# CI Artemis II K/S

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/ciartemisii).

## Overview

CI Artemis II K/S is a Denmark-based investment fund structured as a limited partnership. Its core activity is investing in infrastructure assets through a network of holding entities and portfolio investments, with reported interests managed on a fair value basis.

## Products & services

• Infrastructure investment fund structure
• Equity interests in portfolio holding entities
• Fair value-based investment management
• Indirect ownership through special purpose entities

- **Infrastructure Investments** (100%) — Direct and indirect equity investments in infrastructure-related portfolio companies and holding entities.

- Infrastructure investment fund structure
- Equity interests in portfolio holding entities
- Fair value-based investment management
- Indirect ownership through special purpose entities

## Customers

The fund's investors are typically institutional or sophisticated capital providers seeking exposure to infrastructure assets through a pooled vehicle. Any economic return is generated from the performance and valuation of the underlying investments rather than from sales to operating customers. The structure is designed for investors that want indirect access to a diversified portfolio of infrastructure holdings.

- **Institutional investors** (primary) — They subscribe to fund interests to gain exposure to infrastructure assets and portfolio-level diversification.
- **Sophisticated private capital** (secondary) — They invest through the partnership structure for indirect ownership of underlying assets and entities.

- Institutional investors seeking infrastructure exposure
- Sophisticated capital providers using a partnership vehicle
- Investors focused on long-term asset ownership
- Parties buying indirect exposure through fund interests

## Geography

The fund is organized in Denmark, which is its home jurisdiction and reporting base. The available report excerpt does not provide a country-by-country revenue split, and the underlying infrastructure investments are held through a chain of entities rather than a simple operating footprint. Geography therefore matters mainly through the domicile of the fund and the locations of the portfolio assets.

- Domiciled and reported in Denmark
- Invests through multiple holding entities
- Underlying asset locations are not fully disclosed
- Geographic exposure depends on portfolio assets

## Strategy

The fund's strategy is to hold and manage infrastructure investments through a layered entity structure. A central priority is to value those investments on a fair value basis and maintain reporting clarity by limiting disclosure to direct ownership entities. This structure supports portfolio management while keeping the annual report focused on material holdings.

- **Manage infrastructure portfolio exposures** (medium-term) — The fund's performance depends on the quality and valuation of its underlying infrastructure investments.
- **Apply fair value investment accounting** (short-term) — Fair value marks determine reported investment performance when underlying profits are not recognized directly.

- Invest in infrastructure assets through a fund structure
- Use direct and indirect holdings to build exposure
- Mark investments to fair value regularly
- Keep reporting focused on material direct entities

## Risks

The main risks are valuation risk, concentration risk in infrastructure assets, and complexity from holding investments through multiple entities. Because the fund does not recognize the operating profits of investments line by line, changes in fair value and assumptions can materially affect reported results. Exposure also depends on the jurisdictions, leverage, and operational performance of the underlying portfolio companies.

- **Fair value volatility** [high] — The fund measures investments at fair value, so changes in assumptions and market conditions directly affect reported performance.
- **Portfolio concentration** [high] — Infrastructure funds can be exposed to a limited number of assets or sectors, making performance dependent on a small set of holdings.
- **Structural complexity** [medium] — The fund invests through a string of entities, which can reduce transparency and complicate ownership analysis.

- Fair value estimates can move materially with market assumptions
- Portfolio concentration may amplify asset-specific underperformance
- Multi-entity structure increases complexity and transparency risk
- Underlying infrastructure assets may face regulatory and operational risk

## Accounting

The key accounting issue is fair value measurement of investments, since the fund does not recognize proportionate shares of investee profit or loss in the income statement. Reported results therefore depend heavily on valuation techniques, assumptions, and periodic remeasurement rather than operating cash earnings. The use of a multi-entity holding structure also makes consolidation and ownership disclosure more judgmental.

- **Fair value measurement** — Reported earnings and carrying values
- **Consolidation and ownership disclosure** — Transparency and comparability

- Fair value adjustments drive reported investment gains or losses
- Underlying investee profits are not booked proportionately
- Valuation assumptions can materially change reported equity value
- Complex ownership chains increase disclosure judgment

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*Last updated: 2026-10-24T15:03:49.846730+00:00*