UBS closes infra fund

Switzerland's UBS has closed an infrastructure fund with a focus on Europe and North America.

UBS Asset Management's Real Estate & Private Markets closed the APPIA II Global Infrastructure Portfolio (APPIA II), an infrastructure fund-of-funds for German and Austrian institutional investors, with €368m ($426m) of commitments.

Roland Hantke, head of multi-managers infrastructure at Real Estate & Private Markets, said: “Our focus is on infrastructure managers that can source assets through off-market transactions and actively manage the investments, as well as provide maintenance and growth CapEx to create long-term value. We are very pleased that through our strong pipeline we have already been able to commit over 70% of the fund at final closing.”

With a focus on brownfield infrastructure in OECD markets, mainly Europe and North America, the fund was launched by UBS-AM in 2016 alongside its Munich-based joint venture partner Solutio AG and is reviewing opportunities across energy and utilities, transport, communications, PPPs and social infrastructure.

Robert Massing, managing director of solutio AG, said: "The APPIA II portfolio has already come out of the J-Curve at a very early stage in the fund's investment period due to a successful mix of primary and secondary transactions. APPIA II has exposure to some 65 infrastructure assets to date, and seeks to invest into 15-20 primary and secondary funds.”