The latest Infrastructure Investor debt fund ranking reveals that the 30 top debt fund managers raised more than $162 billion between them from 1 January 2017 until 31 August 2022. Here are the firms that fill places 21-30.
21. The Carlyle Group
HQ: New York
Capital raised: $2.7bn
Total AUM: $369bn
The Carlyle Group has fallen six spots this year in the latest infrastructure ranking, with fundraising capital dropping $240 million since the previous listing. The manager completed a second close of its infrastructure credit fund, which will focus on North America, last year on $2.55 billion.
Last year, The Carlyle Group also announced a second renewables fund focused on energy transition and sustainability assets. In August, the manager invested in green ammonia development company Eneus Energy to help support the development of a 14GW pipeline in the zero-carbon fuel.
22. La Banque Postale Asset Management
Capital raised: $2.35bn
Total AUM: €51.4bn
Two years ago, French infrastructure manager La Banque Postale Asset Management finished in 21st place, before climbing two spots a year ago, and has now dropped another spot into 22nd place despite total capital raised increasing by $280 million.
In May, the firm announced a €270 million first close for its Infrastructure Debt Climate Impact Fund, anticipating a final close on €500 million. La Banque Postale Asset Management says the debt team aims to deploy the strategy over a maximum of three years and build out a portfolio of 15 to 20 projects. The first investment was expected to be a biomass cogeneration plant that will produce green electricity and steam for a French industrial site.
23. Vantage Infrastructure
Capital raised: $2.05bn
Total AUM: $5.8bn
Rising one position since last year’s ranking, Vantage Infrastructure has increased funds raised by $700 million. In 2021, the manager reached a first close on its US-focused debt vehicle on $100 million and is believed to be targeting a hard-close of $500 million, with the fund focusing on sub-investment-grade deals.
In the same year, the London-based firm reached 18th in the infrastructure debt ranking, boosted by strong fundraising efforts, and since 2012 says it has deployed more than $5.7 billion across more than 100 debt transactions.
24. Denham Capital
Capital raised: $2bn
Total AUM: $12bn
Last year, Denham Capital was a new addition to the list in 18th position after expanding into infrastructure debt with a $2 billion partnership alongside Aflac Global Investments, asset manager of New York-based insurer Aflac. Denham says capital from the deal will be invested in sustainable infrastructure across OECD countries, with approximately 80 percent reserved for investment-grade and below investment-grade projects.
Investments are expected to be initially up to $125 million and focused on energy transition assets. In December, the firm issued a $110 million green bond from its sustainable infrastructure credit fund to Hawaiian Electric Industries to finance a portfolio of solar power facilities and battery storage in the state.
Capital raised: $1.76bn
Total AUM: $2.17bn
Asset Management One Alternative Investments may have been the only Tokyo-based manager to chart in 2022, but this year’s Japanese representative is MUFG. 2023 marks the firm’s debut appearance in the ranking.
In October, Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) said it was working with the Japanese financial heavyweight on a blended finance lending platform to invest $1.2 billion to low and low-middle income countries for climate adaption infrastructure projects. In 2021, First Sentier Investors also launched a private debt platform focused on loans to the renewable energy sector, in collaboration with MUFG.
26. Eiffel Investment Group
Capital raised: $1.55bn
Total AUM: €4.5bn
Dropping one place since last year’s infrastructure debt ranking, Eiffel Investment Group announced in July the first close of its second impact debt fund on €576 million. The manager is targeting €800 million for the fund, which would put it among Europe’s largest impact debt fundraisers. The first fund of the same strategy closed in 2021 on €576 million, while the manager’s Energy Transition Fund raised another €350 million in 2018.
Last year, the manager also launched its Transition Infrastructure Fund and in November received a €75 million commitment from the European Investment Fund against an eventual hard-close target of €500 million. The fund will provide equity or quasi-equity to finance the development phase of renewable energy infrastructure assets.
27. UBS Asset Management
Capital raised: $1.41bn
Total AUM: $979bn
The only Swiss-based manager to make it into the top 30 this year, UBS Asset Management has tumbled six spots despite increasing fundraised capital by $540 million. The firm closed its second Archmore Infrastructure Debt Fund in 2018 on €1 billion, €300 million above target, having closed its first vehicle on €570 million in 2016.
In February last year, the firm said it made its first investment from its infrastructure debt platform high-yield strategy, a €35 million green loan to pan-European green energy firm Pacifico Renewables. The company was aiming to reach 400MW in operational renewables capacity by 2023.
28. SCOR Investment Partners
Capital raised: $1.37bn
Total AUM: €17.6bn
Paris-based SCOR Investment Partners launched its fourth infrastructure debt fund in March last year, targeting in excess of €700 million and has already invested €100 million across five infrastructure projects in fibre networks and energy-efficient data centres, as well as in the low-carbon transportation sector.
In October, the manager announced an interim closing of the vehicle on €320 million and expects to deliver a gross internal rate of return of close to 5.5 percent. The first three vehicles in the debt strategy raised a combined €1.16 billion and SCOR has since completed at least 68 transactions across Europe. Last year, the manager charted in 23rd position.
Capital raised: $1.27bn
Total AUM: €833bn
German-based asset manager DWS is another new entrant to the list, having raised $1.27 billion over the previous five years. In 2021, the firm launched its ESG-focused infrastructure debt fund, targeting €500 million, and focuses on sectors including renewable energy, digital, energy efficiency, clean mobility and social infrastructure.
DWS says it plans to make 10-15 private infrastructure debt investments from the fund, with roughly 70 percent across senior debt and around 30 percent in junior debt and is targeting 3.5 percent net yield income per annum. The manager announced its infrastructure debt platform in 2014 and has since deployed more than €2.5 billion in infrastructure debt investments globally.
30. RGREEN INVEST
Capital raised: $1.13bn
Total AUM: €1.4bn
French-based energy transition specialist RGREEN INVEST completes the ranking after dropping just two positions this year. In 2022, the firm launched its Afrigreen Debt Impact fund offering financial solutions to small and medium on-and off-grid solar power plants in West and Central Africa. The fund has a hard-cap target size of €125 million and aims to build out a portfolio of 20-30 investments with an average ticket size of $4 million.