When we started what eventually became our ranking of the world’s biggest equity managers – the Infrastructure Investor 30, now the II 50 – way back in 2010, the big talking point was how bank-affiliated funds had narrowly edged out their independent counterparts. The entire ranking then was worth about $140 billion (around $173 billion in today’s money).
Fast forward to 2020, and Macquarie Infrastructure and Real Assets topped our ranking with $73.6 billion. Global Infrastructure Partners sat at number two with $62.7 billion, and Brookfield Asset Management took the third place with $49.5 billion. The three of them raised a total of $185.8 billion – comfortably blowing past what had been raised by our entire inaugural ranking in 2010. In last year’s edition, the top 50 infrastructure equity GPs in the world amassed more than $570 billion over our five-year qualifying period.
As we settle into the 2020s, infrastructure’s profile is as high as it’s ever been. The asset class is attracting record amounts of institutional capital and is at the centre of governments’ post-covid plans to ‘build back better’.
So, we think it’s the perfect time to reposition our ranking for this decade, which is why this year we’ve decided to upsize it to the II 100. By adding another 50 firms to the list, we aim to produce the definitive ranking of infrastructure’s top global equity GPs.
Our research and analytics team will kick off research for the ranking very shortly. However, we want to give you an early opportunity to get in front of them, so email your submissions to Tom Zimmermann (firstname.lastname@example.org) by 30 July. You can download the submissions form and full methodology here.
The most important thing to bear in mind about the II 100 is that it is a fundraising ranking, tracking equity amassed over a rolling five-year period – it is not a tally of assets under management. Why does this matter? Because it keeps the ranking dynamic and ensures that the GPs on it have staying power – a must for a long-term asset class.
For example, if MIRA tops our ranking in 2021 for the 12th year in a row, it will hold on to that pre-eminent position thanks to its continuous fundraising prowess. GPs on our list will not keep top positions on the back of early runs that result in AUMs that are no longer representative of where they are today. As the saying goes, past performance is no guarantee of future results – and we want to make sure AUM doesn’t obfuscate the present either.
So whether you are one of the GPs that has been a fixture of our rankings over the years or one of the 50 potential new entrants, we want to hear from you by 30 July. Help us make the II 100 the most comprehensive, up-to-date list of infrastructure’s top global equity GPs.