What is in the Database?
Infrastructure Investor’s Database holds live information on active institutional investors in the infrastructure asset class (limited partners), managers of infrastructure funds and/or non-fund vehicles with fund-like economics (general partners), service providers to both LPs and GPs (investment consultants and placement agents), as well as data on the funds themselves through their fundraising life-cycle.
What do we mean by infrastructure?
For the purposes of the Database, infrastructure is defined as capital raised through limited partnership structures, open-ended vehicles, co-investment funds, separate accounts and private mandates for the dedicated purpose of committing equity capital toward tangible, physical assets, whether existing (brownfield) or development phase (greenfield) that are expected to exhibit stable, predictable cashflows over a long-term investment horizon.
Our definition of infrastructure does not include:
- Public funds
- Real estate
- Private equity
- Hedge funds
- Capital raised on a deal-by-deal basis
- PIPE investments
How do we define a limited partner?
A limited partner (LP) is an institutional investor that commits capital to private funds through limited partnerships. LPs can include corporates, family offices, foundations and endowments, insurance companies, investment firms, pension funds, banks, sovereign wealth funds, fund of fund managers and other select institutional investors. As our primary goal is to track how institutional capital is being invested, our listing of limited partners in the Database does not extend to high-net-worth individuals (HNWIs) – many of whom invest via family offices, which we do include – or crowd-funding platforms. For funds that receive commitments from HNWIs and institutional investors, we would add the fund and the institutional investors to the Database but not the HNWIs.
We track investors that commit capital to closed-ended funds managed by general partners. We do not track any investor capital dedicated to a strategy of investing directly into infrastructure. Qualified investors must have limited liquidity options and the fund manager must have full discretion over investments made.
We hold the following information about limited partners on our Database: assets under management, current and target allocation to alternative asset classes, including infrastructure, contact details, current allocation preferences by geography, strategy and sector, appetite for future fund investments, and current and historic fund commitments.
How do we define a general partner?
A general partner (GP) is a fund manager that raises capital from institutional investors through closed-ended fund structures and/or non-fund vehicles with fund-like economics (co-investments, separate accounts, private mandates). Capital raised through such vehicles is invested by the fund manager directly into infrastructure or invested into third-party pooled vehicles through a fund of funds platform.
The fund manager must have full discretion over the investments it makes.
The general partner information that we hold on our Database includes: assets under management, contact details, current investment preferences and fund-level details, such as amount targeted, amount raised, key dates, LPs in the fund, service providers used.
What strategies do we cover?
Unlisted equity – Funds that are structured as a private limited partnership.
Listed equity – Funds that are floated on stock exchanges to raise capital from investors.
Fund of funds – a fund that invests in third party infrastructure funds.
Debt — Infrastructure debt fund managers invest in property by providing Infrastructure owners or prospective buyers with loans rather than equity capital to finance transactions.
What investment types do we cover?
Brownfield – Well established cash flow generating assets
Greenfield – Investments in new projects that have yet to be constructed that will not generate cash flow until completed.
Mixed/Yellowfield/Olivefield – a vehicle which has the ability to invest into both greenfield and brownfield opportunities.
What sectors do we look at?
Energy – businesses that explore and produce upstream assets. Infrastructure energy differs from private equity energy in that it focuses on midstream and downstream assets.
Industrial – businesses operating in the planning, implementing and control of the efficient production of goods and services.
Renewables – businesses related to renewable energy exploration and production, including wind, solar, tidal and geothermal power.
Social infrastructure – the construction and maintenance of facilities that support social services. Types of social infrastructure include healthcare (hospitals), education (schools and universities), public facilities (community housing and prisons) and transportation (railways and roads).
Telecoms – a physical medium through which all Internet traffic flows; includes telephone wires, fibre-optic cables, satellites, microwaves, and mobile telecommunications technology.
Transport – businesses operating in the manufacture of aerospace, automotive and shipping assets.
Utilities — those companies that build and maintain the infrastructure needed to provide electricity, gas, and water, or to manage wastewater and sewage.
How do we calculate fundraising statistics?
Our quarter-end and full year fundraising statistics count the final closes of all funds and vehicles with fund-like economics (including co-investments, separate accounts and private mandates) with a closed-ended structure, which meet the above criteria.
Fund in market statistics count closed-ended funds and associated vehicles (co-investments, separate accounts and private mandates) which have launched and/or have held interim closes but have not yet held a final close.
We track the equity capital committed to a fund by institutional investors as well as the equity capital contributed by the GP. Leverage is not included in the size of a fund; we do not count total investable capital.
Our fundraising statistics are all given in a US dollar denomination. To calculate conversion rates for funds that do not have a US dollar-denomination we use an average exchange rate for the year in which a fund held a final close. For funds in market we use the exchange rate for the day in which the statistics are created. For example, Q1 statistics will likely use an exchange rate that is correct as at 1 April. All exchange rates are taken from www.xe.com.