Infrastructure Debt 20: Ranking 11-20

From New York to London via Paris. Numbers 11 to 20 in our Infrastructure Debt 20 ranking have raised in excess of $21bn.

11 Edmond de Rothschild Asset Management UK

HQ London
Capital raised $3.46bn
Total AUM $2.5bn

Rounding off the top 10, Edmond de Rothschild Asset Management has raised almost $500 million of additional capital, bringing its total to $3.46 billion. The firm has raised €1.25 billion in total for its latest Benjamin de Rothschild Infrastructure Generation fund, BRIDGE IV, launched in 2018. BRIDGE IV raised around €800 million for a senior debt sub-fund, as well as €450 million for its first junior debt vehicle, known as BRIDGE Higher Yield, which was initially targeting just €250 million. In addition, the firm has secured a significant managed account from an unnamed German insurance company.

12 Brookfield Asset Management

HQ Toronto
Capital raised $3.11bn
Total AUM $578bn

Rising up the ranks from 15th place, Brookfield Asset Management has more than doubled total funds raised from $1.3 billion to more than $3 billion. The firm closed its second infrastructure debt fund on $2.7 billion in December 2020. The vehicle – which will focus on mezzanine investments, exceeded its $1.75 billion target and is more than three times larger than its predecessor – closed three years earlier. The fund was raised in less than 14 months and capital has already been committed to at least four assets, including a $27 million investment in Polaris Infrastructure, a Canadian operator and developer of renewable energy projects in Latin America.

13 The Carlyle Group

HQ New York
Capital raised $2.94bn
Total AUM $230bn

The Carlyle Group burst on to the infrastructure debt scene when it hired BlackRock’s former infrastructure debt head Erik Savi in 2019. The firm has already amassed close to $3 billion, including $600 million for Shinhan-Carlyle Infra Credit I, raised in partnership with Hana Financial Group for investment in infrastructure projects in the US and Europe. The fund is expected to generate annual returns of 6-8 percent. Carlyle’s expansion into infrastructure debt comes after the firm raised $2.2 billion for Carlyle Global Infrastructure Opportunity Fund, which will make equity investments in infrastructure assets in OECD countries.

14 Schroder Aida

HQ London
Capital raised $2.72bn
Total AUM $733bn

Schroders has added more than $200 million to its coffers, bringing its total to more than $2.7 billion. Schroders’ infrastructure division, which was led by Charles Dupont until his departure last year, was launched in September 2015. Chantale Pelletier, formerly of CDPQ, will now head up the entire infrastructure business. Recent fundraising successes for Schroders include the €312 million raised for the first close of its Schroder Euro Enhanced Infrastructure Debt Fund II. The vehicle will invest in European sub-investment grade debt opportunities and has a €750 million target. The predecessor fund raised €350 million and was almost fully deployed in two years.

15 HSBC Global Asset Management

HQ London
Capital raised $2.48bn
Total AUM $571bn

Another new entrant to the list, HSBC Global Asset Management launched its first two infrastructure debt funds in 2020, with a combined target of $1.5 billion. The London-headquartered institution has launched the HSBC Senior Global Infrastructure Debt Fund, a vehicle targeting investment-grade assets across the infrastructure spectrum, which has been the focus of the HSBC platform to date. HSBC has also launched the HSBC Global Infrastructure Debt Fund, which will target higher yielding investments. Both funds have a $750 million target and no hard-cap. HSBC’s infrastructure debt unit was set up in 2016.

16 UBS Asset Management

HQ Zurich
Capital raised
$1.8bn
Total AUM
$118bn

UBS Asset Management has raised a total since its launch in 2016 of just under $1.8 billion. The firm’s live funds include the Archmore Infrastructure Debt Platform II, which invests in mid-sized deal opportunities, primarily through direct lending on senior secured projects. The fund was raised from 48 LPs, including pensions and insurance companies from 10 countries across Europe and Asia. More than 70 percent of investors in UBS’s predecessor vehicle, launched and closed in 2016, re-upped in the new vehicle.

17 La Banque Postale Asset Management

HQ Paris
Capital raised $1.66bn
Total AUM $47bn

La Banque Postale Asset Management launched its LBPAM European Responsible Infrastructure Debt Fund in 2019 and is targeting €600 million. LBPAM applies its own screening processes to investments made through this vehicle, which will look beyond traditional renewables to invest in energy storage and electric vehicle charging infrastructure. The firm has also identified heating assets in the Nordics as of particular interest. The asset management arm of France’s La Banque Postale also manages the €453 million LBPAM European Infrastructure Debt Fund 2, which held a final close in 2017.

18 Vantage Infrastructure

HQ London
Capital raised $1.59bn
Total AUM $5bn

Vantage is the former European arm of Hastings Fund Management. Majority owned by Northill Capital, the firm has a diverse infrastructure equity and debt portfolio across Europe, North America and Australia. It is both a signatory to the Principles for Responsible Investment and a GRESB Infrastructure member, and was awarded a GRESB five-star rating and a first place ranking within its peer group. Recent infrastructure debt deals include a $124 million residential solar investment alongside the Sequoia Economic Infrastructure Income Fund.

19 RGREEN INVEST

HQ Paris
Capital raised $1.43bn
Total AUM $1bn

RGREEN INVEST has raised €480 million for its fourth vintage, which was targeting €500 million with a €650 million hard-cap. Since raising its third fund, which closed on €307 million in 2017, RGREEN has branched out from its junior debt roots to include equity investments. The firm targets renewable energy assets in the European Economic Area. The move into equity followed the removal of subsidies in the renewables sector. The European Investment Bank is among RGREEN’s investors.

20 SCOR Investment Partners

HQ Paris
Capital raised
$1.22bn
Total AUM
$16.1bn

Paris-based SCOR Investment Partners completes this top 20 ranking, with $1.22 billion of funds raised. The investment arm of the world’s fourth largest re-insurer manages a number of infrastructure debt funds including the €100 million Dedicated Infrastructure Senior Loans, the €50 million SCOR Infrastructure Opportunistic Loans, the €50 million Dedicated Infrastructure Opportunistic Loans and the €465.5 million Score Infrastructure Loans III, all of which have been raised since 2017. The firm focuses on greenfield and brownfield investments across all sectors in Europe.