Gresham House has announced that the British Sustainable Infrastructure Fund II (BSIF II) has reached its first financial close of GBP100 million (US$138.4 million). 

The fund's first close was exclusively reserved for existing LPs. Worcestershire Pension Fund and Teesside Pension Fund have made new commitments to BSIF II totaling GBP100 million. The target size of the fund is GBP500 million (US$691.97 million). The fund implements a closed-ended strategy with a 12-year time horizon, which targets an annual net return of 8-10%. 

The BSIF II strategy follows the same impact-driven approach to infrastructure as BSIF I. British Sustainable Infrastructure Fund II will invest in new sustainable infrastructure, which can be characterized as profitable, real asset solutions developed to address environmental and societal challenges. The fund is focused on six sub-sectors such as resource efficiency, digital inclusion, waste solutions, regeneration, decarbonization and health & education.