Foundation Credit has announced the final close of Foundation Infrastructure Debt Fund II LP with approximately $540 million of total capital commitments, exceeding its target of $500 million. The fund drew participation from a broad mix of existing and new institutional investors, including pension funds, insurance companies, endowments and foundations, asset managers and registered investment advisers.
The fund sits on the firm’s Foundation Infrastructure Opportunities platform and lends into what it calls the highly fragmented local United States infrastructure debt market, offering patient, flexible capital to middle market borrowers. Its sector focus spans transportation, water and wastewater, sustainable and environmental projects, social infrastructure and smart infrastructure.
“We are grateful for the support and confidence of our investing partners in FIO Fund II,” said Steve Pinkos, president of Foundation Credit. “As a solutions provider for essential infrastructure projects across the United States, we are excited about the robust pipeline of opportunities in our middle market focused infrastructure debt strategy.”
The close was reported by AltAssets a week after the firm announced a majority investment from fellow alternative asset manager New Holland Capital, so the fund closes with both fresh investor capital and a new majority owner behind the platform. Foundation Credit, founded in 2012, manages money across the United States municipal credit and infrastructure debt markets.