1 AXA Investment Managers – Real Assets
Capital raised $14.43bn
Total AUM $153bn
After two years in a row in the number four spot, AXA Investment Managers topped the charts, having amassed $14.43 billion across its infrastructure debt strategies since 2014.
The Paris-headquartered firm has raised an additional $4.13 billion, including €1.05 billion for its European Infrastructure Senior 2 vehicle, launched in 2018. The fund will predominantly target senior secured floating rate debt.
Deployment to date includes investments in the digital infrastructure, renewable energy and rail transportation sectors in France, Spain and Germany. AXA is on track to significantly expand its infrastructure debt AUM again this year, having just been awarded half of a €2.5 billion mandate by two Dutch pension funds, shared equally between the firm and another investment manager.
HQ New York
Capital raised $13.23bn
Total AUM $7.81trn
Last year’s leader has slipped back into the number two position, having increased its funds raised from $11.7 billion to $13.23 billion. The additional $1.53 billion was amassed following a transformative 2019, when the New York-headquartered firm combined its infrastructure debt platform with its real estate business to create a single real assets debt platform, led by Robert Karnes. The move was prompted by the departure of former head of infrastructure debt Erik Savi, who has now joined Carlyle. The majority of BlackRock’s infrastructure debt assets under management are held in separate accounts, though the firm also invests through a $700 million Global Infrastructure Debt Fund.
3 EIG Global Energy Partners
HQ Washington, DC
Capital raised $12.44bn
Total AUM $22.9bn
Last year’s second ranked manager raised just shy of an additional $1 billion, taking its tally to $12.44 billion. EIG Global Energy Partners held a final close on EIG Global Project Fund V with total commitments of $1.1 billion, nearly 50 percent above its $750 million target. Since holding a first close in July 2019, EIG has raised $2.6 billion of commitments for its direct lending strategy, which invests across Western Europe, North America and Asia-Pacific and encompasses the full energy, midstream, power, renewable energy and infrastructure spectrum.
4 Macquarie Infrastructure and Real Assets
Capital raised $8.87bn
Total AUM $413bn
Macquarie Infrastructure and Real Assets raised $772 million in 2020, taking its total to date to $8.87 billion. Last year, the firm completed fundraising for its Macquarie Global Infrastructure Debt Fund at $645 million. All commitments to the fund, which was launched in 2016, were raised from investors new to the platform, including pensions and insurance companies from the UK, Netherlands, Italy, Japan, Singapore and Portugal. The fund has already made investments in the UK, Europe, US and Australia, with more than 25 percent of capital deployed in the solar and wind sectors. Macquarie’s infrastructure debt business was established in 2012.
5 Allianz Global Investors
Capital raised $8.16bn
Total AUM $644bn
Allianz Global Investors’ total capital raised has reached $8.16 billion, propelling the Frankfurt-based firm, which was ranked just 14th last year, up the leader board. In addition to its separate accounts, Allianz’s third-party Allianz Euro Core Infrastructure Debt Fund, launched in 2019 with a €750 million target, has continued to amass capital. The fund will invest alongside the firm’s separate accounts and aims to give investors looking to put smaller sums of money to work access to the asset class. Allianz has invested in more than 65 infrastructure debt transactions in 17 countries to date.
6 AMP Capital
Capital raised $7.33bn
Total AUM $154bn
Coming in at number six, AMP Capital has raised more than $3.5 billion in additional capital in the last year. The Sydney-headquartered firm launched a new debt strategy focused on Asia-Pacific, exclusively targeting separate accounts and continuing its focus on subordinated products. AMP believes mezzanine can reduce investment volatility and give customers access to strong yielding investments, with carefully managed downside risk. The firm is also investing its AMP Capital Infrastructure Debt Fund IV, which closed at a $4 billion hard-cap in October 2019.
7 Westbourne Capital
Capital raised $7.17bn
Total AUM $8.5bn
Slipping one place this year, infrastructure debt specialist Westbourne Capital’s tally of third-party fundraising has actually fallen slightly to just shy of $7.2 billion, bringing it in just behind Australian rival AMP. Westbourne has completed more than 65 infrastructure debt investments with an invested value exceeding $7.5 billion across Australia, Europe and North America. The firm offers financing to support acquisitions, refinancings and greenfield expansion. It is also active in the secondaries market. Industry sectors covered include transport, utilities and telecoms. Westbourne has more than 40 institutional clients, including sovereign wealth funds, pension funds and insurers.
8 Global Infrastructure Partners
HQ New York
Capital raised $5.54bn
Total AUM $71bn
Global Infrastructure Partners has raised $5.54 billion for two infrastructure debt funds – GIP Capital Solutions Fund II and GIP Spectrum Fund – and separately managed accounts. Both funds secured $1.4 billion from investors, including pensions, sovereign funds, insurers, endowments and wealthy individuals. GIP CAPS II will make debt and non-common equity investments in midstream energy, power, renewables and transport assets, primarily in OECD countries. GIP Spectrum Fund focuses on lower-risk, debt-only investments in the same sectors and geographies. GIP Credit, the debt arm set up in 2015, has lent $110 million to Puerto Antioquia, a greenfield port in Colombia.
9 Rivage Investment
Capital raised $5.11bn
Total AUM $7.2bn
Having held a final close for its €1 billion REDI 3 fund in 2019, just seven months after its launch, Paris-headquartered Rivage Investment has continued to amass capital, adding a little over $300 million to its AUM in the last year. REDI 3 targets senior secured, investment-grade infrastructure debt with a spread of 200-250 basis points above the swap curve and is one of a series of infrastructure debt vehicles being deployed by the firm. Rivage’s debt funds generally focus on euro-denominated credit in France, Germany, the Netherlands, Spain and the UK.
10 IFM Investors
Capital raised $3.85bn
Total AUM $109bn
Melbourne-based IFM Investors has raised a total of just under $3.85 billion, down slightly on the $4.6 billion recorded in the previous year. It is currently investing from its $635.6 million IFM US Infrastructure Debt Fund, which targets opportunities in energy and other sectors in North America. The fund is the firm’s first open-end infrastructure debt vehicle and aims to replicate the success of its open-end equity fund, which is one of the world’s longest-running. IFM also manages separate accounts and funds set up for specific groups, such as its partnership with Samsung Asset Management aimed at Korean investors.