1st July 2015
Press Release
Unlisted Infrastructure Fundraising Falls for Fourth
Consecutive Quarter
Infrastructure fundraising has fallen every quarter since $15.5bn was raised in Q2 2014; the $4.4bn
raised by funds closed in Q2 2015 is the lowest quarterly total since the $3.9bn raised in Q3 2013
Six unlisted infrastructure funds closed in Q2 2015, raising a combined $4.4bn, a notable decline on the $5.4bn
raised in Q1, and the fourth consecutive quarter in which the total capital raised has fallen. Just $10.6bn was raised
in the first half of 2015, compared with $24.2bn in the first half of 2014. Those managers that have closed funds in
2015 spent an average of 27 months marketing their offerings, up from an average of 20 months in 2014. With
relatively few funds closing in 2015, the fundraising market remains crowded and competitive for those still on the
road.
Key Infrastructure Market Facts:







Fundraising Success: Fund managers which closed funds in H1 2015 raised an average of 107% of their
initial targets, compared to 103% in 2014 and 96% in 2013.
Largest Fund in Q2 2015: I Squared Capital closed its first infrastructure vehicle, ISQ Global Infrastructure
Fund, securing $3bn, and was the largest fund to close in Q2 2015.
Crowded Fundraising Market: A total of 154 funds are currently being marketed with a combined target of
$99bn. This is up from 144 targeting an aggregate $93bn as of the start of 2015.
Largest Fund in Market: Alinda Infrastructure Fund III is the largest fund currently on the road seeking
$5bn in capital commitments.
Slowing Deal Flow: Recent quarters have seen a slowing in infrastructure deal flow, with the number of
transactions falling for the sixth consecutive quarter. Just 121 transactions were completed in Q2 2015,
down from 139 in Q1 2015.
Largest Deal in Q2 2015: The largest completed infrastructure deal in Q2 2015 was the awarding of the
$3.6bn LaGuardia Airport Central Terminal Building replacement PPP/PFI project to a consortium of
investors.
Falling Prominence of Renewable Energy: Investments in renewable energy have accounted for a falling
proportion of deal flow over the last few quarters. During Q3 2014, investments in renewable energy
assets accounted for 44% of all transactions in the quarter, but represented only 30% of deals in Q2 2015.
For more information and analysis, please see the following factsheet.
Comment:
“Infrastructure fundraising has slowed considerably in 2015, with the first half of the year seeing less than half the
level of capital that was raised in H1 2014. Institutional investors are concerned about high valuations for
infrastructure assets and the impact this will have on the performance of the asset class. These concerns appear to
be translating into reduced levels of commitments, and a slower fundraising market. While some managers have
been very successful, competition for investor capital is intense and with more than 150 funds being marketed, many
firms may struggle to meet their fundraising goals in the months to come.”
Andrew Moylan, Head of Real Assets Products – Preqin
_______________________________________________________________________________________________________
Note to Editors:

Preqin is spelled without the letter ‘U’ after the ‘Q’, the company name being an amalgamation of the former name,
Private Equity Intelligence.
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Q2 2015 Infrastructure Fundraising and Deals
Download Q2 2015 Data
Page 1 of 3
1st July 2015
Fig. 1: Quarterly Unlisted Infrastructure Fundraising, Q1
2010 - Q1 2015
21.3
18.619
15
10
13 13
14
11.7
15
16
8.7 7.9 9
5
15.5
14
13
8
3.8 3.8
16
15
12.112 12
9.4 9
7
3.6
16
9
5.9
3.3
2.7
8.7
6.7
3.9
9.8
8.1
5.4 6
5 4.4
5
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2010
2011
No. of Funds Closed
2012
2013
2014
Aggregate Capital Raised ($bn)
Average Proportion of Target Size
Achieved at Final Close
25
20
30
120%
28
27
Fig. 3: Average Time Spent on the Road, 2008 - 2015
103%
100%
94%
91%
84%
93%
107%
96%
84%
80%
60%
40%
20%
0%
2008
2015
2009
2010
2011
2012
2013
2014
2015
YTD
Average Time Spent in Market (Months)
30
Fig. 2: Average Annual Proportion of Target Size Achieved,
Funds Closed 2008 - 2015
27
25
25
23
20
20
18
16
15
10
5
0
2008
Year of Final Close
21
20
2009
2010
2011
2012
2013
2014
2015 YTD
Fig. 4: 10 Largest Unlisted Infrastructure Funds Closed, Q2 2014 - Q2 2015
Fund
Firm
Final Close Date
Fund Focus
Final Close Size (mn)
Energy & Minerals Group Fund III
Energy & Minerals Group
Jun-14
Global
4,081 USD
EnCap Flatrock Midstream Fund III
EnCap Flatrock Midstream
Apr-14
US
3,000 USD
Macquarie Infrastructure Partners III
Macquarie Infrastructure and Real Assets (MIRA)
Sep-14
North America
3,000 USD
I Squared Capital
Apr-15
Global
3,000 USD
ISQ Global Infrastructure Fund
Antin Infrastructure Fund II
First Reserve Energy Infrastructure Fund II
First State European Diversified Infrastructure Fund
Antin Infrastructure Partners
Jun-14
Europe
2,000 EUR
First Reserve Corporation
Jun-14
North America, Europe
2,500 USD
Colonial First State Global Asset Management/First State Investments
Jan-15
Europe
2,000 EUR
Infracapital
Oct-14
Europe
1,300 GBP
P2Brasil
Mar-15
South America
1,674 USD
McMorgan & Company
Jun-14
North America, Europe
1,325 USD
Infracapital Partners II
P2Brasil III
McMorgan Infrastructure Fund I
Looking for more detailed data? Preqin can help.
