Copenhagen Infrastructure Partners (CIP) is nearing a final close of its second growth markets fund, according to two sources familiar.

CIP targets closing the Growth Markets Fund II (GMF II) this month, said one of the sources.

The Danish manager plans to make an official announcement at the end of this quarter, said a third source familiar.

Launched in 2023, the target is USD 3bn.

Last December, UAE-based climate investment fund ALTERRA, through its Transformation Fund, committed an undisclosed amount into GMF II. Other limited partners include EIB, PensionDanmark, and Swedish pension Folksam.

The fund targets large-scale greenfield renewables projects in 15 markets across Asia, Latin America and EMEA. Target geographies include India, Vietnam, Philippines, Mexico, and South Africa.

GMF II owns over USD 5bn worth of development-stage projects across offshore wind, onshore wind, solar PV, battery storage and power-to-X, according to the website.

According to Infralogic, the fund’s investments include:

• Arena 220 MW / 1,100 MWh BESS in Antofagasta, Chile;
• 1 GW Camarines Sur offshore wind project in the Philippines; and
• Up to 1.5 GW offshore wind project in Vietnam’s south-central region.

GMF II is a successor fund to the USD 1bn Growth Markets Fund I launched in 2019.

CIP’s growth markets funds are led by Copenhagen-based partners Niels Holst and Ole Kjems Søren.

CIP declined to comment.