NOVA Infrastructure Exceeds Target and Raises $1.45 Billion in Aggregate Capital Commitments for NOVA Fund II

NEW YORK--(BUSINESS WIRE)--NOVA Infrastructure, a middle-market-focused infrastructure investment firm, today announced that it held a final close of its second managed fund, NOVA Fund II (“NOVA II” or “The Fund”). NOVA secured a total of $1.45 billion of aggregate capital commitments, exceeding NOVA II’s target by more than 30 percent and more than doubling the amount raised in NOVA’s inaugural fund, NOVA Fund I, which closed in 2022.

“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, Founder and Managing Partner of NOVA. “We are grateful for the continued support from so many of our limited partners and are pleased to welcome new investors to NOVA.”

NOVA II continues NOVA’s strategy of focusing on value-added, middle market infrastructure investments in North America, targeting operating businesses in the environmental services, transportation, energy and energy transition, and digital infrastructure sectors. The Fund has made two platform investments to date, which include DartPoints, a provider of enterprise data centers, and UGE International, a community solar and battery storage business. NOVA currently expects to deploy Fund II across 10-12 total investments among its target sectors primarily in North America.

The Fund received commitments from a diverse group of leading US and international investors, including pensions, insurance companies, consultants, registered investment advisers, and family offices. In addition to the very high reup rate from NOVA Fund I, NOVA II closed investors in new jurisdictions throughout North America, Europe, Asia, and the Middle East, with US sovereign and pension capital accounting for more than half of NOVA II’s capital commitments.

“Our focus on real assets in the lower mid-market and our investment approach resonated with investors throughout the fundraising process,” said Allison Kingsley, Founder and Partner at NOVA. This achievement is a true testament to the hard work and dedication of our experienced and growing team.”

Lazard acted as NOVA’s placement agent for Fund II. Jones Day served as global fund counsel on NOVA Fund II’s structuring and offering.

About NOVA Infrastructure

Founded in 2018, NOVA Infrastructure is a value-added, middle market infrastructure investment firm focused on North America. NOVA seeks to make investments which emphasize the downside protection features of the infrastructure asset class with operationally focused, value-added upside strategies. NOVA targets investments in environmental services, transportation, energy and energy transition, and digital infrastructure sectors.