US-Based Infrastructure Fund Managers – September 2013

by Julia Goodall

  • 17 Sep 2013
  • INF

Preqin currently tracks 72 US-based infrastructure fund managers, which represent 20% of all infrastructure fund managers globally. These managers have closed 102 unlisted infrastructure funds in total, raising an aggregate $111bn. There are 36 infrastructure funds in market currently being raised by US-based fund managers, seeking an aggregate $33bn. Looking at a regional breakdown of these fund managers, several hubs of activity within the US can be observed, in particular New York, with 31% of all US-based fund managers located there. A further 14% of US-based infrastructure firms are located in California, 12% in Connecticut, 11% in Texas, and 9% in Washington DC.

When comparing the capital raised by US-based infrastructure fund managers to the capital being sought by those managers with a fund currently in market, New York is again prominent. The proportion of capital raised by New York-based fund managers, however, is lower than the proportion of capital currently being targeted by firms headquartered in the state - New York-based infrastructure fund managers account for 35% of total capital already raised by all US-based firms, but 47% of total capital currently being sought US-based fund managers. States with a higher proportion of capital being currently targeted as opposed to previously raised include Connecticut (15% of current target capital/9% of capital raised). Conversely, Massachusetts accounts for 9% of total capital raised by all US fund managers, but less than 3% of the capital currently targeted by US funds in market.

The vast majority of infrastructure funds raised by US-based managers have a domestic focus, with 83% citing the US a main geographic focus. Nine percent of funds managed by a US-based firms target Latin America, 5% target Asia, and the remaining 3% focus on regions outside these areas or pursue a multi-regional strategy. In terms of industry focus, the energy and natural resources sectors are by far the most prominent among US-based firms, with 86% of funds managed including these sectors within their investment remit. Forty-six percent invest in the transportation sector, 40% in utilities and 17% in telecoms opportunities. Only 4% of funds managed by US-based firms invest in social infrastructure.

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