Vesper Infrastructure Partners has secured €1 billion for its inaugural European infrastructure fund, surpassing its initial €800 million goal and advancing toward a final close in March 2026. The fund, launched during one of the most challenging capital-raising periods in three decades, achieved a first close of €300 million in September 2023 and a second close of €570 million in January 2025. Vesper Next Generation Infrastructure Fund I now stands as one of Europe's largest first-time infrastructure fund closes since 2023. The manager, based in Milan, employs a value-add strategy targeting emerging mid-market opportunities in clean energy, digital infrastructure, and sustainable logistics.

It deploys equity tickets of €150-180 million, aiming for 15-18% gross IRR and a 2x money multiple. RAD-x, a German-Swiss radiology platform, and EAG Bioenergy, a UK-Ireland bioenergy firm, are among six investments totaling €500 million deployed, generating high single-digit returns. Other holdings include SAF Aerogroup and BioHold. The fund anticipates three more investments by 2028, including a Spanish project, potentially reaching 70% deployment by 2026.

Known LPs include CDP Real Asset, COFIDES, and the European Investment Fund. Vesper plans to launch its second vintage fund, Vesper Next Generation Infrastructure Fund II, in early 2027, targeting over €1 billion to sustain its mid-market strategy.