Copenhagen Infrastructure Partners has officially finalised fundraising for its second Growth Markets Fund, securing approximately $3bn in commitments to accelerate large-scale clean energy infrastructure across Eastern Europe, Asia, and Latin America. Nearly tripling the size of its predecessor fund, the new vehicle targets 15 rapidly growing, middle-income markets experiencing surging demand for reliable power.
The fund has already made significant headway, committing $1.6bn across nine key investments prior to its final close. Notable developments include the commissioning of Chile’s largest standalone battery storage project under budget, the launch of construction on Mexico’s inaugural large-scale solar and battery storage facility, and reaching financial close on the Pestera II onshore wind project in Romania.
Commenting on the final close, Niels Holst, Partner and Co-Head of Growth Markets Funds at CIP, stated that reaching a $3bn final close and tripling the fund size compared to their predecessor fund was a strong validation of their Growth Markets strategy and of investors’ confidence in their ability to originate, develop, and build large-scale renewable energy projects.
He added that for GMF II, they had been successful in attracting a diverse group of LPs including sovereign wealth funds, pension funds, impact-focused family offices, and Development Finance Institutions, in addition to re-ups from existing LPs, expanding their outreach across Asia, the Middle East, and North America.
The capital raise highlights growing institutional appetite for sustainable infrastructure in emerging economies. Building on the success of CIP’s initial growth fund, which is delivering approximately 8.7GW of clean power in India and South Africa, this latest capital deployment aims to deliver robust risk-adjusted returns whilst driving the global energy transition.
Ole Kjems Sørensen, Partner and Co-Head of Growth Markets Funds at CIP, highlighted the strategic direction of the new fund, explaining that with GMF II, they were building on their track record and expanding their ability to connect capital with high-quality renewable energy projects in select Growth Markets that have a fundamental need for new and reliable energy infrastructure.
He noted that they were delivering a robust investment product to their LPs, targeting attractive risk-adjusted returns within a resilient asset class. With strong momentum across its development pipeline, GMF II remains on track to be fully committed within the next two years.
