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France’s Swen avoids ‘J’ curve with latest infrastructure fund

MotorwaySwen Capital Partners has closed its second infrastructure fund at €307 million, above its initial target of €200 million.

Swen, a French private equity firm with a socially responsible investment strategy, is investing the fund in core infrastructure assets, greenfield projects and renewable energy.

The fund is managed as a fund of funds and follows an earlier infrastructure vehicle launched in 2010.

Jean-Philippe Richaud, managing director at the firm, says the new fund has made more than 15 investments and is 60% invested. It has distributed its first interest payment to investors after the final closing.

“This is good news for the investors in the fund which, like its predecessor, has not seen a ‘J’ curve". A J curve illustrates the typical pattern of negative returns in the early years of a private equity fund until investments mature and make positive returns.

The fund has a focus on geographical and sector diversification and invests in primary and secondary markets.

Swen is also active in private debt and has over €3 billion of total assets under management.

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