Infranity is aiming to hit final close early next year for its inaugural infrastructure equity fund with a target in sight at around EUR 750m, said sources familiar with the situation.

The Generali-backed fund manager is in the final stages of fundraising for the vehicle, Infranity Equity Fund, which launched in early 2024, and expects to wrap it up in the first half of 2026, said the sources.

The fund received an early boost with an anchor commitment of around EUR 500m from Generali, Italy’s largest insurer, and raised further commitment from other LPs, but the manager has revised target expectations downwards from an initial figure of around EUR 1bn, according to the sources.

Founded in 2018 and led by CEO Philippe Benaroya alongside fellow managing partners Alban de La Selle and Gilles Lengaigne, Paris-headquartered Infranity has started making a concerted push into infrastructure equity only in the past few years, after initially focusing on infrastructure debt.

Its first equity fund, which has made five investments to date, is looking to build a portfolio of around 10 assets, and one source said the GP is considering launching a second fund towards the end of 2026.

The fund’s progress comes after a change at the helm of Infranity’s fundraising machine earlier this year.

Patrick Liedtke, who joined Infranity from BlackRock in September 2022 to develop investor relations as chief client officer and chief economist, stepped down in April from his role, according to sources. He was effectively replaced by Caroline Kragerud, who joined from Omnes Capital as head of distribution and investor relations.

Infranity Equity Fund, which has a 10-year duration plus two extension options of one year each, targets investments in core-plus infrastructure platforms with an existing asset base and strong growth potential.

Its most recent investments include stakes in Irish independent power producer Power Capital Renewable Energy, and Swedish locomotive lessor Nordic Re-Finance.

It has also bought stakes in French bus operator Transarc, data centre company Etix Everywhere, and Belgian renewables firm Energy Solutions Group (ESG).

The equity investment strategy, which is led by Louis-Roch Burgard in Paris and Jaime Hector in London, aside from the commingled fund for institutional investors also draws capital from three open-ended European Long-Term Investment Funds (ELTIFs), which have raised around EUR 1.7bn of capital to date.

The most recent, Infranity Horizon Infrastructure Strategies, was launched in September to cater to private wealth investors.

This has allowed Infranity to invest in a broader pool of around 13 assets in total, including Finnish power transmission operator Aurora Infrastructure and French solar developer Terre et Lac.

Aside from managing directors Burgard and Hector, the equity team also includes investment directors Romain Le Mélinaidre and Verena Rathgeber, and asset management director Anne Noëlle Le Gal.

Aside from the equity strategy, Infranity is progressing fundraising on its latest two infrastructure debt funds.

The junior debt vehicle, Enhanced Return Debt Fund (ERDF), has raised more than EUR 2bn and is targeting a final close on EUR 3bn in the first quarter of 2026.

Sources said that, similarly to the equity fund, ERDF has also received strong backing from Generali, to the tune of around EUR 1.2bn-1.5bn.

In an interview with Infralogic in September, Generali pointed to Infranity as one of its key avenues for growth in the infrastructure market.

The Senior Infrastructure Debt Fund IV has secured EUR 1.2bn out of a EUR 1.5bn target.

Infranity and Generali declined to comment.