Post on 16-Mar-2021
Funds & Investors Report Full-Year 2019
2 Funds & Investors Report Full-Year 2019
Full-year 2019 – lower volumes but strong prospectsWhile the infrastructure fundraising market ended 2019 at a lower level compared with 2018, the industry is poised for another healthy year as many large funds continue to raise capital.
Around $95.7 billion was raised in 2019 by 54 unlisted, closed-ended funds at a global level compared with around $120 billion raised by 73 funds in 2018.
Funds might be fewer year-on-year, but many managers successfully raised larger vehicles compared to predecessor funds. For some of them, it meant moving slightly higher up in the market from a pure mid-market position.
On top of Global Infrastructure Partners closing its record GIP IV fund at $22
billion, EQT Partners more than doubled its previous vintage’s size by closing EQT IV at €9 billion ($10.1 billion). Ardian also raised a significantly larger fund – Ardian Infrastructure Fund V €6.1 billion ($6.9 billion). Similarly, Macquarie Infrastructure and Real Assets closed MEIF 6 at €6 billion ($6.7 billion) while Morgan Stanley Infrastructure Partners closed North Haven Infrastructure III at $5.5 billion.
While it has not contributed to the 2019 figures, Brookfield Asset Management is said to be looking at a Q1 final close above $20 billion on its Brookfield Infrastructure IV, while both I Squared Capital and Stonepeak Infrastructure Partners are in the market each targeting $10 billion in capital commitments for their latest vintage.
On the mid-market side, in Europe Basalt Infrastructure Partners, Mirova, DIF Capital Partners, Equitix and iCON Infrastructure are all in initial stages of fundraising.
Looking closely at the 2019 fundraising results, regional breakdown signals a very small focus (only 7% of the total) on North America with the majority of funds (48%) aimed at a global remit.
Overall, the numbers indicate a more generalist approach to fundraising, with 82% of the capital raised to be deployed into multiple sectors, while sector-focused funds have taken a smaller share of the total compared with 2018.
The trend of fewer funds making up more of the total capital collected by the
UNLISTED CAPITAL RAISED GLOBALLY AT FINAL CLOSE (USDm)
Source: IJInvestorUSDm
21,580
34,726
24,757
41,291
60,769
73,798
97,226
80,569 74,466
119,888
95,671
10,000
30,000
50,000
70,000
90,000
110,000
130,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Capital Raised
Date of Final Close
3ijinvestor.com
UNLISTED CAPITAL RAISED AT FINAL CLOSE (USDm) GEOGRAPHIC TARGETS 2019
Europe 27%
Global48%
Multiple17%
North America7%
Sub-Saharan Africa 1%
UNLISTED CAPITAL RAISED AT FINAL CLOSE (USDm) SECTOR TARGETS 2019
Multiple Sectors82%
Conventional & RenewableEnergy 2%
Oil & Gas 2%
Renewables 8%
Telecoms 6%
Source: IJInvestorSource: IJInvestor
UNLISTED CAPITAL RAISED GLOBALLY AT FINAL CLOSE - NUMBER OF FUNDS
Source: IJInvestor
Number of Funds
30
54 54
84
95 95
86 78 73 73
54
20
30
40
50
60
70
80
90
100
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Date of Final Close
4 Funds & Investors Report Full-Year 2019
UNLISTED INFRASTRUCTURE FUNDS AT FINAL CLOSE 2019
Source: IJInvestor
Fund Name Fund Manager Fund Currency
Fund Strategy
Target Size (USDm)
Final Size (USDm)
Final Close Date
Asset Stage Target
Geographic Targets
Sector Targets
Q1 2019
EQT Infrastructure IV EQT Partners EUR Equity $8,466 $10,160 Mar-19 Brownfield Multiple Multiple Sectors
Ardian Infrastructure Fund V Ardian EUR Equity $6,259 $6,941 Mar-19 Greenfield, Brownfield Europe Multiple Sectors
Quinbrook Low Carbon Power Fund
