In November, Washington State Investment Board committed $175m to the fund, with an additional $75m of co-investment capital.
Infrastructure has played a prominent role in the growth and diversification of manager portfolios, with the top 10 GPs raising $934bn over the past decade.
Brookfield and GIP’s latest funds can hang comfortably with PE’s big boys. But despite infra’s long-term credentials, it’s PE firms that are amassing the largest amounts of perpetual capital.
The fund has already made three investments, including its first bioenergy deals since hiring a team from Foresight Group last year.
The firm has already raised €500m from European investors and will now pitch the vehicle to Australian LPs.
The vehicle’s £1.25bn target is the same figure as the hard-cap of its predecessor fund, which closed in November 2017.
The vehicle is already 45% invested and is targeting upper mid-teen returns from water assets and other 'essential' infrastructure.
The Swiss fund manager has already deployed roughly €93m through SEEF II, a fund that could be double the size of its predecessor should it reach its €400m hard-cap.