The asset management business has held a final closing of an infrastructure fund, tapping into demand it sees for an asset class from institutions as well as private client investors.

Deutsche Asset Management has announced the final close of a fund that holds unlisted European infrastructure investments, saying it has drawn money from investors in regions including Asia and North America as well as its home turf.

The fund is called Pan European Infrastructure II L.P and is a closed-end vehicle that has so far clocked up total commitments of about €1.8 billion from 31 institutional investors globally, with additional dedicated co-investment capital of at least €800 million. This brings the total available for investment to over €2.5 billion, Deutsche said in a statement.

PEIF II is a follow-on product to PEIF, which closed in July 2007. With a primary focus on mature brownfield assets, the PEIF II strategy is to invest in core Western European economic infrastructure assets across various industry sectors and countries. The aim is to generate steady cash yield with long-term capital appreciation. Investors are represented from across 15 countries. Pension funds and insurance (40 per cent each) represent the largest category of investor; the remainder comprises banks, asset managers and funds of funds.