Quinbrook Infrastructure Partners USD Equity $1,000 $1,600 Mar-19 Brownfield Multiple Conventional &
Renewable Energy
BCP Energy Services Fund II Bernhard Capital Partners Management USD Equity $1,000 $1,200 Feb-19 Greenfield,
Brownfield North America Oil & Gas
Meridiam Infrastructure Africa Fund Meridiam EUR Equity $576 $616 Mar-19 Greenfield Multiple Multiple Sectors
New Energy Capital Infrastructure Credit Fund II New Energy Capital USD Mixed $400 $500 Jan-19 Greenfield,
Brownfield North America Renewables
Schroders Junior Loan Infrastructure Europe Fund Schroders EUR Mezzanine $336 $392 Mar-19 Greenfield,
Brownfield Europe Multiple Sectors
Mount Elbert Capital Partners Fund 1
Mount Elbert Capital Partners USD Equity $290 $382 Mar-19 Greenfield,
Brownfield Multiple Telecoms
InfraGreen III RGreen Invest EUR Mixed $281 $345 Mar-19 Greenfield, Brownfield Europe Renewables
Wind Infrastructure I BKN Capital; re:cap Global Investors EUR Equity $226 $226 Jan-19 Greenfield,
Brownfield Europe Renewables
Nouvelles Energies RGreen Invest EUR Debt $112 $139 Jan-19 Greenfield, Brownfield Europe Renewables
Q2 2019
Macquarie European Infrastructure Fund 6
Macquarie Infrastructure and Real Assets
EUR Equity $5,631 $6,757 Jun-19 Greenfield, Brownfield Europe Multiple Sectors
Digital Colony Partners Digital Colony USD Equity $3,000 $4,050 Jun-19 Greenfield, Brownfield Global Telecoms
European Diversified Infrastructure Fund II First State Investments EUR Equity $2,208 $2,881 May-19 Brownfield Europe Multiple Sectors
Carlyle Global Infrastructure Opportunities I Carlyle Group USD Equity $2,500 $2,200 Jun-19 Greenfield,
Brownfield Global Multiple Sectors
Cube Infrastructure Fund II Cube Infrastructure Managers EUR Equity $1,348 $1,128 Jun-19 Brownfield Europe Multiple Sectors
CalPERS GIP Separate Account Global Infrastructure Partners USD Equity $1,000 $1,000 Jun-19 Greenfield,
Brownfield Global Multiple Sectors
Glennmont Clean Energy Fund Europe III Glennmont Partners EUR Equity $781 $949 Jun-19 Greenfield,
Brownfield Europe Renewables
Grain Communications Opportunity Fund II Grain Management USD Equity $750 $899 Apr-19 Greenfield,
Brownfield North America Telecoms
Climate Investor One FMO; Phoenix InfraWorks USD Mixed $1,000 $850 Jun-19 Greenfield,
Brownfield Multiple Renewables
Fengate Core Infrastructure Fund III
Fengate Asset Management CAD Equity $568 $834 May-19 Greenfield,
Brownfield North America Multiple Sectors
Hull Street Energy Partners I Hull Street Energy USD Equity $500 $501 May-19 Greenfield, Brownfield North America Multiple Sectors
UniInstitutional Sachwerte SCS SICAV-SIF - Infrastruktur-Invest 1
Mercer Private Markets EUR Fund of
Funds $336 $495 Apr-19 Greenfield, Brownfield Global Multiple Sectors
Mirai Renewable Energy Fund SPARX Asset Management JPY Equity $274 $289 Apr-19 Greenfield Asia Pacific Renewables
YIELCO Special Situations Europe YIELCO Investments EUR Fund of Funds $255 Jun-19 Greenfield,
Brownfield Europe Multiple Sectors
Frontier Energy II Frontier Capital Management USD Equity $200 $227 Apr-19 Greenfield Sub-Saharan
Africa Renewables
5ijinvestor.com
Source: IJInvestor
UNLISTED INFRASTRUCTURE FUNDS AT FINAL CLOSE 2019
Fund Name Fund Manager Fund Currency
Fund Strategy
Target Size (USDm)
Final Size (USDm)
Final Close Date
Asset Stage Target
Geographic Targets
Sector Targets
Q3 2019
Goldman Sachs Renewable Power Goldman Sachs USD Equity $1,900 Sep-19 Greenfield, Brownfield North America Renewables
Actis Long Life Infrastructure Actis USD Equity $1,500 $1,230 Aug-19 Brownfield Multiple Multiple Sectors
Equitix Fund V Equitix GBP Equity $922 $1,227 Jul-19 Brownfield Europe Multiple Sectors
