Copenhagen Infrastructure Partners closes Growth Markets Fund II at $3 billion, tripling its 2019 predecessor

Copenhagen Infrastructure Partners (CIP) finalised fundraising for its Growth Markets Fund II (GMF II) on 14 August 2026, reaching approximately $3 billion in commitments - nearly triple the $1 billion raised for its 2019 predecessor^[1].

What the fund does and where it invests

GMF II targets large-scale greenfield energy infrastructure projects across 15 high-growth, middle-income markets in Eastern Europe, Asia, and Latin America. CIP has named five of those markets explicitly: India, Vietnam, the Philippines, Mexico, and South Africa. The strategy spans offshore and onshore wind, solar PV, battery storage, and power-to-X.

The fund is not a blind pool. At launch in late 2023, CIP already held development-stage projects representing more than $5 billion in potential equity commitments - well above the $3 billion target - giving LPs visibility on deployment pace from the outset.

What has already been deployed

GMF II has committed $1.6 billion across nine investments at final close^[1], and CIP says total value already exceeds paid-in capital. Portfolio highlights include:

• Commissioning of what CIP describes as Chile's largest standalone battery project, completed below budget.
• Commencement of construction on Mexico's first large-scale solar-plus-storage projects, including the 420 MWdc / 750 MWh La Esperanza project in Campeche state, which reached financial close on 6 August 2026.

The predecessor fund, GMF I, provides the performance context. GMF I, which closed at $1 billion in November 2019, is now expected to deliver approximately 8.7 GW of energy capacity across more than 50 projects in India and South Africa.

Who backed the fund

CIP attracted a broad LP base for GMF II, including sovereign wealth funds, pension funds, development finance institutions (DFIs), and impact-focused family offices, alongside re-ups from existing investors. The firm says it expanded its outreach across Asia, the Middle East, and North America for this vintage.

That LP composition matters for the markets CIP is targeting. DFIs and impact-focused capital can absorb the regulatory and execution risk that deters purely commercial investors from greenfield development in middle-income economies - a structural advantage when competing for project rights in markets like Vietnam or the Philippines.

Scale and what comes next

CIP manages 15 funds and has raised approximately EUR 43 billion in total since its founding in 2012, with more than 200 institutional investors and a staff of over 2,300 across its global network. GMF II is positioned as the world's largest fund dedicated to greenfield renewables in high-growth, middle-income countries.

CIP has indicated GMF II is expected to deliver around 10 GW of renewable energy capacity, reflecting roughly $10 billion of total capital infrastructure investment. With $1.6 billion committed and $1.4 billion still to deploy, the pace of new project announcements across the 15 target markets is the figure to track from here.