Partners Group eyes €1bn for new global strategy – exclusive

The latest instalment of the firm’s Global Infrastructure programme will target 40% direct deals and 60% primary and secondary fund investments.

Partners Group is planning to launch a new Global Infrastructure fund with a view to raising about €1 billion, Infrastructure Investor has learned.

The Swiss firm is expected to launch Partners Group Global Infrastructure 2018 before the summer, the fourth instalment of the company’s Global Infrastructure programme, according to sources with knowledge of the fund.

The new vehicle will continue the integrated strategy of its predecessors and is understood to be looking to invest 40 percent of its proceeds in direct infrastructure deals, with 60 percent to be deployed in both primary and secondary infrastructure funds.

It will act as a successor to the Global Infrastructure 2015 fund, which also raised €1 billion and is targeting returns of 7-10 percent, according to the Vodafone Pension Plan, one of its investors. LPs in the previous fund also include UK local authority investors such as Fife, Warwickshire and Essex.

Partners Group declined to comment.

Previous instalments of the Global Infrastructure strategy also include Partners Group Global Infrastructure 2012, which closed on €1 billion in January 2014. At the time, Partners Group said the approach employed by the strategy enabled it to “take advantage of valuation differences” in the market. The fund was double the size of the first Global Infrastructure 2009 attempt, which closed on €500 million in March 2011.

The move comes after Partners Group last week closed its Direct Infrastructure 2016 fund on €2.2 billion, with a further €800 million for separate accounts and other infrastructure vehicles. The programme – unlike its soon-to-be-launched Partners Group Global Infrastructure 2018 – will only target direct investments.