Carlyle has raised $2.3bn (£1.9bn) for its second infrastructure credit fund at final close, with the vehicle three times larger than its predecessor.

The Carlyle Infrastructure Credit Fund II exceeded Carlyle’s $2bn target, receiving commitments from institutions across North America, Europe and Asia, the global investment firm said.

Read more: Principal opens 401(k) plants to private markets

“This fundraise reflects the continued momentum across Carlyle’s global credit platform and investor demand for differentiated private credit strategies,” said Mark Jenkins, co-president and head of global credit and insurance at Carlyle.

Read more: AB, Brookfield and Carlyle launch private markets solution for US DC plans

The fund focuses on financing infrastructure businesses and assets, investing in below-investment-grade opportunities across areas such as the energy transition, digital infrastructure, low-carbon power as well as water and waste treatment.

It has a portfolio of six investments across North America and Europe, with approximately $500m of capital committed, Carlyle said.

Overall, Carlyle’s infrastructure credit arm manages around $8.7bn, while its global credit platform has $211bn in assets.

Read more: EIG raises $4bn across infrastructure debt platform