Asia and Rest of World-Based Infrastructure Fund Managers

by Elliot Bradbrook

  • 20 Dec 2011
  • INF

Preqin is currently tracking 74 infrastructure fund managers based in countries located outside of North America and Europe which are either in the process of raising a closed-end unlisted infrastructure fund or have done so in the past. These managers have closed a total of 81 infrastructure vehicles, accumulating an aggregate $44.7bn in the process. There are a further 43 unlisted infrastructure funds currently on the road managed by such GPs, seeking an additional $27.5bn.

India is the most prominent GP location within Asia and Rest of World, accounting for 19% of the fund managers based in such areas. Managers located in Singapore and Brazil are also significant, accounting for 12% and 9% of total Asia and Rest of World-based GPs respectively. In total, 55% of fund managers outside of North America and Europe are based in Asian countries, and 45% are based outside of Asia, with South America-based managers featuring prominently. The vast majority of these GPs (85%) raise traditional private equity style infrastructure funds, with just 4% focused on raising debt/mezzanine funds. The remaining 11% of Asia and Rest of World-based managers raise vehicles that make both equity and debt investments.

When looking at the regional investment preferences of Asia and Rest of World-based fund managers, 69% target Asian and Australasian infrastructure opportunities. Twenty-seven percent invest in the MENA region, while 15% target a diversified portfolio of investment opportunities (irrespective of location). Twenty-three percent of Asia and Rest of World-based GPs target infrastructure assets in South America and 15% target investments in Africa – mainly consisting of those managers based in the two regions. Just 12% invest in European assets.

A key Asia and Rest of World-based fund manager is Astra Investimentos. The Brazilian GP is currently marketing two infrastructure funds and seeking to raise a combined $2bn to invest in a portfolio of Brazilian energy, renewable energy, shipping and utilities assets. Other notable firms include BTG Pactual and L&T Infrastructure Finance Company.

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