Africa Infrastructure Fund I A.P. Moller Capital USD Equity $1,000 $992 Aug-19 Greenfield, Brownfield Multiple Multiple Sectors
MEAG Infrastructure Debt Fund MEAG EUR Debt $547 $722 Jul-19 Greenfield, Brownfield Europe Multiple Sectors
ARC Energy Fund 9 ARC Financial Corporation CAD Equity $597 Jul-19 Brownfield North America Oil & Gas
UBS Clean Energy Infrastructure Switzerland 2
Fontavis; UBS Asset Management CHF Equity $404 $476 Sep-19 Greenfield,
Brownfield Europe Multiple Sectors
Everbright Overseas Infrastructure Investment Fund
China Everbright Group USD Equity $600 $458 Sep-19 Greenfield,
Brownfield Global Multiple Sectors
IFM OECD Infrastructure Debt Fund
IFM Investors; Hyundai Investments; Hanwha Asset Management
USD Debt $420 Aug-19 Greenfield, Brownfield Global Multiple Sectors
EIP Holdings II Everest Infrastructure Partners USD Equity $350 Aug-19 Greenfield,
Brownfield North America Telecoms
African Infrastructure Investment Fund 3
African Infrastructure Investment Managers USD Equity $320 Jul-19 Greenfield,
BrownfieldSub-Saharan Africa Multiple Sectors
Clean Growth Fund V North Sky Capital USD Fund of Funds $150 $220 Sep-19 Greenfield,
Brownfield North America Renewables
Evolution IIInspired Evolution Investment Management
USD Equity $200 $216 Sep-19 Greenfield, Brownfield
Sub-Saharan Africa
Conventional & Renewable Energy
Newcore Strategic Situations IV Newcore Capital Management GBP Equity $129 $194 Sep-19 Greenfield,
Brownfield Europe Social & Defence
Foresight Italian Green Bond Fund Foresight Group EUR Mixed $218 $82 Jul-19 Greenfield, Brownfield Europe Multiple Sectors
Orionis Renewable Energy Fund African Infrastructure Investment Managers ZAR Equity $26 Aug-19 Greenfield,
BrownfieldSub-Saharan Africa Renewables
Q4 2019
Global Infrastructure Partners IV Global Infrastructure Partners USD Equity $17,500 $22,000 Dec-19 Brownfield Global Multiple Sectors
North Haven Infrastructure Partners III
Morgan Stanley Infrastructure Partners USD Equity $4,000 $5,500 Dec-19 Greenfield,
Brownfield Global Multiple Sectors
AMP Capital Infrastructure Debt Fund IV AMP Capital USD Mezzanine $3,500 $4,000 Oct-19 Greenfield,
Brownfield Global Multiple Sectors
AMP Capital Global Infrastructure Fund II AMP Capital USD Equity $3,000 $3,400 Dec-19 Greenfield,
Brownfield Global Multiple Sectors
Rivage Euro Debt Infrastructure 3 Rivage Investment EUR Debt $1,108 Oct-19 Greenfield, Brownfield Europe Multiple Sectors
Copenhagen Infrastructure New Markets Fund I
Copenhagen Infrastructure Partners USD Equity $1,000 $1,000 Nov-19 Greenfield Global Renewables
Allianz European Infrastructure Fund
Allianz Capital Partners EUR Equity $833 $955 Dec-19 Greenfield,
Brownfield Europe Multiple Sectors
Eurofideme 4 Mirova EUR Mixed $554 $949 Nov-19 Greenfield, Brownfield Europe Multiple Sectors
Enhanced Sustainable Power Fund 4
KGAL Investment Management EUR Equity $548 $822 Oct-19 Greenfield,
Brownfield Global Renewables
Green Credit Continuum 2019 Amundi; European Investment Bank EUR Debt &
Mezzanine $282 Dec-19 Greenfield, Brownfield Europe Renewables
Barings Global Real Assets Fund Barings USD Fund of Funds $235 Oct-19 Greenfield,
Brownfield Global Multiple Sectors
Nouvelles Energies II RGreen Invest EUR Debt $167 $173 Dec-19 Greenfield, Brownfield Europe Renewables
Total $95,671
6 Funds & Investors Report Full-Year 2019
industry seems to have strengthened in 2019, with the five largest funds making up 55% of the total fundraising market, versus 35% in 2018. The average fund size is also increasing, landing at $1.7 billion this year versus $1.6 billion last year.
