International law firm Addleshaw Goddard advised independent investment management firm Asterion Industrial Partners on the final close of its third infrastructure fund, Asterion Industrial Infra Fund III FCR, with total commitments of €3.4 billion.

Asterion has thus exceeded its €3.2 billion target, completing the fundraising process in less than 18 months after registration of the Fund with the Spanish regulator, CNMV – a period significantly shorter than the market average, which typically exceeds two years since registration.

Fund III is focused on mid-market infrastructure opportunities in Western Europe, specifically targeting the telecommunications, energy, utilities and mobility sectors across its core markets (UK, France, Spain, Portugal, Italy, Germany and Ireland), and combines rigorous risk management with a strong industrial approach and value creation throughout all stages of the investment cycle.

As with its previous two funds, Fund III’s investor base includes pension funds, sovereign wealth funds, asset managers and insurance companies from Europe, North America, the Middle East and Asia. The final close maintained a high re-up rate from existing investors, reaching 86%, alongside new global institutional investors and a significant commitment from the Asterion team, which committed approximately 3.5% of the total capital raised.

The Addleshaw Goddard team was led by Funds partners Isabel Rodríguez and María de Orueta, together with Gonzalo Lozano, and with the support of María Mata and Lara Taylor on regulatory matters and Covadonga Pérez on tax aspects.