Madrid, 15th September 2025 – Asterion Industrial Partners, an independent investment management firm focused on European infrastructure in the mid-market, announced today that it has reached the final close of its third fund, Asterion Industrial Infra Fund III FCR, securing €3.4bn in commitments and exceeding its €3.2bn target. The firm has secured additional commitments from its investors to be deployed in the form of co-investment, reaching €3.65bn of raised capital for the Fund III strategy. Asterion held its first close within 5 months from launch, securing €1.5bn in commitments, c50% of the target size. This final close comes less than18 months after registration of the Fund with the Spanish regulator, CNMV, and despite a challenging market environment, where average fundraising periods have exceeded two years.

Demonstrating support for the asset class and recognition of the firm’s investment strategy and track record, Asterion Fund III’s €3.4bn commitments span across 68 investors from Europe, North America, Middle East and Asia, with an 86% re-up rate from the previous fund, alongside participation from new institutions and the team. Asterion’s team has committed c3.5% of the total capital raised in Fund III, underscoring its conviction in the strategy and reinforcing long-term alignment with investors.

Asterion’s inception took place in 2018, when it was founded by three partners, Jesús Olmos, Winnie Wutte and Guido Mitrani, with a small team of 13. Over the past seven years, Asterion has grown to c$10bn¹ in AUM, 67 employees, and offices in Madrid and London, securing a place within the Top 25 leading infrastructure managers globally, as ranked by Infrastructure Investor², The strategy for Fund III is identical to that of the previous funds, focusing on mid-market infrastructure investments in Western Europe and more specifically targeting the telecom, energy, utilities, and mobility sectors within its core markets (UK, France, Spain, Portugal, Italy and now also Germany and Ireland). The strategy continues to be focused on the rigorous approach to infrastructure risk coupled with a very strong application of industrial value creation to all stages of the investment cycle. Additionally, Asterion remains committed to its differentiated partnership model both with its portfolio companies and its Fund investors, particularly through an active co-investment approach. Aligned with its strategy since inception, Asterion continues to maintain a strong focus on responsible investment.

Winnie Wutte, Founding Partner of Asterion Industrial commented: “we are deeply grateful to our investors for their continued trust and support, and for the enriching relationships we are building together. We remain fully aware of the great responsibility inherent in managing third-party capital and are committed to working diligently to deliver differentiated returns, fully aligned with our culture and values.”

Transforming Europe’s Infrastructure

The industrial DNA of the strategy and the team becomes tangible in the four investments already completed by Fund III, having committed c40% of the total fund to date. These four investments are a combination of early-stage platforms developed by the Asterion team and more mature high-yielding, operating assets in different geographies within the target strategy.

Most recently, Asterion has closed the acquisition of a minority stake in Dunkerque LNG, the largest liquified natural gas terminal in France and one of the largest in Northwest Continental Europe. This is the only European LNG terminal directly connected to two national markets – France and Belgium – with an annual regasification capacity of 13 billion m³ of gas, sufficient to meet c25% of annual French and Belgian consumption, critical to the energy security of Continental Europe.

The other three investments completed for Fund III include the acquisition of a 49% stake in 2i Aeroporti, which holds interests in several major Italian airports, as well as Revalue Energies, a platform dedicated to the development, construction, and management of renewable energy facilities in Italy and, finally, its investment in ABIO, the build-up of a proprietary biomethane platform with presence in five key European markets: Iberia, Italy, Germany, Benelux, and the UK.

A growing team

As a platform, Asterion has also continued to invest in growing the team, with 18 new professionals joining since the launch of the Fund, reaching today a total of 67. Recent additions include, among others, John Empson, who joins as Operating Partner and Head of Financing as well as reinforcing Asterion’s Investment Committee and Portfolio Management Committee. John brings more than 40 years of experience in the finance, capital markets and investment landscape, with deep expertise in debt markets, investment and financial structuring. John most recently served as Managing Partner and Co-Head of Private Credit at CVC. During his professional career he was also a Partner & Head of International Capital Markets at KKR, where he helped build out KKR’s Credit and Markets platform. While at KKR, John worked alongside Asterion’s founding partners for 10 years and served on the European Private Equity Investment Committee and Portfolio Management Committee, as well as the firm’s Capital Markets Global Capital Commitments Committee.

¹Over €8.5bn.
²Infrastructure Investor is a specialist media outlet published by PEI Group, providing news, analysis and rankings focused on the global infrastructure investment market.