The year of offshore windOffshore wind was the stand-out sector for institutional investors and fund managers to deploy capital into. The acquisition of an 80% stake in the 402MW Veja Mate offshore wind farm marked the first foray into the sector for most of the buyers – including Commerz Real, Ingka Group, KGAL Group and wpd invest - thus underlining the ever-increasing attractiveness of offshore wind assets. The buyers paid a total ticket of €2.3 billion ($2.6 billion).
There were three more major offshore wind acquisitions in Germany. In June 2019, InfraRed’s listed renewables vehicle TRIG completed the acquisition of a 25% stake in the 330MW Gode 1 project from GIP. Then in September, UniCredit’s Ocean Breeze Energy closed in the sale of the 400WM BARD 1 to a MIRA consortium for around €1 billion ($1.1 billion).
Later in December, APG and InfraRed Capital-managed The Renewables Infrastructure Group bought Germany’s 396MW Merkur offshore wind farm for around €1.9 billion ($2.1 billion), beating bidders including China Huaneng Group, and consortia led by China Three Gorges and wpd Invest.
More capital was deployed into oil and gas than any other sector. Transport and renewables followed quite far behind, interestingly close to telecoms deals, which came fourth.
The acquisition of a 39% stake in Cadent Gas for $2.5 billion and that of a 40% stake in ADNOC Oil Pipelines for $4 billion saw a strong participation of institutional investors and fund managers.
Quadgas – the Cadent acquiring consortium - comprises long-term infrastructure investors, including: Macquarie Infrastructure and Real Assets, China Investment Corporation’s subsidiary CIC Capital Corporation, Allianz Capital Partners, Hermes Investment
FUNDRAISING CONCENTRATION (%)
Source: IJInvestorFive Largest Funds All Other Funds
Percentage of Capital Raised
Date of Final Close
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
7ijinvestor.com
FUNDS IN RAISING MODE BY TARGET SIZE (USDm) - GEOGRAPHIC TARGET
Asia Pacific8%
Europe 25%
Global22%
Latin America2%
Multiple12%
North America29%
Sub-Saharan Africa 2%
FUNDS IN RAISING MODE BY TARGET SIZE (USDm) - SECTOR TARGET
Multiple Sectors 64%
Oil & Gas 5%
Renewables 10%
Social & Defence 1%
Telecoms 2%
Transport 3%
Conventional & Renewable Energy 15%
Source: IJInvestorSource: IJInvestor
AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm) - STRATEGY
Source: IJInvestorEquity Mixed Debt & Mezzanine Mezzanine Date of Final Close Fund of Funds Debt
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
8 Funds & Investors Report Full-Year 2019
AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm) - SECTOR TARGET 2019
0 500 1,000 1,500 2,000 2,500 3,000
Social & Defence
Renewables
Oil & Gas
Conventional & Renewable Energy
Telecoms
Multiple Sectors
Final Close Size
AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm) - GEOGRAPHIC TARGET 2019
Final Close Size
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
Sub-Saharan Africa
Asia Pacific
Latin America
North America
Europe
Multiple
Global
AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm) - ASSET STAGE TARGET 2019
Final Close Size
0 1,000 2,000 3,000 4,000 5,000 6,000
Greenfield
Greenfield, Brownfield
Brownfield
Source: IJInvestor
Source: IJInvestor
Source: IJInvestor
9ijinvestor.com
PERCENTAGE OF TARGET SIZE REACHED AT FINAL CLOSE (USDm)
Percentage of Final Close Funds
Source: IJInvestorUp to 50% 51% to 99% 100% 101% to 150% More than 150% Date of Final Close
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Management, Qatar Investment Authority, Amber Infrastructure-managed fund INPP and Dalmore Capital, through its Dalmore Capital Fund 3. BlackRock and KKR were the signatories of the ADNOC deal to establish a new $4 billion midstream pipeline infrastructure partnership.
