The Top 100 Institutional Investors in Infrastructure – Characteristics

by Iain Jones

  • 03 Apr 2012
  • INF

The 100 largest institutional investors in infrastructure (by committed capital) have invested an aggregate $204bn in the asset class to date, through a combination of unlisted funds, listed funds, and direct investments. Investors from 27 countries feature in the list of top 100 infrastructure LPs, with assets under management ranging from hundreds of million dollars to hundreds of billion dollars. These LPs consist of 15 different institutional types, and allocate capital to infrastructure investment from a variety of sources including dedicated infrastructure platforms, via an allocation to private equity and/or real assets, as well as general alternatives buckets.

In terms of geographic location, the US (18%), Australia (15%), Canada (13%) and the UK (10%) account for the highest proportion of LPs in the list, reflecting the sophisticated pool of institutional capital in these countries. Europe is the most prominent region, home to 39 of the top 100 institutions, compared to 31 based in North America, 16 in Australasia, five in Asia and nine based elsewhere. Public pension plans are the most prominent type of investor, making up 23% of the total, followed by asset managers (16%), insurance companies (12%), private pension funds and superannuation schemes (both 10%).

In terms of assets under management (AUM), 23% of investors featured in our top 100 list have total assets of less than $10bn, while 36% have between $10-50bn.  Eighteen percent have an AUM of between $50-100bn, and a further 23% have more than $100bn in total assets under management. In total, the 100 largest infrastructure investors by committed capital have a mean and median AUM of $92.4bn and $31.3bn respectively.

Seventy two percent of the top 100 infrastructure investors operate a separate infrastructure allocation, showing that these investors regard infrastructure as an integral part of their investment portfolio. The remaining 28% of investors allocate capital to the asset class through a private equity allocation (10%), a real assets allocation (7%), a general alternatives pot (3%), or from a different source (8%).

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