Copenhagen Infrastructure Partners (CIP) has completed fundraising for the second vintage of its Growth Markets Fund, GMF II, securing approximately USD 3 billion in commitments to the fund and associated investment vehicles. The fund, nearly three times the size of its predecessor, will target large-scale energy infrastructure projects across 15 high-growth, middle-income markets in Eastern Europe, Asia and Latin America.
GMF II has already committed USD 1.6 billion across nine investments, with its portfolio including renewable energy and energy storage projects. Recent milestones include the commissioning of Chile’s largest standalone battery storage project, the start of construction on Mexico’s first large-scale solar and battery storage projects, and financial close for the Pestera II onshore wind project in Romania, described as one of the country’s largest renewable energy investments.
CIP said GMF II is expected to be fully committed within one to two years, supported by a pipeline of near-term investment opportunities. The fund’s strategy focuses on developing and constructing greenfield energy infrastructure in markets with growing electricity demand and a need for reliable power infrastructure.
Niels Holst, Partner and Co-Head of Growth Markets Funds at CIP, said the USD 3 billion final close represents strong investor confidence in the firm’s Growth Markets strategy and its ability to originate, develop and construct large-scale renewable energy projects. The fund has attracted sovereign wealth funds, pension funds, impact-focused family offices and development finance institutions, alongside existing investors.
CIP said the strong investor interest reflects the growing need for new power infrastructure in its target markets. Its first Growth Markets Fund, GMF I, is expected to deliver approximately 8.7 GW of energy capacity across more than 50 projects in India and South Africa.
Ole Kjems Sørensen, Partner and Co-Head of Growth Markets Funds at CIP, said GMF II will build on the track record of the first fund by connecting institutional capital with renewable energy projects in markets with strong demand for new and reliable energy infrastructure.
The fund will benefit from CIP’s local presence and experience in developing and constructing large-scale greenfield energy infrastructure projects across global growth markets. Its investment focus includes solar, wind, energy storage and other critical energy infrastructure.
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