Kalliope Gourntis
Capenergie 5 – the firm’s largest fund to date and nearly 3x the size of its predecessor – has already deployed capital into seven portfolio companies across Europe.
‘Free-fall’ may be a bit harsh to describe 2024’s fundraising performance, but the fact remains that infrastructure funds raised less than $100bn for the first time in a decade.
When 2024 kicked off, there was optimism that fundraising’s lowest point was in the rearview mirror. That seems less likely as the year ends, but there’s hope a recovery is just around the corner.
A ‘fantastic’ asset with great potential for future growth supported by strong demand are some of the reasons driving Ardian, Juan Angoitia, co-head of infra, Europe, tells us.
A growing number of managers are raising several funds simultaneously, raising the spectre of cannibalisation.
The subpar fundraising environment of the past two years has played a role in spurring interest in co-investments, but it’s not the only driving force behind the rising trend.
Macquarie, which has topped our ranking since inception, has now dropped to fourth place, as the II 100 reaches $1.1trn.
‘All of our exits were above holding value,’ head of global infra Niall Mills told us as the 2009-vintage posts 2.6x average money multiple.
Investor appetite for infrastructure debt will outlive this current period of high interest rates, investment professionals tell us.
The longer the utility remains in limbo, the higher the contagion risk – not just in terms of attracting fresh equity, but also in terms of raising new debt.