Copenhagen Infrastructure Partners (CIP) has hired almost 170 new staff over the past year, underlining its commitment to growth as it prepares to close fundraising for its flagship fund at a record for the firm of some EUR 12bn of commitments.

The Danish greenfield renewables investor – which had a mere 59 staff just six years ago – hired in the last 12 months alone some 100 junior staff, including analysts, associates and senior associates; as well as some 30 mid-level executives including vice presidents, directors and managers, according to an analysis of LinkedIn data carried out by Infralogic. CIP declined to comment although a source at the investor said the numbers are in the “right territory”.

As well as adding two managing directors in Denmark, Sebastian Koks Andreassen and Brian Bonnesen, it has also recruited a string of strategy experts, including this month Josephine Stamp Frandsen, who joined CIP’s Denmark office from pharmaceutical giant Novo Nordisk with the title of CFO Strategy Officer.

It has also bolstered its tally of IT experts, hiring two chief technology officers: Ivan De Witte, who joined from Norwegian chemical company Yara International last month; and Anders Kuhn Saaby, who joined last August from GlobalConnect.

Although the firm, which is owned by its founding partners and wind turbine manufacturer Vestas, hired even more in 2022, some 250, the analysis of recent hires reveals that there is little let-up in its expansion drive.

While CIP’s official staff tally is some 500, LinkedIn shows that it has around 700, although this includes consultants and part-time staff such as fund investment committee members.

CIP’s recent recruitment campaign – which comes at a time when the manager is looking to ramp-up its assets under management from some EUR 30bn today to up to EUR 100bn by 2030 – also included hiring three new partners: London-based Oliver Schubert; Fabian Shey, who joined the firm’s Zurich office this month with the title of global head of private wealth; and Karlis Povisils, who joined the firm’s New York office last November from US renewables developer Apex Clean Energy.

CIP, which fundraising across several strategies, also bolstered its distribution capabilities with the hire of BlackRock executive Anil Mangla to its London office with the title of COO of global distribution. Overall its distribution team is said to number almost 100 staff.

The manager is close to reaching final close at its target of EUR 12bn for its flagship fund, CI V, sources said, adding the fund is around 60% invested. The fund, which has a hard cap target of EUR 16bn and targets greenfield renewables in in Europe, North America, Australia and developed Asian countries, is targeting around 12% returns.

Its previous funds sought up to 10%, with the increase to 12% possibly reflecting higher interest rates. Industry sources have questioned the appetite for funds offering low teen returns and large greenfield construction risk, such as CI V, given prevailing high interest rates. CIP declined to comment on fundraising.

The offshore wind sector – a key focus for CIP – has faced headwinds with high inflation impacting supply chain costs, including the New York State Energy Research and Development Authority last year cancelling the CIP-backed 1.3 GW Excelsior Wind off the Long Island coast. However, positive signals have emerged, with CIP’s giant US offshore wind farm, Vineyard Wind 1, due to begin operations soon, while two of its wind farms in Asia also recently began operations.

CIP is also preparing to launch its second bioenergy investment fund, CI ABF II, with a EUR 1bn target. It also recently launched fundraisings for its second credit fund and a USD 3bn fund to invest in renewable energy projects in emerging markets, and is also preparing to launch its first Global Energy Transition Fund.

CIP’s other key recruits include a head of power-to-X in the US, Bart Lavis, who joined last summer from Orsted; and ESG strategy manager, Jakob Skott Sigtenbjerggaard.

It also hired Hessel de Jong, a chief operating officer for Copenhagen Energy Islands, a company also backed by several institutional investors that is planning to build 10 energy island projects hosting energy storage and hydrogen production facilities connected to offshore wind farms in the North Sea, Baltic Sea and South East Asia.