Investment management firm Digital Transformation Capital Partners (DTCP) raised more funds for its second digital infrastructure fund.
The company this week announced the second closing of its Digital Infrastructure Vehicle II (DIV II) fund, having now raised around €1 billion ($1bn).
First launched in June 2021, the fund has raised additional capital from new investors including BlackRock and abrdn [Editor's note: That's not a typo], as well as an unnamed sovereign wealth fund from the Middle East and various German insurance companies.
The fund, which focuses on fiber networks, mobile towers, and data centers across Europe, will continue to raise significant capital until its final closing in 2023. It is targeting eight to ten equity investments in the range of €150 to €250 million ($150.4-250.7m) each.
Vicente Vento, founder & CEO of DTCP and managing partner of DIV II, said: “We would like to thank our existing and new investors for their support and trust. Our existing portfolio is performing strongly and our investment pipeline holds many exciting opportunities that offer attractive risk-adjusted returns. The second closing of DIV II is an important milestone in our journey to accelerate digital transformation and create a diverse, equal, and carbon-neutral digital society.”
DIV II has already committed €730 million ($731.9m) in four transactions. DIV II was a founding investor in Dutch tower company Cellnex NL, formed through the combination of the Deutsche Telekom and Cellnex tower businesses; the fund also invested in fiber-to-the-home providers Open Dutch Fiber and E-Fiber; and recently invested in an unidentified ‘European data center business,’ which is expected to be completed shortly.
DTCP’s other investments include CellNex’s Swiss operations, CloudReach, Community Fibre, and Keepler. The company has three Growth Equity Funds and two Digital Infrastructure Vehicle funds, with the first DIV fund launching in 2017.
