Circuitus Capital has reached a EUR450 million (US$510 million) first close for its infrastructure private equity fund Circuitus Real Asset I.

The Fund aims at a target size of up to EUR2 billion (US$2.3 billion). It will focus on core infrastructure, utilities, and energy assets across Europe and Latin America.

The fund has a 12-year tenure with a five-year investment period. It will invest in controlling or co-controlling interests of both brownfield and greenfield development projects with an average of EUR200 million (US$227 million) per deal.