Madrid, 22^th July 2024 – Asterion Industrial Partners, an independent investment management firm focused on European infrastructure in the mid-market, announced today that it has reached the first close of its Fund III. Despite difficult fundraising market conditions, today, less than 5 months after being registered with the Spanish regulator, Asterion Industrial Infra Fund III has reached commitments of €1.5bn, accounting for c50% of its target of €3.2bn.

 

 

 

As in its two previous funds, Asterion’s Fund III investors include pension funds, sovereign wealth funds, endowments, asset managers and insurance companies from across Europe, North America, the Middle East and Asia. In addition to a strong participation by its existing investors in the first close, Asterion also welcomed new high quality global institutional investors to complement the current investor base. In keeping with its focus on strong alignment, the Asterion team has also made a significant commitment to Fund III in this first close.

 

Jesús Olmos, CEO and Founding Partner at Asterion said: “We are really delighted with the outcome of the first close in Fund III and are hugely grateful to our investors for their trust and support. Our focus and commitment remain on delivering our strategy to our investors and further building up these important long-term partnerships.”

 

With this new investment vehicle, Asterion Industrial Partners will reinforce the investment policy already applied in its two previous funds, investing in mid-market companies in the telecom, energy, utilities and mobility sectors within its core focus markets of UK, France, Italy, Spain and Portugal, as well as opportunistically in other jurisdictions in Western Europe. Using a disciplined approach to underwriting infrastructure risk and applying its industrial approach to value creation, Asterion will continue to seek attractive opportunities within this space, also in partnership with its Fund investors through co-investment as an important part of its strategy.

 

Like its predecessor, this new fund will have a strong focus on sustainability, being classified as an Article 8 fund as per European regulation SFDR, and will be aligned with Asterion’s purpose of using the transformational power of investment to generate a positive impact on society, while delivering attractive returns to its investors. Decarbonization, energy efficiency, energy transition, bridging the rural digital divide, diversity and inclusion, alignment of interests and shared success are the key sustainability aspects which form a critical element of Asterion’s investment strategy.

 

 

Six years, two funds, eighteen transactions and an industrial approach

 

Asterion Industrial Partners, a Spanish regulated management company founded in 2018 by Jesús Olmos, Winnie Wutte and Guido Mitrani, has since launched, raised and fully invested 2 funds with a consistent investment strategy. With the first close of its Fund III, Asterion will maintain its industrial approach and focus on infrastructure investments in the mid-market in Europe. Over the last six years since inception, the team has grown to 56 professionals now, has completed more than 18 transactions and continues to build on a strong track-record, including fully exited deals in Proxiserve and Asterion Energies.

 

Headquartered in Madrid and with a presence in London, Asterion further differentiates itself through its full independence as an investment manager. Furthermore, Asterion leverages its distinctive investment model defined by an industrial approach, to create an important competitive advantage within target opportunities. This industrial approach is additionally enriched by the team, including 10 operating partners whose backgrounds encompass industrial and operational expertise, as well as in-depth sector knowledge and experience.

 

“Our industrial approach allows us to target higher returns without taking higher risks, through an active and industrial approach to sourcing, execution and asset management. Our knowledge and industrial know-how allow us to access, and source differentiated opportunities, execute and negotiate more effectively, and implement operational plans more successfully” points out Winnie Wutte, Founding Partner at Asterion.

 

 

 

Asterion Industrial Infra Fund III announces investment in 2i Aeroporti

 

With the first closing of Asterion Industrial Infra Fund III, Asterion announced last week the signing of the acquisition of a 49% stake in 2i Aeroporti, a leading Italian airport operator. This investment marks a new partnership with F2i, the remaining shareholder, further enhancing the long-standing relationship with the Italian investor.

 

2i Aeroporti is the largest airport platform in Italy managing the concessions of eight strategic airports including Milan and Naples. These concessions have an average remaining concession life of 24 years and collectively handle approximately 40% of Italy’s national air traffic.

 

Guido Mitrani, Founding Partner at Asterion commented: “We are committed to advancing 2i Aeroporti’s position as the first airport operator in Italy, with sustainable growth and enhancing Italy’s connectivity. The strategy includes strengthening partnerships with local stakeholders and actively supporting the aviation industry’s efforts towards decarbonization.”

 

The investment builds on an important presence for Asterion in Italy and represents its first investment in the mobility sector for Fund III. In line with Asterion’s ESG strategy, the decarbonization plan for 2i will focus on emission reduction initiatives, ease the transition to greener aviation fuels, and promoting Net Zero plans to make air travel more sustainable. Beyond 2i Aeroporti, Asterion continues to focus on activating a strong near-term pipeline of opportunities for the fund in energy and telecoms across its core focus jurisdictions in Europe and in keeping with its investment strategy.