUM

Cloud Capital is a leading global specialized investment management firm founded in 2020, dedicated to acquiring, managing and operating high-quality data centers worldwide. The firm has a strong focus on a diverse investment strategy that encompasses data centers, real estate investment management, infrastructure investment, and asset-backed securities. It employs a rigorous and disciplined underwriting process for both proprietary and off-market data center transactions, positioning itself as a strategic partner and landlord of choice for top data center tenants globally. Based in Washington, D.C., with additional offices in San Francisco, California, and London, Cloud Capital has established a significant market presence, enabling it to capitalize on attractive investment opportunities. The company is led by Hossein Fateh, its Founder and Chief Executive Officer, who is recognized for his contributions to the data center sector. The team brings deep sector expertise developed over decades of experience, ensuring a comprehensive understanding of the market dynamics. The firm’s investment portfolio is noteworthy, featuring 23 data center assets valued at over $5 billion, along with approximately $2.0 billion in assets under management (AUM). Its strategic affiliation with CloudHQ contributes to its competitive advantage, offering unique market insights and access to specialized operational expertise necessary for successful investments in high-quality data center assets. Looking ahead, Cloud Capital continues to focus on stabilized assets with long-term triple-net leases to investment-grade tenants, as well as value-add and development investment opportunities. Their investments are primarily targeted in North America, especially in Northern Virginia, Minneapolis, and Texas, as well as notable regions in Europe such as the United Kingdom, and they maintain a global portfolio.

Copenhagen Infrastructure Partners (CIP)

Copenhagen Infrastructure Partners (CIP)

InvestorAustralia26.0B AUM

Copenhagen Infrastructure Partners (CIP) is a global investment firm dedicated to the development and management of sustainable infrastructure projects. Founded in 2012, CIP has quickly emerged as a market leader in renewable energy investments, with a primary focus on offshore wind, onshore wind, solar PV, and energy storage. The firm structures its investments to generate strong, long-term returns while supporting the global transition toward a net-zero carbon economy. Operating through a series of specialized energy infrastructure funds, CIP partners with institutional investors around the world to deploy capital into greenfield and brownfield assets. Its investment strategy spans the entire value chain—from early-stage development through construction and operations—ensuring an active, hands-on approach that mitigates risk and maximizes impact. CIP also prioritizes sustainability and ESG integration across all investment decisions. With a growing global footprint, CIP targets opportunities across Europe, North America, Asia Pacific, and emerging markets. The firm has over 500 employees and manages more than $26 billion in assets under management. Headquartered in Copenhagen, Denmark, CIP maintains regional offices and development teams worldwide, reflecting its commitment to driving the global clean energy transition.

CVC DIF

CVC DIF

InvestorAustralia17.0B AUM

CVC DIF is the infrastructure strategy of CVC, a leading global private markets manager with a global network of 30 offices and €200 billion of assets under management. The firm aims to deliver high-performing infrastructure investments that create sustainable long-term value for stakeholders.CVC DIF manages €19 billion in assets and focuses on investing on behalf of partners, including pension funds, sovereign wealth funds, insurance companies, and other leading institutions globally.The investment focus of CVC DIF includes infrastructure investments, specifically in the areas of energy transition, digital infrastructure, transport, and utilities. The firm is dedicated to creating sustainable value through its investments, reflecting a commitment to responsible infrastructure management.With a strong emphasis on collaboration and excellence, CVC DIF is composed of a community of international professionals who work together to achieve the firm's objectives.

EQT Group

EQT Group

InvestorAustralia295.0B AUM

EQT is a purpose-driven global investment organization founded in 1994 in Stockholm, Sweden. With a Nordic heritage and a global mindset, EQT focuses on active ownership strategies, responsibly investing in, owning, and developing companies and real assets. EQT invests across multiple geographies, sectors, and strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. The firm aims to future-proof companies and make a positive impact for all stakeholders. As of 2025, EQT manages approximately €273 billion in assets under management (AUM), with a team of over 1,500 employees operating from offices across Europe, North America, and Asia-Pacific.

Equitix

Equitix

InvestorGermany11.7B AUM

Equitix is a leading international investor, developer, and long‑term fund manager of core infrastructure assets. Since its founding in 2007, the firm has grown to manage over £11.7 billion (~$11.7 billion) across more than 300 assets spread over 24 countries, supported by a global team of 200–400+ professionals. Operating across sectors such as social infrastructure, transport, renewable energy, environmental services, network utilities, and data infrastructure, Equitix targets investments in core and core‑plus markets. The firm excels in executing complex carve‑out transactions and acquiring stable, long-term assets with inflation‑correlated returns, while maintaining a strong ESG commitment. Backed by majority shareholder Tetragon Financial Group (since 2015) and with recent strategic investment from Hunter Point Capital, Equitix continues to expand its global platform. The firm invests actively through its Equitix Management Services unit, providing hands‑on asset management, compliance, and stewardship to drive long-term value for investors and serve communities worldwide.

