Copenhagen Infrastructure Partners K/S, or CIP, has raised $1 billion at the final close of its Copenhagen Infrastructure New Markets Fund I, exceeding the vehicle's target size.

The fund closed on Nov. 18 after a first round of fundraising that saw it secure $700 million in commitments from Nordic pension funds.

It attracted commitments from Danish export credit agency EKF, as well as pension funds, insurance companies, family offices, and a group of German and Austrian institutions.

The vehicle will focus on investments in greenfield renewable energy infrastructure projects in developing economies across Asia and Latin America, as well as certain countries in Eastern Europe, according to a Dec. 5 press release.

Overall, CIP has raised nearly €8 billion across five funds.