Whitehelm Capital (Whitehelm) and APG Asset Management N.V. (APG) have announced that the Smart City Infrastructure Fund (SCIF) has achieved its second close, bringing its total fund size to EUR750 million (US$890.86 million).

SCIF has fully committed the initial EUR250 million (US$296.95 million) of funds to a range of Smart City enabling infrastructure projects. As the result, APG has confirmed its commitment of a further EUR500 million (US$593.91 million) to SCIF. Established in November 2018, the fund invests in Smart City enabling infrastructure, targeting investments that enable the implementation of a wide range of Smart City infrastructure solutions, allowing cities to more efficiently allocate resources and improve the lived environment.

Since the first close, SCIF has invested in four Smart City projects in the USA, which provide next-generation connectivity on an open-access basis and the infrastructure layer to deliver Smart City applications, such as connected street lighting, advanced building management, smart utility, and sustainable urban mobility. The Fund’s first investment in Fullerton, California is continuing its construction program and has connected its first customers. The second investment in Salem, Massachusetts is due to begin construction with customer connections scheduled for later this year.