Copenhagen Infrastructure Partners closes Growth Markets Fund II at USD 3 billion

Copenhagen Infrastructure Partners (CIP) announced on 14 August 2026 that Growth Markets Fund II has reached final close at approximately USD 3 billion in commitments to the fund and associated vehicles. The Danish fund manager stated in its final close announcement that the vehicle is nearly triple the size of its predecessor and has already committed USD 1.6 billion across nine investments, with total value exceeding paid-in capital at final close.

Growth Markets Fund II invests in greenfield renewable energy infrastructure in 15 selected high-growth, middle-income markets across Eastern Europe, Asia and Latin America. Named target markets include India, Vietnam, the Philippines, Mexico and South Africa. CIP stated the fund is on track to be fully committed within one to two years.

What Growth Markets Fund II has built so far

Three deployments were named in the close announcement. The fund commissioned what CIP describes as the largest standalone battery project in Chile, delivered below budget. It began construction on Mexico’s first large-scale solar and battery storage projects, after securing the largest capacity awarded under the binding planning framework recently issued by the Mexican government. And it reached financial close on Pestera II, an onshore wind project CIP calls one of the largest renewable energy investments in Romania.

The predecessor fund gives a reference point. Growth Markets Fund I held a first close of USD 700 million in May 2019 and a final close of USD 1.0 billion in November 2019, on a ten-year term and a build-and-exit strategy. CIP stated that GMF I is now expected to deliver approximately 8.7 GW of energy capacity in India and South Africa across more than 50 projects. That figure is forward-looking and scoped to two countries, not a record of delivered capacity.

Sources: CIP final close announcement, 14 August 2026; CIP Growth Markets Funds page; CIP launch announcement, 4 December 2023.

Who backed the fund

CIP described a broader investor base than the first vintage. Niels Holst, Partner and Co-Head of Growth Markets Funds at CIP, stated that the fund attracted “a diverse group of LPs including sovereign wealth funds, pension funds, impact-focused family offices, and Development Finance Institutions (DFIs), in addition to re-ups from existing LPs, expanding our outreach across Asia, the Middle East, and North America”. CIP did not disclose the number of limited partners or the fund’s term.

Ole Kjems Sørensen, Partner and Co-Head of Growth Markets Funds, framed the strategy around markets with rising demand rather than mature grids, stating the aim is to connect capital with projects “in select Growth Markets that have a fundamental need for new and reliable energy infrastructure”.

The close continues a run of capital formation in climate and clean energy vehicles tracked in earlier Winss reporting, including the SA-H2 green hydrogen fund reaching its R3bn first close in Africa and Climentum landing a EUR 60m first close for its climate tech fund. Fund-level activity has held up even as venture funding fluctuates, a pattern visible in climate tech VC funding reaching $26.1bn in H1 2026.

One wording detail is worth noting for accuracy. CIP’s own body text describes the fund as “nearly triple” the size of the first vintage, while its summary line and Holst’s quote use “tripling”. On the published figures, USD 3.0 billion against USD 1.0 billion, the two framings differ only in how the “approximately” is read.

About Copenhagen Infrastructure Partners

Copenhagen Infrastructure Partners P/S was founded in 2012 and is headquartered in Copenhagen, Denmark. The firm states it manages 15 funds, has raised approximately EUR 43 billion to date from more than 200 institutional investors, employs more than 2,300 professionals and holds projects in more than 30 countries. Its investment scope covers power generation from solar and wind, energy storage, transmission and distribution, advanced bioenergy, low-carbon fuels and carbon capture. The Growth Markets strategy began with Growth Markets Fund I, which closed at USD 1.0 billion in November 2019 and targeted India and South Africa. CIP’s flagship series runs separately: CI V exceeded its EUR 12 billion target at final close in March 2025, excluding co-investment capital, and was estimated to add 30 GW of capacity. Growth Markets Fund II was launched at COP28 in Dubai on 4 December 2023 with a USD 3 billion target, as CIP’s twelfth fund, and has now closed at that level.

Sources: Copenhagen Infrastructure Partners via GlobeNewswire; Copenhagen Infrastructure Partners; Copenhagen Infrastructure Partners via GlobeNewswire; ESG Today; Copenhagen Infrastructure Partners via GlobeNewswire

Featured image: photo by Kristina Kutleša on Pexels (free Pexels license).

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Figen Sekin

I specialize in sustainability education, curriculum co-creation, and early-stage project strategy. At WINSS, I craft articles on sustainability, transformative AI, and related topics. When I’m not writing, you’ll find me chasing the perfect sushi roll, exploring cities around the globe, or unwinding with my dog Puffy — the world’s most loyal sidekick.