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Antin plots €6.5bn final close for Fund IV by June – exclusive

The fund has one asset under its belt after the $1.25bn acquisition of a US district heating business last year.

Antin Infrastructure Partners is expecting to reach the €6.5 billion hard-cap on its fourth fund by the middle of this year, sources have told Infrastructure Investor.

The Europe-focused manager is understood to be closing in on the target for Antin Infrastructure Partners IV, which was launched in late 2018 with a target of up to €6 billion. It now expects to reach the €6.5 billion hard-cap by June, with the fundraising not believed to be impacted significantly by the coronavirus crisis.

A little over €3.5 billion has been raised from existing Antin investors, one source said, while another source said other commitments have been raised from LPs new to the infrastructure asset class. Investors include Taiwan Life Insurance (€30 million) and the UK-based West Yorkshire Pension Fund (€27.5 million).

Antin held a first close in the first half of last year on just over €2.5 billion, despite its previous fundraising efforts holding “one and done” closes. A source had previously suggested to Infrastructure Investor this has been done to accommodate investors unable to commit within the shorter timeframe. The firm closed Antin Infrastructure Partners III on €3.6 billion in December 2016.

Antin declined to comment on the fundraising.

The fund has made one investment to date with the $1.25 billion acquisition of a US district heating business from France’s Veolia. Although the fund is focused on European investments, it has – like its predecessor – a 20 percent headroom to invest in North America. Last year, Antin opened its first office in the region in New York and in 2018 secured its first US investment with its deal to buy FirstLight Fiber.

In addition to energy and telecoms, the fund also targets deals in the transport and social infrastructure sectors, with a targeted gross return of 15 percent.