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New York-Based Infrastructure Fund Managers – October 2013

by Paul Bishop

  • 22 Oct 2013
  • INF

According to Preqin data, there are 24 infrastructure fund managers based in New York, which have closed a total of 25 funds historically. This represents 21% of all 111 North America-based infrastructure GPs and 20% of the 215 funds closed by these firms. These figures make New York a significant state for US-based infrastructure fund management companies. New York-based infrastructure managers have raised an aggregate $49bn in investor commitments, which represents 42% of all the capital raised by US-based infrastructure fund managers historically. New York-based infrastructure GPs are managing 15 funds currently on the road, which are seeking an aggregate of $13bn in investor capital.

New York is home to some of the most established and experienced infrastructure fund managers, as shown by the fact that New York-based firms represent just 21% of all North America-based GPs but some 42% of total capital raised by these firms historically. Fifty-four percent of fund managers based in the state have launched more than one fund, with the remaining 46% being first-time managers. New York-based fund managers typically to close their infrastructure funds within two years of being on the road raising investor commitments. Fifty-seven percent of vehicles raised by these firms closed within 24 months of launch, with 14% managing to reach a close within six months. Fourteen percent spent between 25 and 30 months on the road, while a significant 29% raised capital for longer than 31 months.

The majority of infrastructure vehicles raised by New York-based fund managers target core infrastructure assets. Seventy-nine percent of funds will seek to gain exposure to transportation and energy assets respectively, while 63% gain exposure to utilities and water assets respectively and 33% are open to investments in telecommunication assets and waste management assets respectively.

Global Infrastructure Partners has raised the most amount of capital out of all New York-based fund managers, having raised $13.9bn total across its two funds. GS Infrastructure Investment Group and Highstar Capital are the second and third most prominent GPs within the state, having raised $9.6bn and $6.3bn total respectively. In terms of the largest amount of capital raised for a specific fund, Global Infrastructure Partners takes the lead, raising an average of $6.95bn per fund raised.

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