Percentage of funds achieving above, below or at target from 2011 – H1 2013
29.4 percent of funds raised more than their target in the first half (H1) of 2013, compared to only 13.5 percent in 2011. Macquarie European Infrastructure Fund 4 raised $973 million more than the target when it closed in May 2013. China Life Suzhou Urban Development Industrial Investment was the fund with the largest target size in the period. The China based GP set and achieved their target of $1.63 billion and held a final close in H1 of 2013.
Data from Infrastructure Investor’s Research & Analytics team shows that an increasing number of general partners (GPs) are achieving their fundraising targets compared to previous years.
Similarly, the percentage of funds that closed at below their target size has almost halved since 2011. Macquarie-SBI Infrastructure Fund (MSIF) held a final close in 2011, raising $1.8 billion below their target.
It is becoming evident that GPs are more able to raise capital that meets their target size – or are more realistic when they start their fundraising process. These numbers, however, only include funds with a disclosed target size and which have achieved final close. So, perhaps importantly, they do not include funds that have attempted to raise capital and have either not yet completed their fundraising or quietly pulled out of the market.