11. Edmond de Rothschild Asset Management
Capital Raised: $4.28bn
Total AUM: $77.32bn
Only down one place since last year, Edmond de Rothschild Asset Management managed to raise $4.28 billion in capital over the past five years. In October, the firm’s latest infrastructure debt vehicle exceeded its predecessor, meeting the target of €1.2 billion and looking likely to reach a final close of at least €1.8 billion. The fund comprises a senior and junior debt strategy, and global head of infrastructure and chief investment officer, Jean-Francis Dusch, said it would target energy transition assets, including floating wind, battery storage, hydrogen and hydro. As of September, Edmond de Rothschild’s first infrastructure debt vehicle has committed €600 million across 14 assets.
Capital Raised: $4.24bn
Total AUM: $600.0bn
After rising four spots last year, the Canada-based firm slipped one place this year. Brookfield Asset Management managed to lift raised capital by $1.13 billion since last year’s ranking, and in 2020 closed its second infrastructure debt fund for $2.7 billion, beating its $1.75 billion goal. The firm’s second infrastructure debt vehicle is primarily targeting the renewables, utility, transportation, data and energy sectors. In June 2020, it provided a $300 million loan facility to Utah-based residential solar provider Vivint Solar. This was followed last July with an eight-year facility agreement with Polish renewables firm Qair Polska to finance four onshore wind and 29 solar power plants, totalling 106MW.
13: IFM Investors
Capital Raised: $3.52bn
Total AUM: $106.50bn
Melbourne-based IFM Investors has raised just over $3.52 billion over the past five years, a $333 million drop-off from last year’s five-year fundraising total. In 2018, the firm closed its US dedicated infrastructure debt fund on $500 million and is looking for potential investment opportunities.
IFM Investor’s Specialised Credit Fund focuses on Asia-Pacific and this region experienced significant investment activity in 2021. In November, a consortium led by IFM Investors successfully bid to acquire Sydney Airport for A$23.6 billion ($17.5 billion; €15.1 billion), adding to its 20 percent stake in Brisbane Airport and 25.2 percent stake in Melbourne Airport.
14. Westbourne Capital
Capital Raised: $3.23bn
Total AUM: $8.50bn
Coming in at number 14, global infrastructure debt specialist Westbourne Capital experienced a $3.94 billion slump in raised capital as it fell seven spots in the table and dropped behind fellow Australian firm IFM Investors. Westbourne closed its third infrastructure debt programme on $3 billion in 2019 and has since been seeking investment opportunities. In December 2018, the firm committed $160 million in finance to Nexif Energy’s Lincoln Gap Wind Farm in South Australia. On completion of the project, Westbourne said it would generate capacity of more than 212MW, enough energy to power 155,000 homes. Since 2010, it has invested in 65 infrastructure debt ventures, valued at more than $7.5 billion.
15. The Carlyle Group
HQ: Washington, DC
Capital Raised: $2.94bn
Total AUM: $293.0bn
The Carlyle Group made its first foray into infrastructure debt in 2019 when it hired BlackRock’s former infrastructure debt head Erik Savi. The firm soon set about raising $2.2 billion for its Global Infrastructure Opportunity Fund, which closed in mid-2019. Carlyle followed this up with a new $600 million infrastructure fund in 2020, partnering with Shinhan Alternative Investment Management of South Korea. The fund focuses on Korean institutions and invests mainly in the US and Europe, targeting annual returns of 6-8 percent in Korean won terms. In July, The Carlyle Group announced the formation of a new portfolio company, Copia Power, centred on developing utility-scale sustainable infrastructure in the US.
16. BNP Paribas Asset Management
Capital Raised: $2.59bn
Total AUM: $558.93bn
New to the list, BNP Paribas Asset Management reached a €300 million first close on its European Infrastructure Debt Fund II last year. The fund is targeting €750 million and has a hard-cap of €1 billion, with initial commitments from insurance companies, pension funds and corporates in the UK, France and Belgium. As with the vehicle’s predecessor, BNP Paribas’ second infrastructure debt fund will invest in renewables and digital infrastructure primarily. The initial European infrastructure debt vehicle raised €474 million in late 2017.
In December, BNP Paribas launched its European junior infrastructure debt fund, seeking between €300 million and €500 million.
17. HSBC Global Asset Management
Capital Raised: $2.58bn
Total AUM: $621.0bn
After launching its first two infrastructure debt funds in 2020 for a combined $1.5 billion, HSBC Global Asset Management joined forces with Singapore sovereign wealth fund Temasek last year to create a debt financing platform focused on sustainable infrastructure projects in Southeast Asia. With an initial equity investment of $150 million, the partnership foresees the platform financing more than $1 billion over the next five years if things go according to plan. Strategic partners already signed on include the Asian Development Bank and Clifford Capital Holdings.
18. Denham Capital Partners
Capital Raised: $2.36bn
Another new addition to the list, Houston-based Denham Capital Partners has raised $2.36 billion. Last year, the firm expanded into infrastructure debt, announcing a $2 billion partnership with Aflac Global Investments, an asset manager of New York insurer Aflac. The deal will see capital invested in sustainable infrastructure assets in OECD countries, with sustainable infrastructure defined as renewable power, battery storage, EV charging stations, energy-efficient data centres and energy efficiency.
Denham Capital’s Sustainable Infrastructure Platform builds on 15 years of experience in renewable power and global infrastructure investing.
19. La Banque Postale Asset Management
Capital Raised: $2.07bn
Total AUM: $56.0bn
La Banque Postale Asset Management may have increased its capital fundraising by roughly $410 million since last year’s list, but the Paris-based firm slipped two positions in the overall standing. At first close in mid-2019, the firm’s LBPAM European Responsible Infrastructure Debt Fund fell €225 million short of its €600 million target. The vehicle was the firm’s third infrastructure fund and René Kassis, head of private debt at LBPAM, said at the time that it would look beyond traditional renewables to invest in energy storage and electric vehicle charging infrastructure. In 2017, the firm closed its second infra debt fund after generating €453 million.
Capital Raised: $1.98bn
Total AUM: $339.0bn
Only the second Germany-based firm to make the top 20 list, MEAG is another new entrant this year. The firm closed its first infrastructure debt fund in 2019, achieving €161 million more than its goal of €500 million. MEAG says the fund is targeting 18 to 25 investments in European senior infrastructure debt projects and returns of 3.25 percent per annum at portfolio levels before costs. In March 2021, the firm followed this up with the close of its second infrastructure debt vehicle, with investor commitments in excess of €1 billion and surpassing the target of €800 million. The fund says it would invest in transport, energy supply, renewables, communication and social infrastructure projects in the US, Germany and greater Europe.