AllianzGI beats target to close global infra fund above €1bn

The Munich-based asset manager has deployed roughly 40% of the infrastructure equity fund – a hybrid vehicle that will invest in other funds, secondaries but also directly via co-investments.

Allianz Global Investors has raised more than €1 billion for its global infrastructure equity fund in less than 12 months since its launch and above its €900 million target.

More than 40 percent of the Allianz Global Diversified Infrastructure Equity Fund has already been deployed a spokeswoman for the firm told Infrastructure Investor, but declined to provide further details.

“The AGDIEF will pursue primary fund commitments, secondary transactions and co-investments globally to build a diversified portfolio of core, core+ and value-add infrastructure assets,” the spokeswoman said. However, she declined to disclose details on how the fund will be allocated across fund commitments, secondary transactions and co-investments.

It will target investments in the energy, transportation, communications, environmental and social infrastructure sectors, primarily in OECD countries and other developed markets, but emerging markets are also explicitly part of the investment mandate, according to the spokeswoman.

AGDIEF, which attracted commitments from European pension funds, insurance companies, banks, foundations and several family offices, is AllianzGI’s second attempt to raise and manage third-party capital. The first was the Allianz European Infrastructure Fund, which closed on €860 million in December 2019.

Unlike AGDIEF, the European infrastructure fund invests directly in core assets in the eurozone. Both funds, however, “[enable] the ‘co-investing with Allianz’ approach as Allianz will in both funds contribute at least half of the capital invested in each investment,” the spokeswoman told Infrastructure Investor when AGDIEF reached a first close on more than €600 million last July.

Both funds are managed by Allianz Capital Partners, AllianzGI’s alternatives asset manager.