HQ: New York
Capital Raised: $16.18bn
Total AUM: $10.10trn
After dropping into second place last year, BlackRock has returned to the top spot. The New York-headquartered firm increased its funds raised by an additional $2.95 billion following a year of fundraising that included $1.67 billion for the Global Infrastructure Debt Fund, BlackRock’s first commingled fund offering in the high-yield infrastructure debt market. The vehicle is targeting infrastructure investments in essential real assets, mostly in developed markets, and sits alongside $1.3 billion managed through investment-grade commingled funds.
Jeetu Balchandani, global head of infrastructure debt at BlackRock, highlighted growing investor demand for exposure to resilient infrastructure assets, particularly digital infrastructure.
2. AMP Capital*
Capital Raised: $15.46bn
Total AUM: $91.77bn
AMP Capital has jumped four places since last year’s ranking, more than doubling its capital raised in the past 12 months to $15.46 billion. In 2020, the Sydney-headquartered firm achieved a record $4 billion for its fourth infrastructure debt strategy fund, shortly after launching a new Asia-Pacific infrastructure vehicle targeting mezzanine debt opportunities in the region.
The firm’s Capital Infrastructure Debt Fund V is also the sixth-largest infrastructure fund in market, targeting $5 billion since its launch in November 2020. AMP Capital has invested more than $8.8 billion in 80 infrastructure debt assets globally since its initial founding in 2003.
*At the time of compiling this ranking, AMP Capital’s Infrastructure Debt platform had not yet been sold to Ares Management. This transaction closed on February 10th, 2022.
3. AXA Investment Managers Alts
Capital Raised: $13.02bn
Total AUM: $187.09bn
Last year’s top-ranked fundraiser, AXA Investment Managers, has dropped into third position. The Paris-based firm closed its second Europe-focused infrastructure debt fund for €1.05 billion in July 2020, exceeding the initial target of €750 million, after initially launching it in 2018. About 40 percent of institutions committing to the vehicle had never invested in the asset class before, highlighting the growing appeal of infrastructure debt. The fund is following a similar strategy to its predecessor, which closed in 2017 on €1.18 billion, and has already invested in digital infrastructure, renewable energy and rail transportation across France, Spain and Germany.
4. Macquarie Asset Management
Capital Raised: $12.88bn
Total AUM: $427.0bn
Despite raised capital increasing by $4.01 billion since last year’s ranking, Macquarie Asset Management remained in fourth place. In June, Norway’s largest pension fund, KLP, committed €200 million to Macquarie’s Green Energy Debt Fund, launched just the previous month and targeting €700 million. The vehicle will invest in solar, wind, hydropower and sustainable energy storage, mostly in OECD countries, but with the potential of allocating up to 25 percent of the fund in non-OECD states. In September, Macquarie’s Green Energy Debt Fund also closed a €43 million debt investment in a Spanish 50MW capacity solar plant owned by Q Energy.
HQ: Washington, DC
Capital Raised: $10.81bn
Total AUM: $22.60bn
Pipped to the post in 2020, and falling to third spot last year, EIG again slipped in the latest ranking. Capital raised by the US firm in the relevant period dropped by $1.63 billion over the past 12 months, with no new funds either launched or closed.
EIG’s most recent infra debt fund closed on $1.1 billion in 2020, significantly higher than the $750 million initial target. President Randy Wade said at the time that the fund would seek opportunities in the energy transition and this strategy was further showcased in early 2022. In January, EIG announced $400 million in financing for US solar company 8minute Solar Energy. Since its founding 40 years ago, EIG has invested more than $39 billion in the energy sector.
6. Allianz Global Investors
Capital Raised: $7.76bn
Total AUM: $676.0bn
Dropping just one spot this year, Frankfurt-based Allianz Global Investors raised $7.76 billion during the relevant period. The firm’s Euro Core Infrastructure Debt Fund closed on €270 million in 2019, with a strategy to invest in sectors across Europe, including transport, utilities and renewables. The Allianz Infrastructure Debt Platform lists 94 projects that have received investment, valued at over €20 billion. The firm’s top debt infrastructure investment projects include $760 million towards 10 solar projects in the US, $727 million for refinancing of Cheniere Energy’s Corpus Christi LNG terminal on the US Gulf Coast and $700 million for refinancing of the Indiana Toll Road.
7. Global Infrastructure Partners
HQ: New York
Capital Raised: $6.04bn
Total AUM: $79.0bn
New York-based Global Infrastructure Partners surged up the ranking this year, rising eight places and adding another $3.76 billion in capital raised. In 2020, it raised $2.8 billion for two infrastructure debt funds: GIP Capital Solutions Fund II and GIP Spectrum Fund.
At the start of 2022, GIP announced that GIP Capital Solutions Fund II would invest in two energy projects: $500 million in independent power producer BrightNight, a California-based renewables company; and $175 million in a 670MW natural gas power plant in Panama. Once operational, it will be the largest of its kind in the Central American country.
Capital Raised: $5.64bn
Total AUM: $387.0bn
North Carolina-headquartered Barings managed to break the top 10 after missing out in the previous two years. Since 2010, the fund has invested more than $32 billion in global infrastructure debt projects and, over the past two years, has screened more than 300 investment opportunities.
The firm says that it pursues critical, long-lived, capital-intensive assets with competitive barriers that meet social and economic needs. Barings’ strategy is also focused on assets that deliver stable, long-term cashflows for investors in exchange for giving up short-term liquidity.
9. Rivage Investment
Capital Raised: $4.92bn
Total AUM: $7.95bn
Slipping one place in the ranking, Rivage Investment closed its €1 billion Euro Debt Infrastructure 3 (REDI 3) fund in 2019, raising significantly more than the €696 million it achieved from the previous infrastructure debt vehicle it closed in 2017.
On concluding fundraising for REDI 3, Rivage said it would focus on senior secured debt for infrastructure projects in Europe and target between 25 and 30 projects, providing between €15 million and €75 million of debt for each venture. Rivage has invested more than €3.7 billion across 103 projects since October 2013, with 59 leading European institutional investors having invested in the firm’s funds.
Capital Raised: $4.45bn
Total AUM: $65.0bn
It was a busy 2021 for Schroders as it closed its second infrastructure debt fund for €1 billion and held an interim close at €335 million for its fifth infrastructure debt vehicle, targeting a final close of €750 million. In December, the London-headquartered firm also took a 75 percent stake in Greencoat Capital Holdings, one of Europe’s largest renewable infrastructure managers. Greencoat operates about 200 power generation assets across the UK, Europe and the US which generate net capacity of more than 3GW.
Schroders’ second infra debt fund will focus on mid-sized brownfield core assets in Europe and the firm will examine opportunities in energy companies, railways, renewable energy portfolios and roads.