More airports are expected to come to market in 2020 but the sale of a minority stake in Brussels airport was the only European transport deal to make it into the top 10 transactions of 2019. However, the acquisition of heavy rail operator Genesee & Wyoming in the US by Brookfield Infrastructure and GIC came first with $8.4 billion.
2020: ESG and debt fundsESG seems set to be the major theme of 2020. It has evolved from a mere ticking box exercise into the guiding principle of many strategies and managers are developing tools to measure performance on ESG metrics and prove the benefits to portfolio performance.
Just as we went to press this report, a club of institutional investors and fund managers including AXA Investment Managers, BNP Paribas Asset Management, Sycomore Asset Management and Mirova announced a joint venture to develop a tool for measuring investment impact on biodiversity.
“There is growing interest in quantitative indicators among regulators, investors, and their clients because these indicators can be used to measure the impact of investments, particularly environmental impact, in order to obtain concrete portfolio sustainability assessments,” the announcement said.
This is only one of the tools that have been developed since COP 21 in 2015, which saw governments around the world agree to a 2°C global warming limit, to measure the carbon impact of portfolios.
Beyond this, the industry does not expect 2020 to be a particularly disruptive year, as some of the newer sector trends are largely expected to cement themselves and provide a wider range of opportunity for the large volumes of capital raised so far.
Telecoms and digital deals, alongside education and care homes assets are poised to keep raising in popularity among fund managers. A relatively new trend can be identified in the strategy that fund managers are likely to focus on to expand their remit.
In 2019, equity funds raised some $84.5 billion versus around $11 billion raised by debt strategies across senior, junior, and mezzanine debt and mixed equity and debt strategies.
While the gap is still significant, 2019 has seen some traditionally equity-oriented managers preparing to launch their maiden credit strategy in 2020.
10 Funds & Investors Report Full-Year 2019
START OF INVESTMENT PHASE OF UNLISTED FUNDS
Source: IJInvestorAfter Final Close Before Final Close Date of Final Close
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
NUMBER OF LPs BY DOMICILE 2019
Asia Pacific 15%
Europe 50%
MENA 1%
North America 31%
Sub-Saharan Africa 3%
Source: IJInvestor
NUMBER OF LPs BY DOMICILE 2018
Europe 53%
MENA 3%
North America 33%
Sub-Saharan Africa 1%
Asia Pacific 9%
LatinAmerica 1%
Source: IJInvestor
11ijinvestor.com
AVERAGE TIME TO FINAL CLOSE
Source: IJInvestorDate of Final Close
17 18
20
18 17
18
22
20
22
17
29
10
15
20
25
30
35
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Number of Months
DOMICILE OF LPs 2019
1.38% 1.38% 1.38%
1.83% 1.83% 1.83%
2.29% 2.29%
2.75% 2.75%
3.21% 3.21%
3.67% 5.05%
6.42% 7.34%
8.72% 14.22%
28.44%
Côte d'Ivoire Switzerland
Norway Japan
South Africa China
Finland South Korea
Canada Sweden
Netherlands France
Germany Other Countries
Denmark Australia
Luxembourg United Kingdom
United States
Source: IJInvestor
12 Funds & Investors Report Full-Year 2019
As yields are increasingly compressed in core infrastructure equity, debt − especially mezzanine debt − has become more attractive on a relative basis. For infrastructure asset owners, mezzanine debt is increasingly popular as a financing solution in both the US and Europe. On the other side of the pond, I Squared Capital and Starwood Energy are gearing up for this, while in Europe DIF Capital Partners is doing the same.
The fundraising environment has overall become more upskilled which has led LPs pushing GPs to find higher yields. While the average fund target hovers around 10-12% IRR, many managers are going higher up the curve to 15-17% territory.
Managers will continue getting creative in order to meet those expectations. While less fund-to-fund M&A activity is expected, many market players believe more fund consolidation is likely to be on the horizon.
