OIC Closes $1.58B Fund to Fuel Middle-Market Infrastructure Growth

NEW YORK, NY – March 31, 2026 – Orion Infrastructure Capital (OIC) today announced the final close of its OIC Credit Opportunities Fund IV, securing $1.58 billion in total commitments. The fund significantly surpassed its $1.1 billion target by 43%, a clear signal of robust investor appetite for specialized infrastructure credit and a major vote of confidence in OIC's disciplined strategy.

The successful fundraising positions the firm to continue providing flexible, structured capital to middle-market infrastructure companies, a segment critical to economic growth but often underserved by traditional financing channels. With a focus on operating companies with resilient cash flows and strong downside protection, the new fund underscores the growing importance of private credit in building the backbone of the modern economy.

A Decade of Disciplined Growth

The closing of Fund IV marks a significant milestone for OIC, coinciding with the tenth anniversary of the first close of its inaugural independent fund. In that decade, the firm has established a formidable track record, completing over 50 investments and growing its assets under management to approximately $6.5 billion. This latest fund is its largest to date.

"Ten years after reaching the first close of our first independent fund on March 31, 2016, we have achieved three major milestones: completing over 50 investments, raising our largest fund at approximately $1.5 billion, and welcoming a record number of investors to our platform," said Nazar Massouh, CEO and Founding Partner of OIC. "As Founding Partners, Gerrit and I are very proud of what the OIC team has accomplished over the past decade.”

Investor loyalty has been a cornerstone of this success. Fund IV achieved a re-up rate of approximately 90% from the institutional investors in its predecessor, Fund III, which closed at $1.079 billion. This high rate of retention, coupled with new commitments from institutions across the United States, the Middle East, Europe, and Asia, highlights deep-seated confidence in OIC’s performance and execution. This pattern of oversubscription follows previous successes, including the firm's inaugural Infrastructure Growth Fund I, which also surpassed its target.

Capitalizing on a Dislocated Market

OIC’s successful fundraise comes at an opportune moment. The firm has explicitly stated its intention to capitalize on the current "dislocation" in the private credit market. This dislocation stems from a confluence of factors, including rising interest rates and tighter regulations like Basel III, which have made traditional banks more cautious and selective in their lending activities. This has created a financing vacuum, particularly for middle-market companies that may not have access to public capital markets.

Private credit firms like OIC are stepping in to fill this void. They offer bespoke financing solutions that are often faster and more flexible than what banks can provide. This is especially crucial for infrastructure projects, which frequently require long-term, patient capital tailored to complex development and operational timelines. OIC’s approach, centered on partnership and creative credit solutions, is well-suited to this environment.

"We are grateful for the support and trust of our investors, both those who have been with us for many years and those joining us for the first time," said Ethan Shoemaker, Head of Infrastructure Credit and Investment Partner at OIC. "Today’s environment is particularly compelling in the middle-market, with strong demand for capital across infrastructure subsectors creating attractive opportunities for disciplined investors able to provide flexible, structured capital solutions.”

From Funds to Foundations: Building Tomorrow's Infrastructure

Demonstrating its readiness to deploy this new capital, OIC has already committed over 30% of Fund IV through five seed investments. These initial partnerships offer a tangible glimpse into the fund's strategy and the real-world impact of its investments across key sectors driving sustainability and connectivity.

The portfolio includes:
* Gevo North Dakota: A renewable fuels platform involved in ethanol production, carbon capture and storage (CCS), and renewable natural gas (RNG). This investment directly supports the energy transition by financing the infrastructure needed to produce low-carbon fuels and reduce greenhouse gas emissions.
* DartPoints: A regional data center operator providing colocation and cloud services to Tier 2 and Tier 3 markets. By focusing on areas outside major metropolitan hubs, this investment helps bridge the digital divide, bringing critical digital infrastructure to underserved communities and supporting the broader digital economy.
* Eagle LNG: A small-scale Liquefied Natural Gas (LNG) production and logistics business. It serves maritime and utilities customers, providing a cleaner fuel alternative that is crucial for decarbonizing hard-to-abate sectors like shipping.
* Shaw: A 300-acre port facility and terminal on Lake Charles, strategically located near multiple LNG export projects. This investment bolsters the energy supply chain, providing essential logistics and terminaling infrastructure.

These investments showcase a clear focus on the foundational assets required for a modern, sustainable economy, spanning renewable energy, digital connectivity, and logistics.

The Future of Infrastructure Finance

The overwhelming success of OIC's Fund IV is more than just a win for a single firm; it is a barometer for a larger shift in the financial landscape. Private credit is no longer a niche alternative but a vital and mainstream component of infrastructure financing. For investors, the asset class offers attractive risk-adjusted returns, stable cash flows, and a hedge against inflation, making it a compelling choice in a volatile economic climate.

The strong re-up rate and influx of new global capital into Fund IV underscore this trend. "The strong re-up rate from existing investors and the addition of new global relationships reflect the confidence our limited partners have in our platform, the continued demand for middle-market infrastructure credit, and the ongoing innovation in our product offering," added Reyno Norval, Partner and Head of IDEA Group at OIC.

As traditional sources of capital remain constrained, specialized managers with deep industry expertise and flexible mandates are poised to play an increasingly critical role. By sourcing proprietary deals and structuring bespoke solutions, firms like OIC are not just deploying capital but actively building the resilient and sustainable infrastructure of the future. The successful close of Fund IV ensures that OIC will remain a key partner for entrepreneurs and a significant force in this evolving market for years to come.