Infracapital, M&G Investments' infrastructure arm that has invested in U.K. water company Affinity Water, has beaten its target on its latest fund.

Infracapital said in a statement Tuesday that it had closed its latest fund, Infracapital Partners II, with £1 billion of commitments, and a further £300 million worth of pledges for co-investments. The target of the fund was £900 million, said a person close to the matter.