iCON Infrastructure has announced the first and final closing of a new €1.2 billion (US$1.37 billion) fund, iCON Infrastructure Partners IV.

iCON IV’s single close at its €1.2 billion hard cap comes just three months after commencing fundraising and reflects strong support for iCON’s investment strategy and recognition of the firm’s track record of outperformance and value creation. iCON IV was significantly oversubscribed, having received considerable demand above its initial €1.0 billion (US$1.14 billion) target.

iCON IV will continue iCON Infrastructure's successful strategy of investing in mid-sized infrastructure assets in core infrastructure sectors in both Europe and North America.

Through its three previous funds, iCON Infrastructure has acquired a diversified portfolio of 17 different companies, across a number of infrastructure sectors including water, transportation and energy generation, distribution and storage

The capital for iCON IV was raised from a diversified group of 47 leading pension funds, asset managers, sovereign wealth funds and insurance companies from Europe, North America, the Middle East and Asia.

Paul Malan, Senior Partner of iCON Infrastructure, said:

“We are immensely thankful for the continued support of our fantastic group of investors, which has enabled us to raise €1.2 billion for iCON IV in record time. As a result, iCON is well positioned to take advantage of the significant number of opportunities for investment that we are seeing in our niche in mid-market infrastructure businesses across Europe and North America.”