Infrastructure Funds Tracker: September Fund Roundup
- Daiwa International Capital Partners (DICP) - newly established fund management arm of Daiwa bank. Hired ex-Dalmore Capital Investment Manager Gregor Jackson to set up- based in London
- Antin Infrastructure Partners - in early stage discussions with LPs to launch a new EUR 1-1.5bn mid market infrastructure fund- Antin Infrastructure Mid Cap I
- MIRA- has raised EUR 1.5bn for Macquarie GIG Renewable Energy Fund 2- looking to hold FC at EUR 2bn by year-end:
Strategy: 25-year fund targeting onshore wind, offshore wind and solar PV assets predominately in Europe, but also in the US, Canada, Mexico, Japan, Taiwan, Australia and New Zealand
MIRA has also launched a fund with Spanish insurer MAPFRE and asset manager Abante, MAPFRE Infraestructuras FCR, a EUR 200m fund-of-funds. The fund already has a EUR 50 cornerstone investment from MAPFRE
- Copenhagen Infrastructure Partners – held EUR 4bn second close of Copenhagen Infrastructure IV (CI IV). Fund could reach up to EUR 7bn at final close
Strategy: between 13 and 15 investments with an average size of EUR 350m per project, with a target net IRR of 11% over a 20-year period.
Contracted offshore wind, onshore wind, solar PV, transmission, battery storage and waste-to-energy. Markets: low-risk, OECD countries in Western Europe, North America and developed countries in Asia and Australasia:
- EQT - due to hold first close of EQT Infrastructure V. Fund launched in June, with EUR 12.5bn target and EUR 15bn hard cap
Strategy: controlling stakes in operating infrastructure with operational growth potential in Europe and North America, with some investment in the APAC region.
Target sectors include midstream energy, power, and utilities, transportation and logistics, the environmental sector and telecommunications
- KKR - pre-marketing KKR Global Infrastructure Investors IV with a target exceeding USD 12bn
Strategy: investing predominately in brownfield assets in Organisation for Economic Co-operation and Development countries across the transport, telecoms, power and renewables sectors.
It is expected to target a net IRR in the region of 10%-13%.
- Swiss Life Asset Managers - exceeded fundraising target for Swiss Life Funds (Lux) Global Infrastructure Opportunities III (GIO III). EUR 1.6bn target
Strategy: The fund targets direct core investments in Europe and North America across the regulated utilities, transport, energy, renewable energy, telecommunications and social infrastructure sectors.
Also launched its first infrastructure debt platform, based in Paris- aiming to invest EUR 1.5bn over next three years in senior debt financing through loans and bonds, initially on behalf of its insurance companies, then third-party capital.
- I Squared Capital - set up USD 800m credit investment platform in partnership with various institutional investors
Strategy: targets a blend of investments across senior, mezzanine and unitranche debt to established corporate sponsors and middle-market developers in the energy, utilities, transport, telecom and social infrastructure sectors
- Vauban Infrastructure Partners - due to hold a EUR 2bn close of Vauban Core Infrastructure Fund III by year-end- but could continue capital raise until March until it hits EUR 2.5bn hard cap
Strategy: core infrastructure assets across continental Europe, with a buy-and-hold strategy. The fund has a target deployment of 50% of the fund’s total size by the end of the year
- UBS Asset Management - launched its first high-yield infrastructure debt fund, Archmore Infrastructure Debt Platform – High Yield Credit. Target of EUR 300m, and EUR 500m hard cap
Strategy: junior debt, including both loans and bonds. It could also invest in senior sub-investment grade debt instruments, such as construction loans and unitranche loans
Across Europe, primarily in euro-denominated debt, with a focus on mid-market deals across all infrastructure subsectors, including transport, social infrastructure, telecoms, energy, utilities and renewables
Tracker Published: 6 October
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