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Antin nears halfway mark for NextGen Fund – exclusive

The Paris-listed manager is targeting €1.2bn for NextGen Fund I, while it's also set to begin fundraising for its fifth flagship vehicle later this year.

Antin Infrastructure Partners has raised nearly €600 million for its inaugural next generation infrastructure strategy, sources told Infrastructure Investor.

NextGen Fund I was launched in Q4 last year with a €1.2 billion target and after forming a team in May, with the hiring of Nathalie Kosciusko-Morizet, the former French minister of the environment, transportation and housing, based in New York; and Anand Jagannathan, former head of M&A at Investec, in London, as senior partners to lead the new strategy.  The fund reached an undisclosed first close in December, Antin revealed in a market update last week.

The strategy is focused on assets Antin sees currently on the periphery of the infrastructure space, which it then hopes to develop into infrastructure assets at the point of exit. No deals have been signed by the fund as of yet.

Infrastructure Investor understands most of the LPs investing in the NextGen fund to date are investors familiar to Antin from previous funds. A final close is envisaged by the end of Q2, Antin said last week, although it declined to comment on how much has been raised to date.

Antin also disclosed last week that it will be launching Antin Infrastructure Partners V later this year, with a target of either €10 billion or €11 billion. A first close is planned in Q2 or Q3, with a final close expected next year. Predecessor Funds II and III are generating gross multiples above plan of 2.5x and 1.6x respectively, while Fund IV is on plan with a 1.2x multiple, Antin stated.

The disclosures came via Antin’s first quarterly update since its Paris IPO at the end of September, raising €550 million and giving the firm a market capitalisation of €4.1 billion.