• $3 billion raised: Copenhagen Infrastructure Partners’ second Growth Markets Fund is nearly three times larger than its predecessor.
• $1.6 billion already committed: GMF II has backed nine investments across renewable energy, battery storage and power infrastructure.
• 15 growth markets targeted: The strategy focuses on high-growth, middle-income economies across Eastern Europe, Asia and Latin America.

CIP expands growth-market energy strategy

Copenhagen Infrastructure Partners has closed its second Growth Markets Fund at approximately $3 billion, expanding its ability to finance large-scale renewable energy infrastructure across emerging and middle-income economies.

Growth Markets Fund II, or GMF II, is nearly three times the size of CIP’s first fund in the strategy. Commitments came through the fund and associated investment vehicles.

The capital will target energy infrastructure across 15 selected markets in Eastern Europe, Asia and Latin America. These economies face rising electricity demand alongside growing pressure to expand lower-carbon generation and grid capacity.

GMF II has already committed $1.6 billion across nine investments. CIP expects the fund to become fully committed within one to two years.

Niels Holst, Partner and Co-Head of Growth Markets Funds at CIP, said: “Reaching a USD 3 billion final close and tripling the fund size compared to our predecessor fund is a strong validation of our Growth Markets strategy and of investors’ confidence in our ability to originate, develop, and build large-scale renewable energy projects. For GMF II, we have been successful in attracting 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.”

Capital moves into solar, storage and wind

The fund’s existing portfolio illustrates the infrastructure gaps CIP is targeting.

In Chile, GMF II has commissioned what CIP describes as the country’s largest standalone battery project. The facility was completed below budget.

In Mexico, the fund has started construction on the country’s first large-scale solar and battery storage projects. Those projects secured the largest capacity allocation under a recent binding planning framework issued by the Mexican government.

GMF II has also reached financial close on Pestera II, a major onshore wind project in Romania. CIP describes it as one of the country’s largest renewable energy investments.

The investments combine clean generation with technologies designed to improve power-system flexibility. Battery storage is becoming increasingly important as markets add more intermittent solar and wind capacity.

For governments, the projects can also support energy security objectives while reducing reliance on fossil-fuel generation.

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Investor demand grows for emerging-market infrastructure

CIP said investor interest reflects both the demand for new power infrastructure and the performance of its first Growth Markets Fund.

GMF I is expected to deliver about 8.7 GW of energy capacity across more than 50 projects in India and South Africa. That experience has given CIP a platform for deploying larger amounts of institutional capital into similar markets.

Ole Kjems Sørensen, Partner and Co-Head of Growth Markets Funds at CIP, said: “With GMF II, we are building on our track record and expanding our ability to connect capital with high-quality renewable energy projects in select Growth Markets that have a fundamental need for new and reliable energy infrastructure. We are delivering a robust investment product to our LPs, targeting attractive risk-adjusted returns within a resilient asset class.”

GMF II attracted sovereign wealth funds, pension funds, development finance institutions and impact-focused family offices. Existing investors also returned for the second fund.

That investor mix matters for markets where renewable energy demand is high, but project development can face financing, regulatory and execution risks. Long-term institutional capital can help absorb those risks while expanding the pool of financing available for greenfield infrastructure.

What investors and executives should watch

For institutional investors, GMF II reflects growing appetite for climate infrastructure outside established renewable markets. The opportunity is increasingly tied to rising electricity demand, energy security and industrial growth, rather than climate targets alone.

For policymakers, the fund also highlights the role that predictable planning frameworks can play in attracting private capital. Mexico’s capacity allocation demonstrates how regulatory structures can directly influence investment pipelines.

CIP’s $3 billion close adds substantial private capital to the global energy transition. Its deployment across Latin America, Eastern Europe and Asia will test whether large institutional funds can deliver renewable infrastructure at scale while meeting the return expectations of global investors.