Antin’s fifth flagship reaches halfway mark with €5bn first close

Fund V, the GP’s largest, is targeting €10bn with a €12bn hard-cap, as Antin continues to raise its debut NexGen vehicle.

Antin Infrastructure Partners announced Thursday that it has raised more than €5 billion at first close for its fifth flagship, taking it halfway to its €10 billion target. Fund V, Antin’s largest so far, has a €12 billion hard-cap and is expecting a second close before the New Year.

Fundraising began in March 2022 and the investment period commenced on 2 August. On the same day, it was announced that the fund’s first investment was a majority stake in German renewable energy platform Blue Elephant Energy.

As with Antin’s previous flagship funds, Fund V seeks out controlling equity investments in energy, telecoms, transport and social infrastructure. It will invest in Europe and North America, with the latter being an investment destination since Fund III.

The size of the first close bodes well for the vehicle, and previous Antin funds have closed well above target. Its most recent, Mid Cap I, closed on €2.2 billion in June 2021, above its €1.5 billion target. Antin’s largest fund to date – Fund IV – closed in July 2020 having raised €6.5 billion, with a target of €5.5 billion.

To date, Antin’s flagship funds have a history of high performance with Funds II, III and IV recording gross multiples of 2.6x, 1.8x and 1.3x, respectively, as of 30 June.

In addition to its fifth flagship, Antin remains in market for its NextGen Fund I, which started fundraising in September 2021 and reached a €300 million first close in December. It has so far invested in smart grids and electrical vehicle charging, in line with its stated strategy of investing in green mobility and energy transition. The fund remains open and had raised over two-thirds of its €1.2 billion target by end of H1. It has a €1.5 billion hard-cap.

Thursday’s first close announcement came just over a year since Antin’s Paris IPO, on 24 September 2021. Back then, the IPO priced at €24 per share, with the share price peaking at €35 in November. The share price has fluctuated in 2022 and was trading below €23 on 6 October.

As of 30 June 2022, Antin had €22.4 billion of assets under management.