Paris-based RGREEN INVEST secured €900 million for its fifth energy transition fund, exceeding the target range of €800-1 billion. INFRAGREEN V represents a 35% increase over its predecessor, which closed at €670 million in 2021. The fundraising took longer than expected due to market headwinds, though an 80% re-up rate from previous investors demonstrated strong confidence.

The fund targets mid-market energy transition assets across Europe, including solar, wind, and energy storage, while avoiding subsidy-linked projects. Managing partner Stéphanie Bégué highlighted the fierce competition from larger funds entering traditionally mid-market sectors. Despite these challenges, RGREEN expanded its investor base, with 50% of LPs new to the manager.

INFRAGREEN V has already deployed 70% of its capital, targeting full allocation by year-end. The fund leverages RGREEN's strengths in markets like Italy and Poland, benefiting from a low-capex environment driven by US-China trade tensions. With €3.4 billion in assets under management, the Article 9 vehicle aims for double-digit returns over its 10-year horizon.