19 February 2021

Carey Olsen advises Basalt on launch of US$2.75 billion infrastructure fund

Lawyers from Carey Olsen's corporate team in Guernsey have advised Basalt Infrastructure Partners (Basalt) on the successful launch and final close of its latest fund, Basalt III, with commitments of US$2.75 billion.

Basalt III is the leading mid-market infrastructure investment firm's largest fund to date and was significantly oversubscribed, with the fund exceeding its original US$2 billion fundraising target. It received strong demand from the investor community throughout the coronavirus pandemic demonstrating continued support for Basalt's approach to mid-market infrastructure investing and focus on bilateral deal sourcing.

Like its predecessors, Basalt III will continue the strategy of transatlantic investing across Europe and North America, focusing on opportunities in the utilities, power, transport, and digital communications sectors.

Working alongside onshore counsel Kirkland & Ellis, the Carey Olsen team advising Basalt on all Guernsey legal and regulatory aspects of its launch was led by partner David Crosland, assisted by senior associate James Cooke and associate Colin Calvert.

David said: "Carey Olsen is pleased to have once again assisted long-standing client Basalt on the launch of its latest Guernsey fund structure. The hugely successful fundraise demonstrates the confidence in Basalt as an investor in the infrastructure sector's mid-market and its market leading position. Similarly, we are glad that Guernsey continues to be seen as a jurisdiction of choice for well-known fund managers such as Basalt."