Connecting Europe Broadband Fund (CEBF) is a Luxembourg-based fund established in June 2018 with a first closing at EUR 420mn and managed by Cube Infrastructure Managers, an independent Luxembourgian AIFM. CEBF has a target size of EUR 600mn. CEBF targets investments in broadband network infrastructure across underserved areas in Europe in order to meet the growing demand for financing of smaller-scale broadband projects across the EU, Norway and Iceland which currently do not have easy access to funding. It is open to the participation of private investors. The innovative structure of the fund, with a layered structure offering various levels of risks and a unique governance structure reconciling the interests of different groups of investors (ensuring an effective balance between public and private investors), has made it a first of its kind.