Antin Infrastructure Partners is preparing to launch a second mid-cap infrastructure fund in the first half of this year, targeting EUR 2.4bn, sources said.

The Paris-headquartered manager, which closed Antin Infrastructure Partners Mid Cap I on EUR 2.2bn in June 2021 after eight months of fundraising, is returning to market as the 2021-vintage fund approaches about 75% invested, one source added.

The follow-on vehicle, Antin Infrastructure Partners Mid Cap II, would succeed its predecessor, which had a EUR 1.5bn target and a EUR 2.2bn hard cap, the sources said.

Mid Cap I, which has a 10-year investment period and remains in its investing phase, has invested in Lake State Railway, a US regional freight rail operator; Aquavista Watersides & Marinas, a UK marina and moorings business; and Emsere, a Netherlands-based provider of specialist equipment rental and logistics for clinical trials, according to Infralogic data.

Some limited partner commitments to Mid Cap I include EUR 125m from Swedish pension provider Alecta and EUR 115m from Border to Coast Pensions Partnership, according to Infralogic data.

US public pension fund Los Angeles County Employees Retirement Association also committed USD 100m, the data shows.

Antin is also expected to raise a second next generation infrastructure fund shortly after Mid Cap II, one source said, following its 2021-vintage Antin NextGen Infrastructure Fund I, which closed on its EUR 1.2bn target in November 2023 after a 28-month fundraising period.

The manager’s flagship 2022-vintage, Antin Infrastructure Partners V,  launched in March 2022, reached a EUR 10.2bn final close in December 2024, exceeding its EUR 10bn target.

Antin declined to comment.