Arcus European Infrastructure Fund GP LLP has announced that Project Lego – Liquidity Offering reached its final closing on August 10th.

With the completion of the transaction in less than six months from its first closing, all Limited Partners who elected to sell their stakes in the Fund have achieved a full exit from the fund allowing investors to generate liquidity in an illiquid product.

The total transaction size reached €808 million (US$913 million) (by original commitments) or 37% of the original fund. New Limited Partners now hold 30% of the fund, while existing Limited Partners acquired cumulatively an additional 7% interest.

Project Lego is the largest transaction of this nature in the infrastructure asset class to date and one of the largest in the wider private capital sector. The time to complete the transaction and the high quality of the new group of Limited Partners entering into the Fund not only provide evidence for the strength of the assets of the Fund but also for the quality of the Arcus investment and management teams.

The investors who acquired interests in the fund comprise a selected number of European and North America based organizations representing private and public pension funds, large proprietary asset managers and third party gatekeepers. All new investors in the fund agreed to support the fund and the Arcus team for the long term.

Campbell Lutyens and Clifford Chance acted as financial and legal advisers respectively for Project Lego.

Arcus European Infrastructure Fund 1 L.P. is an unlisted fund with over €2 billion of commitments backed by over 40 institutional investors from around the world. It specializes in infrastructure (water, telecom, transport and power) investments in Europe.