Foresight Group

Foresight Group

InvestorAustralia16.8B AUM

Foresight Group began life in 1984 when co-founders Bernard Fairman and Peter English set out to back emerging technologies in the UK. Four decades later the firm has evolved into a London-listed asset manager focused on building a sustainable future through real-asset investing and growth capital for ambitious companies. Head-quartered in The Shard, London, with offices across the UK, Europe, Ireland and Australia, Foresight’s 380-plus professionals are organised into three complementary divisions: Infrastructure, Private Equity and Foresight Capital Management. This integrated platform lets the team originate, build and actively manage portfolios that cut carbon, modernise essential services and scale regional businesses. As of 31 March 2025 the group oversees £13.2 billion (≈ US$16.8 billion) of assets for institutional and retail investors, with 64 % allocated to the energy transition and the balance spread across transport, digital, social and natural-capital themes. Foresight targets opportunities in the UK, wider Europe, Australia and North America, applying rigorous ESG principles to deliver inflation-linked returns while accelerating the net-zero agenda.

Golding Capital Partners

Golding Capital Partners

InvestorGermany16.2B AUM

Golding Capital Partners GmbH is one of Europe’s leading independent asset managers for alternative investments, focusing on the asset classes infrastructure, private credit, private equity, secondaries and impact. With a team of more than 200 professionals at its offices in Munich, London, Luxembourg, Milan, New York, Tokyo and Zurich, Golding Capital Partners helps institutional and professional investors to develop their investment strategy and manages of around €14 billion in assets. Golding became a signatory of the United Nations Principles for Responsible Investment (UNPRI) in 2013 and has been a supporter of the Task Force on Climate-related Financial Disclosures (TCFD) since 2021.

Goldman Sachs Asset Management

Goldman Sachs Asset Management

InvestorArgentina301.0B AUM

Goldman Sachs Asset Management (GSAM) is the investment‑management arm of Goldman Sachs Group, founded in 1988. It delivers comprehensive investment & advisory solutions to institutional, governments, high net‑worth and retail clients globally. GSAM combines public equity, fixed income, private equity, real estate, hedge fund, commodities and infrastructure strategies, focused on generating sustainable risk‑adjusted returns. Its platform emphasizes long‑term partnerships and deep responsibility toward client success. With over 2,000 professionals across around 34 offices worldwide, GSAM draws on the broader Goldman Sachs ecosystem to offer capital markets insight and cross‑division collaboration. Its capital‑solutions initiatives integrate asset management with lending, advisory and alternative investments.

Understanding Infrastructure Investors in Europe

Infrastructure investment plays a pivotal role in the economic development of Europe, with a dedicated investor category focusing on this sector. The curated directory of infrastructure investors in Europe, featuring 37 key players, offers valuable insights into the dynamics shaping this investment landscape. These investors are characterized by their commitment to funding essential assets such as transportation networks, energy systems, and telecommunication infrastructures. As Europe continues to modernize its infrastructure, understanding the strategies and focus of these investors becomes crucial for limited partners (LPs) and deal professionals seeking to engage with this sector.

Investment Strategies and Focus of Infrastructure Investors

Diversified Investment Approach

Infrastructure investors in Europe typically adopt a diversified approach to mitigate risks and maximize returns. They allocate capital across various sub-sectors, including transportation, energy, water, and digital infrastructure. This diversification helps investors balance the long-term nature of infrastructure projects with the need for steady income streams. By spreading investments across multiple sectors, they can cushion against sector-specific downturns and capitalize on emerging opportunities.

Geographical Presence and Expansion

Geographically, infrastructure investors in Europe maintain a strong presence across the continent, with an emphasis on both mature markets in Western Europe and emerging opportunities in Eastern Europe. Western Europe offers a stable regulatory environment and well-established infrastructure systems that attract investors seeking lower-risk projects. In contrast, Eastern Europe, with its growing economies and significant infrastructure needs, presents opportunities for higher returns albeit with increased risks. This geographical diversity allows investors to balance their portfolios and adapt to regional economic changes.

Long-Term Investment Horizon

Infrastructure investors are known for their long-term investment horizon, often spanning several decades. This extended timeframe aligns with the lifecycle of infrastructure projects, from development to operation. Investors seek assets that can provide stable cash flows over time, contributing to their portfolio's resilience. The long-term nature of these investments also requires careful consideration of regulatory changes, technological advancements, and environmental factors that may impact asset performance.

The Significance for LPs and Deal Professionals

Attractive Returns and Stability

For LPs, infrastructure investments offer a unique combination of attractive returns and stability. The essential nature of infrastructure assets means they tend to generate consistent revenue streams, making them a reliable component of any investment portfolio. This stability is particularly appealing to pension funds, insurance companies, and other institutional investors seeking to match long-term liabilities with predictable income sources.

Partnership Opportunities for Deal Professionals

Deal professionals, including investment bankers and advisors, find value in partnering with infrastructure investors due to their expertise and extensive networks. These investors possess in-depth knowledge of regulatory frameworks, market trends, and asset management strategies, making them ideal partners for sourcing and executing transactions. Collaborating with infrastructure investors can enhance deal origination and execution capabilities, leading to successful project outcomes.

Conclusion

Infrastructure investors in Europe play a vital role in the continent's economic landscape, driving development and modernization across various sectors. Their strategic focus on diversification, geographical presence, and long-term investments makes them attractive partners for LPs and deal professionals alike. By understanding the nuances of this investor category, stakeholders can better navigate the complexities of infrastructure investment, capitalizing on the opportunities it presents in the European market.