Asterion Industrial Partners, a European investment firm specializing in mid-market infrastructure, has announced the final close of its third fund, Asterion Industrial Infra Fund III FCR. The fund secured €3.4 billion in commitments, exceeding its original target of €3.2 billion. Including additional co-investment commitments, the total capital raised for the Fund III strategy reaches €3.65 billion.
This milestone was achieved less than 18 months after the fund was registered with Spain’s financial regulator, CNMV, and in a market where fundraising timelines often stretch beyond two years.
The strong investor response reflects confidence in Asterion’s approach and track record. Fund III attracted 68 investors from across Europe, North America, the Middle East, and Asia. Notably, 86 percent of investors from the previous fund chose to reinvest, and the firm itself committed around 3.5 percent of the total capital, reinforcing its alignment with investor interests.
Founded in 2018 by Jesús Olmos, Winnie Wutte, and Guido Mitrani, Asterion began with a small team of 13 and has since grown to 67 employees, managing approximately $10 billion in assets. The firm operates out of offices in Madrid and London and has earned recognition as one of the top 25 global infrastructure managers. Its investment strategy remains consistent across all funds, focusing on mid-sized infrastructure projects in Western Europe, particularly in sectors like telecommunications, energy, utilities, and transportation. The firm emphasizes a hands-on approach to managing infrastructure risk and creating value throughout the investment lifecycle. It also maintains a strong commitment to responsible investing and collaborative partnerships with both portfolio companies and fund investors.
Fund III has already deployed about 40 percent of its capital across four investments. These include a minority stake in Dunkerque LNG, the largest liquefied natural gas terminal in France, which plays a key role in European energy security by serving both French and Belgian markets. Other investments include a 49 percent stake in 2i Aeroporti, which owns interests in several major Italian airports; Revalue Energies, a platform focused on renewable energy development in Italy; and ABIO, a biomethane platform with operations in Iberia, Italy, Germany, Benelux, and the UK.
To support its growing portfolio, Asterion has expanded its team with 18 new hires since the fund’s launch. Among them is John Empson, who joins as Operating Partner and Head of Financing. He brings over four decades of experience in finance and capital markets, having held senior roles at CVC and KKR. His background includes leadership in private credit, capital structuring, and investment strategy, and he previously worked alongside Asterion’s founding partners during his time at KKR.
KEY QUOTE:
“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.”
Winnie Wutte, Founding Partner of Asterion Industrial
