Copenhagen Infrastructure V USD Feeder SCSp
Copenhagen Infrastructure V USD Feeder SCSp is a Luxembourg-domiciled feeder investment vehicle associated with Copenhagen Infrastructure V, structured to channel investor capital into the underlying infrastructure fund. It is set up as a special limited partnership and is used to participate in infrastructure investments through the master fund structure.
Fiscal year 2025 · change from previous year
Development 2024–2025
Business
Share of revenueInvestor capital is collected in the feeder and passed into the underlying infrastructure fund structure.
Customers
The fund serves professional and institutional investors that want exposure to infrastructure assets through a managed fund structure. Investors buy into the feeder because it provides access to the Copenhagen Infrastructure platform and a USD-denominated entry point into the strategy.
Pension funds, insurers, endowments and similar allocators buying fund interests for infrastructure exposure.
Family offices and other sophisticated investors using the feeder for managed access to the strategy.
Investors preferring a USD-denominated vehicle to reduce currency mismatch at the fund entry level.
Strategy
The vehicle’s role is to provide a clean capital-raising and investment channel into the Copenhagen Infrastructure V strategy. Its structure is designed to simplify investor access, maintain currency denomination consistency, and route subscriptions into the underlying infrastructure portfolio.
The feeder exists to streamline subscriptions into the underlying infrastructure vehicle.
A feeder structure can reduce administrative friction for allocators seeking exposure through a single entry point.
Geography
The available filing identifies the vehicle as Denmark-linked, but the underlying operating geography is not disclosed in the excerpt provided. As a feeder fund, geographic exposure is primarily determined by the portfolio of the underlying infrastructure investments rather than by physical operations of its own.
Risks
The main risks are structural and market-based: returns depend on the performance, valuation and cash generation of the underlying infrastructure portfolio, while fund-level results can also be affected by fair-value movements and investment timing. For investors, currency, liquidity and fund-structure complexity are the key considerations in a feeder vehicle like this.
- Underlying portfolio valuation riskImpact: HighLikelihood: High
Feeder results depend on the fair value and performance of the underlying infrastructure assets.
Exposure: Fund-level NAV and investor returns
- Liquidity and redemption constraintsImpact: HighLikelihood: Medium
Closed-end infrastructure structures typically limit investor liquidity and timing flexibility.
Exposure: Investor exit terms and capital lock-up
- Currency mismatchImpact: MediumLikelihood: Medium
The feeder is USD-denominated while the broader structure may hold assets and liabilities in other currencies.
Exposure: FX translation and investor matching
Accounting
Judgemental itemsThe excerpt references financial assets and liabilities measured at fair value, which can move reported results significantly.
Impact: NAV and profit volatility
The filing mentions fair value on initial recognition and direct transaction costs.
Impact: Entry valuation and upfront cost treatment
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Last updated: 24/10/2026