Allianz Capital Partners (ACP) has launched fundraising for its first global infrastructure fund of funds.
The asset management arm of the German insurer, which is part of Allianz Global Investor, is looking to raise EUR 500m for the Allianz Global Diversified Infrastructure Equity Fund, according to two sources familiar with the situation.
Having registered the new fund in Luxembourg late last month, it hopes to hold a first close of the fund during 2020, sources added.
The fund will invest in new infrastructure funds, secondary fund transactions and directly in assets alongside the funds it is invested with.
It is expected the fund will have a term of 14 years and invest at least 50% of its capital commitments either through primary or secondary fund interests, with the remainder targeting direct equity investments through co-investments.
The fund, which targets a gross IRR of 8%-11%, will invest globally with Allianz providing at least half of the capital required for any single investment.