Rivage Investment has raised €1bn for the 3rd vintage of its multi-investor senior infrastructure debt fund, REDI 3, significantly ahead of the final close of June 2020. REDI 3 targets investments in European senior secured, investment grade infrastructure debt with a spread of 200/250bps above the swap curve. To date, it has already invested in three projects.
It focuses on mid-size transactions in brownfield assets where Rivage Investment can play a key role in structuring the financing.
60% of the commitments came from investors in the previous vintages, with the other 40% from new investors. The fundraising process accelerated towards the end of summer, given the attractive return offered by REDI 3 when compared to the zero or negative yields available for investment grade bonds.
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