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Unlisted Infrastructure Fundraising Declines in Q1 2015 – April 2015

by Ben Pearson

  • 16 Apr 2015
  • INF

The first quarter of 2015 saw 10 infrastructure funds launched, down on the 21 and 18 fund launches seen in the same period in 2013 and 2014 respectively. Four unlisted infrastructure funds have reached a final close so far this year, raising an aggregate $5.3bn in institutional investor capital; this represents a decrease on the $9bn raised in the same period in 2014, and a significant decrease on the $12.5bn raised in Q1 2013. However, the four funds to close in 2015 to date have an average size of $1.3bn, a much larger average than in Q1 2013, when the average fund size was $674mn. This demonstrates the increasing concentration of institutional capital among fewer managers over the past two years. 

In terms of geographic focus, Europe and North America continue to be the most favoured regions of fund managers. There have been 52 unlisted infrastructure fund closures in the period 2014-2015 YTD, raising a combined $46bn in investor commitments, of which $25bn and $13bn have been raised by vehicles focusing on North America and Europe respectively. Despite funds investing outside North America, Europe and Asia constituting 31% of all unlisted infrastructure funds currently in market, the capital raised by these funds in the period 2014-2015 YTD represents just 6% of the $46bn raised overall. 

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