21. UBS Asset Management
Capital Raised: $1.95bn
Total AUM: $1.10trn
UBS Asset Management has increased its raised capital by another $150 million since last year’s ranking. The Swiss-based firm almost doubled the size of its principal infrastructure debt vehicle after closing its second fund in December 2018 on €1 billion, nine months after its initial launch. The Archmore Infrastructure Debt Platform II raised €300 million over its target and received commitments from 48 European and Asian LPs, across a mix of pension funds and insurers. The fund is targeting investments across transport, utilities, telecoms, energy and social infrastructure. In 2019, UBS also took part in the financing of the acquisition of a portfolio of distressed loans in the Italian photovoltaic sector, valued at €180 million.
22. Generali Investment Partners
Capital Raised: $1.94bn
Total AUM: $642.44bn
Another new entry in our ranking, Generali Investment Partners launched two new infra funds in November 2020, aimed at supporting Europe’s recovery post-pandemic. The Italy-based firm says the EU needs an estimated €2 trillion in infrastructure funding between now and 2035, yet public finances have been wavering and banks are less capable of stumping up the extra funds needed, creating opportunities for private capital. In March 2018, the firm launched its infrastructure debt platform, Generali Global Infrastructure, with an initial €1 billion and external institutional investor AUM expected to amount to €2.5 billion within the first five years, doubling in the subsequent five-year period.
23. SCOR Investment Partners
Capital Raised: $1.40bn
Total AUM: $18.33bn
SCOR Investment Partners just made the list last year, but in 2022 managed to slip three places. The firm added an extra $180 million to its fundraising pot and in May launched the High Income Infrastructure Loans fund, targeting €300 million to invest in Western Europe.
SCOR has a number of dedicated infrastructure debt vehicles, including €465.5 million for its third infra fund, which closed in December 2019. The firm focuses on greenfield and brownfield investments across all sectors in Europe. François de Varenne, CEO of SCOR Investment Partners, says the firm continues to develop new junior and mezzanine debt strategies for real estate and infrastructure.
24. Vantage Infrastructure
Capital Raised: $1.35bn
Total AUM: $6.46bn
Since 2012, Vantage Infrastructure has deployed more than $5 billion across European, North American and Australian markets and currently manages more than $3 billion on behalf of institutional investors.
In October, the London-based firm took a controlling stake in Agronergy, a French renewable specialist that provides biomass and geothermal heating to residential, office and public buildings. In May 2020, the fund also closed a $124 million debt financing deal for a portfolio of residential solar power purchase agreements in the US. In total, the firm has completed more than 100 transactions over the past nine years.
25. Eiffel Investment Group
Capital Raised: $1.28bn
Total AUM: $4.05bn
In 2018, Eiffel Investment Group closed its first bridge debt fund for renewable energy projects above its target of €300 million, originally €200 million when it was first launched in 2017. That was soon followed by several other funds that outperformed their initial targets, including the Eiffel Impact Debt fund that drew in an extra €176 million, the original target €400 million, when it closed in June last year.
In April, the French-headquartered firm announced a €35 million bridge facility to support the expansion of a Polish solar photovoltaic portfolio being developed by GoldenPeaks Capital. The venture will build out 150MW to 200MW in capacity when fully operational.
26: Whitehelm Capital
Capital Raised: $997m
Total AUM: $4.34bn
Whitehelm Capital did not quite meet its €750 million target for its inaugural infrastructure debt fund when it first closed in early 2020, falling €250 million short. Initial investment came from European investors and the strategy was next to turn to Australian LPs. The vehicle principally targets non-senior debt investments in Europe, looking at investments in utilities and broadcast businesses.
Whitehelm Capital, which was recently bought by Patrizia, has invested more than €1.4 billion into more than 47 senior and subordinated issues in infrastructure businesses since moving into the asset class. The firm also boasts returns of more than 10 percent per annum, with zero defaults, zero negative IRR and zero distressed investments.
27. Asset Management One Alternative Investments
Capital Raised: $935m
Total AUM: $83.0bn
Tokyo-headquartered Asset Management One Alternative Investments (AMOAI) is another addition to the extended ranking. In January 2021, it unveiled its third infra debt platform, Cosmic Blue PF Magnolia FCP-RAIF, with a commitment to raise ¥30 billion ($260 million; €233 million). The fund includes an optional vehicle that invests in infrastructure mezzanine debt. AMOAI intends to increase AUM to roughly ¥100 billion. The firm reached a ¥30 billion second close for its sophomore infrastructure debt fund in 2019, deploying at least ¥11 billion in renewables and downstream energy projects in Europe and South America.
28. RGREEN INVEST
Capital Raised: $888m
Total AUM: $1.56bn
RGREEN INVEST might have dropped nine places in the standings this year, but in June the firm successfully closed its energy-transition vehicle, Infragreen IV, reaching €670 million, €170 million above initial expectation. RGREEN INVEST projected that 75 percent of the total fund would be invested and committed by the start of 2022. The fund targets renewable energy assets, as well as subsectors including electricity storage, network stabilisation, smart grids and waste treatment. The firm also revealed that a fifth infrastructure debt fund would likely be launched in the spring of 2022. Founder and chief executive Nicolas Rochon says it will be linked to ESG objectives and used as a tool to address climate change.
29. New Energy Capital
Capital Raised: $825m
Total AUM: $1.0bn+
Closing out the German-headquartered fundraisers, New Energy Capital (NEC) achieved $825 million in raised capital over the past five years. In 2019, the firm reached a hard-cap of €500 million for its second clean-energy credit fund, surpassing the initial goal of €400 million. Capital was raised from a diverse mix of investors, including endowments, foundations, insurance companies, pensions plans, health systems and family offices. Patrick Fox, managing partner at NEC, says that the successful fundraising shows the appetite from institutional investors for cleaner energy. The firm also said it planned to use the capital to invest in clean energy assets in North America, including solar, wind, energy efficiency, storage and water.
30: NN Investment Partners
HQ: The Hague
Capital Raised: $812m
Total AUM: $334.06bn
Squeezing onto the bottom rung of the list, NN Investment Partners launched its €200 million infrastructure debt strategy in 2018, focused on investment-grade-quality infrastructure debt investments in Europe.
NN Investment Partners says it is targeting 10 to 15 investments, with gross return of 3 to 4 percent per annum, while aiming to contribute to the UN’s 17 Sustainable Development Goals. The firm has flagged that alternative forms of credit in the private domain can play a considerable role in helping develop a more sustainable economy. NN Investment Partners is particularly eyeing long-term opportunities in renewable energy projects and the agricultural sector.