NOVA Infrastructure Doubles Fund Size with $1.5B Second Vehicle

NOVA Infrastructure has closed its second fund at approximately $1.5 billion in capital commitments, surpassing its target by more than 30% and more than doubling the $700 million raised for its 2022 debut vehicle. 

The fund attracted a broad base of institutional investors, including pensions, insurance companies, registered investment advisors and family offices across North America, Europe, Asia and the Middle East. U.S. sovereign and pension capital accounted for more than half of total commitments. 

NOVA Fund II will focus on operating businesses across environmental services, transportation, energy, energy transition and digital infrastructure. The firm plans to deploy capital across 10 to 12 investments in North America, targeting middle-market opportunities with long-term growth potential. 

The fund has already begun deploying capital, including two platform investments. In April 2025, NOVA acquired a majority stake in DartPoints, an enterprise data center provider, with a strategy focused on expanding capacity and scaling operations. Earlier, in May 2024, the firm agreed to acquire approximately 70% of UGE International, a community solar and battery storage platform. 

“We believe the successful close of NOVA Fund II above our target reflects strong investor confidence in our investment strategy and approach,” said Chris Beall. 

Lazard served as placement agent, while Jones Day acted as global fund counsel.