Basalt successfully closes third fund at hard cap, raising $2.75 billion
Basalt Infrastructure Partners LLP, a leading mid-market infrastructure investment firm, announced today that it has successfully closed the third Basalt fund (“Basalt III”) and largest to date, raising $2.75 billion to invest in infrastructure equity opportunities. The fund was significantly oversubscribed with the final close exceeding the fund’s original $2.0 billion target and reaching its increased $2.75 billion hard cap.
Basalt III received strong demand from the investor community throughout the COVID 19 pandemic demonstrating continued support for the Basalt approach to mid-market infrastructure investing and focus on bilateral deal sourcing.
Basalt III represents a successful continuation of previous flagship fund strategies of transatlantic investing across Europe and North America, focusing on opportunities in the utilities, power, transport, and digital communications sectors.
The capital raise for Basalt III yielded strong support from existing investor relationships, re- committing and upsizing their commitments culminating in a reinvestment rate well in excess of 100%. In addition, Basalt III welcomes a significant number of new investor relationships, including first time commitments from Asia and increasing support from the Middle East, providing enhanced diversification by geography and type to the strong support from North American and European markets. A total of 47 investors from around the globe committed to Basalt III.
Rob Gregor, Managing Partner of Basalt Infrastructure Partners LLP, exclusive investment adviser to the Basalt funds, said: “Completing an oversubscribed fundraise for Basalt III through this pandemic is a testament to the disciplined focus on our mid-market strategy and the resilient and strong risk-adjusted returns of Basalt funds. We are incredibly grateful for the significant investor support shown for our strategy and our growing franchise. Market conditions remain positive for the Basalt strategy with Basalt III off to a strong start with commitments to the first three investments, Habitat Solar and Xpress Natural Gas in the US, and Full Fibre in the UK.”
Credit Suisse Private Funds Group acted as global placement agent for this fundraising, while Kirkland & Ellis and Deloitte acted as legal and tax advisors respectively.
About Basalt Infrastructure Partners LLP
Basalt Infrastructure Partners LLP is a leading mid-market infrastructure firm wholly owned by its partners with offices in London and New York. The Basalt equity investment funds focus on investments in utilities, power, transport, and digital infrastructure in North America and Europe. Following the successful raising of Basalt III, the Basalt funds have over $5billion in funds under management and have made investments in 20 companies across the three funds. The current team of 29 investment professionals continue to grow to support the Basalt franchise.
For more information, please visit www.basaltinfra.com .