FUNDS IN RAISING MODE BY TARGET SIZE - CURRENCY BREAKDOWN
Source: IJInvestor
0.07%
0.08%
0.16%
0.21%
0.29%
0.67%
1.07%
1.67%
1.72%
5.17%
11.65%
17.76%
59.46%
KRW
MAD
BRL
ZAR
COP
CAD
JPY
INR
AUD
CNY
GBP
EUR
USD
DOMICILE OF LPs 2018
1.10% 1.64% 1.64% 1.92% 1.92% 2.19% 2.19% 2.47%
3.56% 3.56% 3.56% 3.84%
4.66% 7.12%
8.49% 9.04%
12.88% 28.22%
Sweden
Netherlands
Norway
Israel
Australia
Italy
Bermuda
South Korea
Japan
Germany
France
Canada
Finland
Other Countries
Denmark
Luxembourg
United Kingdom
United States
Source: IJInvestor
13ijinvestor.com
AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm)
Source: IJInvestorUSDmDate of Final Close
660 622
435 509
652
820
1,136 1,065 1,025
1,665 1,747
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Average Capital Raised
FUNDS IN M&A DEALS BY ACCREDITED VALUE (USDm) - SECTORS 2019
Oil & Gas 26,566
Power 5,774
Renewables 11,525
Social & Defence 4,849
Telecoms 9,471
Transport 11,984
Multiple 549
Water609
FUNDS IN M&A DEALS BY ACCREDITED VALUE (USDm) - REGIONS 2019
Europe 34,035
MENA4,112
Latin America608
MultipleRegions609
North America24,429
Asia Pacific 7,643
Source: IJInvestorSource: IJInvestor
14 Funds & Investors Report Full-Year 2019
FUNDS IN M&A DEALS BY DEAL COUNT - SECTORS 2019
Multiple 1%
Conventional & Renewable Energy 1%
Oil & Gas 12%
Power 10%
Renewables 43%
Social & Defence 6%
Telecoms 12%
Transport 14%
Water1%
FUNDS IN M&A DEALS BY DEAL COUNT - REGIONS 2019
Europe 60%
MENA1%
Latin America2%
MultipleRegions1%
North America28%
Asia Pacific 7%
Sub-Saharan Africa1%
Source: IJInvestorSource: IJInvestor
FUNDS IN PRIMARY FINANCINGS BY ACCREDITED VALUE (USDm) - SECTORS 2019
Power 831
Social & Defence 622
Telecoms 209
Transport 2,899
Multiple 40
Renewables 3,768
FUNDS IN PRIMARY FINANCINGS BY ACCREDITED VALUE (USDm) - REGIONS 2019
Europe 2,560
MENA1,338
Latin America 33
MultipleRegions171
North America1,351
Asia Pacific 2,492
Sub-Saharan Africa424
424
Source: IJInvestorSource: IJInvestor
15ijinvestor.com
FUNDS IN PRIMARY FINANCINGS BY DEAL COUNT - SECTORS 2019
Power 8%
Social & Defence 8%
Telecoms 3%
Transport 16%
Mining 1%
Renewables 64%
3%
FUNDS IN PRIMARY FINANCINGS BY DEAL COUNT - REGIONS 2019
Europe 44%
MENA5%
Latin America 3%
MultipleRegions2%
North America11%
Asia Pacific 23%
Sub-Saharan Africa12%
Source: IJInvestorSource: IJInvestor
TOP 10 ACQUISITIONS BY TRANSACTION VALUE 2019
Rank Transaction Name Transaction Region
Transaction Country
Transaction Sector
Transaction Sub-sector
Transaction Value ($m)
1 Acquisition of Genesee & Wyoming North America United States Transport Heavy Rail 8,400
2 Acquisition of Buckeye Partners North America United States Oil & Gas Midstream 6,500
3 Acquisition of 37% in CEPSA Europe Spain Oil & Gas Upstream 4,200
4 Acquisition of 40% in ADNOC Oil Pipelines (750KM) MENA United Arab Emirates Oil & Gas Midstream 3,975
5 Acquisition of a 44% Stake in Tallgrass Energy North America United States Oil & Gas Midstream 3,300
6 Acquisition of 36% in Brussels Airport Europe Belgium Transport Airports 2,658
