Icon Infrastructure racks up $3.6bn for sixth fund

Icon Infrastructure has closed its sixth fund at $3.6 billion. The fund’s backers include pension funds, asset managers, sovereign wealth funds and insurance companies from Europe, North America, the Middle East and Asia. Icon VI will invest in mid-market infrastructure businesses located primarily in Europe and North America. Fried, Frank, Harris, Shriver & Jacobson LLP provided counsel on the fundraising.

PRESS RELEASE

Fried, Frank, Harris, Shriver & Jacobson LLP acted as counsel to iCON Infrastructure on the raising of its latest infrastructure fund, iCON Infrastructure Partners VI (“iCON VI”), which has announced its first and final closing at c.US$3.6 billion. iCON VI’s single close at c.US$3.6 billion comes just three months after commencing fundraising and reflects strong support for iCON’s investment strategy and recognition of the firm’s strong track record. iCON VI is a continuation of iCON’s flagship strategy and follows iCON V, which raised US$1.9 billion in commitments in March 2020.

The fundraising exceeded iCON VI’s initial US$3 billion target, courtesy of the strength of support from both existing and new investors. Investors in the fund comprise a diverse group of leading pension funds, asset managers, sovereign wealth funds and insurance companies from Europe, North America, the Middle East and Asia.

iCON VI will continue iCON’s successful strategy of investing in mid-market infrastructure businesses located primarily in Europe and North America. Through its five previous funds, iCON has invested in a diverse portfolio of 36 infrastructure businesses, across a range of essential infrastructure sectors including water, waste, energy, transportation, telecoms and healthcare, with a successful track record of realisations.

The Fried Frank team was led by corporate partners Kate Downey and Piers Harris and included corporate partners Kathryn Cecil and Gregg Beechey; tax partner Nick Thornton; tax special counsel Rebecca C. Freeland; corporate associates Amy Eustace, Michael Nguyen and Zac Mellor-Clark; and tax associate Thomas Bramall; with support from Pritha Sordi and Louis Taylor.