Macquarie scores Infrastructure Investor 30 hat trick

The Australian investor is still on top by a wide margin, but independent funds have decisively beaten bank-affiliated concerns in the fundraising stakes. Fundraising conditions have also toughened, with the 30 largest investors raising less money over the last five years.

Macquarie Infrastructure and Real Assets (MIRA) has once again topped the Infrastructure Investor 30 (II30) – a global ranking of the largest infrastructure direct-investment programmes released today by Infrastructure Investor magazine – taking the crown for the third year in a row.

Sydney-headquartered MIRA amassed $23.72 billion from 1 January 2007 to 30 April 2012 – accounting for close to 13 percent of the $171.51 billion in investment capital formed by the 30 largest infrastructure investment programmes over the last five years. Its closest competitor, Toronto’s Brookfield Asset Management, only managed to raise $11.16 billion during the same time period.

While MIRA has topped every II30 ranking since inception by a comfortable margin, investors have swung decisively in the direction of independent funds for this third edition of the ranking.

In 2012, independent funds have raised $60.56 billion compared to the $54.69 billion formed by bank-affiliated funds. This changing of the guard was already being signalled last year, when the independents raised $54.9 billion versus the $54.3 billion raised by bank-affiliated concerns.

While MIRA held on to the top spot, its total raised fell from $31.83 billion last year to $23.72 billion, as the strong fundraising year that was 2006 disappeared from our rolling five-year qualifying period. For other bank-affiliated funds like Goldman Sachs, the fall was even more precipitous, as the investment bank dropped from 2nd last year to 17th this year. 

In contrast, independent fund manager Global Infrastructure Partners jumped from 13th place last year to 3rd this time on the back of a strong $3 billion first close for its second infrastructure fund (a second closing for Fund II on $5.5 billion was announced just after the deadline for inclusion in this year’s ranking).

Aside from the rise and rise of the independent funds, this year’s II30 highlighted two worrying trends: a slight decrease in the total amount raised by the asset class’ 30 largest investors; and a decline in the aggregate funding for infrastructure set aside by the world’s largest pension funds.

Highlighting an increasingly tough fundraising climate, the total amount of five-year capital accounted for by the II30 this year is $171.51 billion, a noticeable decrease from the $183.1 billion amassed at the same time last year. In comparison, the total amount raised last year represented a 30 percent increase from the $140.5 billion recorded during the first edition of the II30, in 2010.

On the pension side, the aggregate funding for infrastructure set aside by pensions in the top 30 totalled $49.5 billion, compared with the $53.9 billion earmarked in last year’s ranking. Still, four of the 10 largest investors in infrastructure – the Canada Pension Plan Investment Board, APG Asset Management, QIC and the Ontario Teachers’ Pension Plan – are pension funds.

To view the full II30 ranking, please consult the table below. For a full description of our methodology, please click here.

Rank Since
2011
Name of Investor
5-Year Capital 
Creation Total ($bn)
 1  =  Macquarie Infrastructure and Real Assets  $23.72
 2  ?  Brookfield Asset Management  $11.16
 3  ?  Global Infrastructure Partners  $8.64
 4  ?  Canada Pension Plan Investment Board  $8.41
 5  =  APG Asset Management  $7.80
 6  ?  QIC  $6.88
 7  ?  Ontario Teachers Pension Plan  $6.87
 8  ?  Alinda Capital Partners  $5.90
 9  ?  Industry Funds Management  $5.51
 10  ?  ArcLight Capital Partners  $5.43
 11  ?  OMERS  $5.02
 12  ?  Arcus Infrastructure Partners  $4.99
 13  ?  Energy Capital Partners  $4.79
 14  ?  RREEF Infrastructure  $4.35
 15  ?  Highstar Capital  $4.25
 16  ?  Future Fund  $4.20
 17  ?  Goldman Sachs  $4.17
 18  ?  La Caisse de Depot et placement du Quebec  $4.14
 19  =  Morgan Stanley  $4.00
 20  ?  JPMorgan Asset Management  $3.90
 21  ?  AMP Capital  $3.83
 22  ? Universities Superannuation Scheme  $3.80
 23  ?  British Columbia Investment Management Corporation  $3.74
 24  ?  Steel River Infrastructure Partners  $3.73
 25  ?  Colonial First State  $3.72
 26  ? UBS Global Asset Management  $3.60
 27  ?  Citi Infrastructure Investors  $3.40
 28   ?  Energy Investors Funds  $3.06
 29  ?  AXA Private Equity  $2.90
 30=  ?  Alberta Investment Management Corporation  $2.80
 30=  ?  Kohlberg Kravis Roberts  $2.80
     Total:  $171.51