Global Infrastructure Partners has reached first close for its Global Infrastructure Partners III (GIP III) fund with a total of US$7.717 billion in commitments.

U.S. Securities and Exchange Commission, the US markets regulator, has published a Notice of Exempt Offering of Securities regarding the fundraising.

GIP III fund has a target size of US$12 billion and a US$15 billion hard cap. The fund will invest in energy, including renewables, water & waste and transport infrastructures. 

Yesterday we reported that Maine Public Employees Retirement System (MainePERS) committed US$150 million to GIP III. In 2016, Virginia Retirement System, Richmond, allocated $200 million to GIP III. Prior to that, in December 2015, Oregon Investment Council announced a $400 million investment in the fund, and one month before, we published that Washington State Investment Board had plans to invest about US$1 billion in the fund.

GIP focuses on larger scale investments in assets that provide essential services, have high barriers to entry, and offer significant governance positions. GIP targets opportunities in OECD countries and high quality assets with the potential for attractive risk-adjusted returns in selected non-OECD countries.