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Grain Management raising fourth main fund to back infrastructure investments

Telecoms investment firm Grain Management is reportedly looking to raise billions of dollars for its next investment fund.

The WSJ reports Grain is seeking to raise $4 billion for its fourth main fund to back infrastructure investments in the telecommunications sector

Grain Communications Opportunity Fund IV LP will mainly make equity investments in businesses in the broadband, data center, and telecom-tower sectors, according to documents prepared for the investment advisory council of Connecticut Retirement Plans and Trust Funds.

Although the fund is global, the focus would be on North America, with equity investments generally in the $100 million to $500 million range.

Founded in 2007 by former Global Signal president David Grain, the firm invests exclusively in the global broadband industry including fiber networks, wireless spectrum, cell towers, infrastructure services, and managed services.

As of December 2022, Grain managed nine investment vehicles representing an aggregate of $7.9 billion of managed assets. It has since acquired Alaskan fiber provider Quintillion and managed service provider Spectrotel in 2023.

Grain’s other investments include optical network integration provider LightRiver, telco-focused construction services firm Y-Com, Brazilian fiber firm Alares, telco logistics company Network Wireless Solutions, and education network provider WANRack,

It also owns fiber and broadband companies in Florida (Summit) Oregon (Hunter Comms), Mid-South (Ritter Comms), and Nebraska (Great Plains Comms), as well as several spectrum and tower holding companies.

Grain’s previous opportunity fund, GCOG III, closed in 2021 with $2.25 billion commitments against a $1.5 billion target. It’s second opportunity fund, GCOF II. closed in 2019 with $900 Million in commitments.

Previous investors include New York State Common Retirement Fund and the San Francisco Employees’ Retirement System. The WSJ said the Connecticut pension system’s advisory council was considering a commitment of up to $150 million to the new GCOF IV at its meeting earlier this week. Wall Street Journal

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