NOVA Infrastructure announced it has closed its second managed fund, NOVA Fund II, with $1.45 billion in aggregate capital commitments, exceeding its fundraising target by more than 30 percent. The raise also marks more than double the size of its inaugural fund, which closed in 2022, signaling strong momentum for the middle-market infrastructure investment firm.
The fund will continue the firm’s strategy of targeting value-added infrastructure opportunities across North America, with a focus on environmental services, transportation, energy and energy transition, and digital infrastructure. NOVA Fund II has already deployed capital into two platform investments, including DartPoints, an enterprise data center provider, and UGE International, a community solar and battery storage company. The firm expects to build a portfolio of approximately 10 to 12 investments across its core sectors.
Investor participation in the fund included a broad mix of U.S. and international institutions, such as pensions, insurance companies, consultants, registered investment advisers, and family offices. The fund achieved a high reup rate from existing investors while also expanding into new geographic markets across North America, Europe, Asia, and the Middle East. U.S. sovereign and pension capital represented more than half of total commitments.
Founded in 2018, NOVA Infrastructure focuses on middle-market investments that combine downside protection characteristics of infrastructure assets with operational value creation strategies.
Support: Lazard served as placement agent for the fund, while Jones Day acted as global fund counsel on the structuring and offering.
KEY QUOTES:
“We believe the successful close of NOVA Fund II above our target reflects strong investor confidence in our investment strategy and approach. We are grateful for the continued support from so many of our limited partners and are pleased to welcome new investors to NOVA.”
Chris Beall, Founder And Managing Partner Of NOVA Infrastructure
“Our focus on real assets in the lower mid-market and our investment approach resonated with investors throughout the fundraising process. This achievement is a true testament to the hard work and dedication of our experienced and growing team.”
Allison Kingsley, Founder And Partner At NOVA Infrastructure