7 Acquisition of 80% in Veja Mate Offshore Wind Farm (402MW) Europe Germany Renewables Offshore Wind 2,608
8 Acquisition of 39% in Cadent Gas Europe United Kingdom Oil & Gas Midstream 2,496
9 Acquisition of 50% in Electricity North West Europe United Kingdom Power Transmission & Distribution 2,426
10 Acquisition of 25% in Dominion Cove Point LNG Facility North America United States Oil & Gas LNG 2,100
16 Funds & Investors Report Full-Year 2019
Rank Fund Sum of Accredited Value (USDm)
1 EQT Infrastructure IV 8,444
2 IFM Global Infrastructure Fund 8,133
3 Brookfield Infrastructure Fund IV 7,723
4 JPMorgan Infrastructure Investments Fund 6,787
5 Copenhagen Infrastructure III 4,508
6 Digital Colony Partners 4,200
7 QIC Global Infrastructure Fund 3,710
8 Global Energy and Power Infrastructure Fund III 3,609
9 Equitix Fund V 2,792
10 Macquarie European Infrastructure Fund 5 2,588
TOP 10 FUNDS - INFRASTRUCTURE ACTIVITY 2019
Rank Fund Sum of Accredited Value (USDm)
1 EQT Infrastructure IV 8,444
2 Brookfield Infrastructure Fund IV 7,723
3 IFM Global Infrastructure Fund 7,568
4 JPMorgan Infrastructure Investments Fund 5,201
5 Digital Colony Partners 4,200
6 Global Energy and Power Infrastructure Fund III 3,609
7 QIC Global Infrastructure Fund 3,592
8 Macquarie European Infrastructure Fund 5 2,522
9 Equitix Fund V 2,409
10 KKR Global Infrastructure Investors III 2,211
TOP 10 FUNDS - M&A ACTIVITY 2019
Source: IJInvestor
Rank Fund Sum of Accredited Value (USDm)
1 Copenhagen Infrastructure III 4,121
2 DIF Infrastructure V 2,179
3 Silk Road Fund- China 1,824
4 Copenhagen Infrastructure II 973
5 JLC Infrastructure Fund 814
6 United States Power Fund IV 720
7 Saudi Jordanian Investment Fund 705
8 Cubico Sustainable Investments 573
9 Northern Australia Infrastructure Facility 490
10 Aberdeen Global Infrastructure Partners II 408
TOP 10 FUNDS - PRIMARY FINANCINGS 2019
Rank Company Final Fund Size (USDm)
1 Simpson Thacher & Bartlett 23,550
2 Debevoise & Plimpton 22,000
3 Loyens & Loeff 10,160
4 Goodwin Procter 7,706
5 Linklaters 6,941
6 Simmons & Simmons 4,399
7 Kirkland & Ellis 4,000
8 Clifford Chance 3,474
9 Deloitte 2,881
10 Carey Olsen 1,783
TOP LEGAL ADVISERS - CAPITAL RAISING 2019
Rank Company Final Fund Size (USDm)
1 FIRSTavenue 5,176
2 Mercury Capital Advisors 1,128
3 JPG Private Equity 1,128
4 Threadmark 1,054
5 Credit Suisse Securities 899
6 Campbell Lutyens 616
7 FirstPoint Equity 597
8 DC Placement Advisors 555
9 Jefferies Group 514
10 Eaton Partners 501
TOP PLACEMENT AGENTS BY FUND FINAL SIZE 2019
Rank Company Final Fund Size (USDm)
1 Alter Domus 6,757
2 Mitsubishi UFJ Investor Services & Banking 3,400
3 RBC Investor & Treasury Services 3,226
4 Augentius 2,549
5 CACEIS 1,128
TOP ADMINISTRATORS BY FUND FINAL SIZE 2019
Source: IJInvestor
helpdesk@ijinvestor.com+44 20 7779 8284www.ijinvestor.com
IJGlobal, 8 Bouverie Street, LondonEC4Y 8AX
All content © Copyright 2020 Euromoney Institutional Investor plc, all rights reserved.