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The 2012 Infrastructure Fund Manager Universe

by Emma Davis

  • 24 Jan 2012
  • INF

Preqin’s Infrastructure Online database is currently tracking over 270 unlisted infrastructure fund managers globally, in charge of over 420 unlisted infrastructure funds. Of these vehicles, 66% have already reached a final close, raising an aggregate $186.1bn.  A further 143 infrastructure funds are currently on the road targeting an aggregate $93.2bn in investor capital.

The largest proportion of fund managers (67%) are first-time firms, having launched just one infrastructure fund to date.  17% of fund managers have launched two infrastructure funds, 6% have launched three funds, and a further 6% have launched four vehicles. Only 11 fund managers have launched five or more infrastructure funds, including those firms now synonymous with infrastructure investment such as Macquarie Infrastructure and Real Assets (MIRA), Innisfree and AMP Capital Investors.

In terms of location, 24% of infrastructure fund managers are headquartered in the US, making it the most popular base for such managers worldwide. This is followed by 19% of fund managers located in the UK, with other popular locations including Australia (6%), Canada (5%) and India (5%). However, when broken down by region, Europe is home to the largest proportion of fund managers (40%), while 29% are based in North America.  31% of managers are situated outside of these two core regions.

In terms of preferred strategy, the majority of infrastructure fund managers raise traditional unlisted equity vehicles.  89% of managers raise traditional equity funds, while 4% raise debt funds.  A further 8% of unlisted infrastructure fund managers handle vehicles that will provide both equity and debt financing.

Australia-based Macquarie Infrastructure and Real Assets (MIRA) is the most prominent global infrastructure fund manager.  The firm has already raised 14 unlisted infrastructure funds and attracted $20.4bn in total capital commitments.  It is currently raising a further five infrastructure funds seeking an additional $5.7bn.  ArcLight Capital Partners and Global Infrastructure Partners are two other prominent firms, having raised $10.1bn and $5.6bn to date respectively.  Global Infrastructure Partners II is the largest infrastructure fund currently on the road seeking between $5bn and $6bn in total capital commitments.

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