US investment manager Ares Management Corporation has closed its latest $5 billion infrastructure fund.

The company this week announced the final closing of its Infrastructure Debt Fund V (IDF V), which is focused on making investments across the digital, utilities, renewables, energy, and transportation sectors.

IDF V held its final close on December 29, 2022, at approximately $5 billion, including General Partner commitments and related transaction vehicles.

Target transaction sizes for IDF range from $100 million to $750 million+, its target sectors include telecoms towers, fiber, and data centers, as well as ports, airports, energy infrastructure, and water & heating utilities. Ares has invested or committed approximately $2 billion of IDF V’s investable capital base to date.

“We appreciated the strong support and interest from our existing and new investors in IDF V,” said Patrick Trears, partner and global head of Ares Infrastructure Debt. “Our investors’ confidence and trust reflects the strength of the Ares Infrastructure Debt strategy, which is backed by our global team with a long track record supported by the increasing capital demands for infrastructure debt.”

Michael Smith, partner and co-head of the Ares Credit Group, added: “By adding the Infrastructure Debt strategy to the Ares platform, we have been able to provide our investors a meaningful opportunity to participate in the expanding infrastructure market. As a leader in private credit and infrastructure debt, we seek to provide one-stop financing solutions for essential infrastructure projects and companies.”

Founded in 1997, California-based Ares has more than $300 billion of assets under management.

Last year EdgeConneX secured more than $1 billion in sustainability-linked debt financing from funds managed by Ares Management Corporation’s Infrastructure Debt unit.