Foundation Credit Closes Infrastructure Debt Fund at $540M

Foundation Credit has closed its second infrastructure debt fund with approximately $540 million in commitments, exceeding its fundraising target as the investment manager pursues lending opportunities in the fragmented market for local U.S. infrastructure.

Foundation Infrastructure Debt Fund II LP attracted existing and new investors, including pension funds, insurance companies, endowments, foundations, asset managers and registered investment advisers.

The vehicle is part of Foundation’s Infrastructure Opportunities platform, which provides capital for middle-market projects across transportation, water and wastewater, sustainable and environmental infrastructure, social infrastructure and smart infrastructure.

“As a solutions provider for essential infrastructure projects across the United States, we are excited about the robust pipeline of opportunities in our middle market focused infrastructure debt strategy,” said Steve Pinkos, president of Foundation Credit.

The broader platform invests in public and private credit backed by local infrastructure. Its stated investment universe includes airports, ports, roads, water systems, renewable energy, workforce housing, broadband networks and data centers.

The fundraising follows a recent ownership transaction. New Holland Capital acquired a majority stake in Foundation through a partnership that also includes investments in its municipal credit and infrastructure debt strategies.

Foundation CEO Hector Negroni continues to lead the business and retains control over daily operations and investment decisions.