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© 2015 Preqin Ltd. / www.preqin.com
Q2 2015 Infrastructure Fundraising and Deals
Download Q2 2015 Data
Page 2 of 3
1st July 2015
Fig. 5: Unlisted Infrastructure Funds in Market over Time,
January 2010 - June 2015
160
151
145
144
137
140
Fund
144
ISQ Global Infrastructure Fund
107
90
97
93
Fund Focus
Final Close Size
(mn)
2013
Global
3,000 USD
2011
North America, Europe
1,160 GBP
Firm
Vintage
I Squared Capital
Hermes GPE
136
120
100
Fig. 6: Largest Unlisted Infrastructure Funds Closed by Final Close Size, Q2 2015
93
99
No. of Funds
Raising
86
85
Hermes GPE Infrastructure Fund
iCON Infrastructure Partners III
MC-Seamax Shipping Opportunities Fund
80
Aggregate
Target
Capital ($bn)
60
iCON Infrastructure
2015
North America, Europe
800 EUR
MC-Seamax Management
2013
Global
300 USD
Equitix
2013
UK
150 GBP
Equitix Energy Efficiency Fund
40
20
0
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jun-15
Fig. 7: Breakdown of Unlisted Infrastructure Funds in Market
by Geographic Focus
70
Fig. 8: Top 10 Unlisted Infrastructure Funds in Market by Target Size
Fund
Firm
Target Size
(mn)
Fundraising
Status
Headquarters
Location
Fund Focus
Alinda Capital Partners
5,000 USD
Raising
US
North America,
Europe
ArcLight Capital Partners
4,000 USD
Sixth Close
US
North America,
Europe
Morgan Stanley Infrastructure
4,000 USD
First Close
US
Global
59
60
Alinda Infrastructure Fund III
50
46
No. of Funds
Raising
39.5
40
31 32
Morgan Stanley Infrastructure Partners II
30
20
18.4
15
9.3
10
Europe
Asia
Aggregate
Target
Capital ($bn)
ASF IV Infrastructure
Ardian
2,500 EUR
First Close
France
Europe
NSL & Co
2,500 EUR
Raising
Netherlands
UK
Carlyle Group
2,500 USD
First Close
US
Global
Global Infrastructure Partners Capital
Solutions Fund
Global Infrastructure Partners
2,500 USD
Raising
US
Global
Pan-European Infrastructure Fund II
Deutsche Asset & Wealth
Management
2,000 EUR
Raising
UK
Europe
Macquarie Asia Infrastructure Fund
Macquarie Infrastructure and
Real Assets (MIRA)
2,250 USD
First Close
UK
Asia
Copenhagen Infrastructure
Partners
1,600 EUR
First Close
Denmark
Europe, North
America
UK TMT & Infrastructures Fund
Carlyle Energy Mezzanine
Opportunities Fund II
0
North
America
ArcLight Energy Partners Fund VI
Rest of World
Primary Geographic Focus
Copenhagen Infrastructure II
© 2015 Preqin Ltd. / www.preqin.com
Q2 2015 Infrastructure Fundraising and Deals
Download Q2 2015 Data
Page 3 of 3
1st July 2015
Fig. 10: Breakdown of Infrastructure Deals by Region, Q1
2014 - Q2 2015
350
180
300
326
325
276
272
238
210
192
200
140
249
234
250
160
225 216
120
201
100
139
150
121
100
80
60
40
No. of Deals
Reported Aggregate
Deal Value ($bn)
Q2 2015
Q1 2015
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
Q4 2012
Q3 2012
0
Q2 2012
20
0
Q1 2012
50
100%
90%
2%
11%
80%
4%
9%
70%
60%
22%
3%
3%
6%
4%
9%
18%
8%
1%
3%
3%
8%
1%
13%
10%
5%
13%
26%
10%
34%
28%
26%
90%
Africa
Australiasia
North America
58%
52%
20%
36%
Europe
43%
36%
41%
10%
80%
70%
60%
50%
12%
12%
7%
10%
4%
10%
8%
5%
6%
19%
7%
4%
6%
8%
26%
13%
13%
10%
15%
13%
3%
9%
Other
9%
Healthcare
11%
Utilities
4%
8%
9%
11%
9%
7%
15%
40%
17%
Social
21%
25%
Natural Resources
30%
20%
40%
39%
Transport
44%
33%
32%
30%
Q4
Q1
Q2
10%
0%
Renewable Energy
0%
Q1
Estimated Aggregate
Deal Value ($bn)
13%
3%
Asia
40%
30%
100%
South America
41%
50%
4%
4%
6%
Fig. 11: Breakdown of Infrastructure Deals by Industry, Q1
2014 - Q2 2015
Proportion of No. of Deals
200
Proportion of No. of Deals
400
Aggregate Deal Value ($bn)
No. of Deals
Fig. 9: Quarterly Number and Aggregate Value of
Infrastructure Deals Completed Globally, Q1 2012 - Q2
2015
Q2
Q3
2014
Q4
Q1
Q2
2015
Q1
Q2
Q3
2014
2015
Fig. 12: 10 Notable Infrastructure Deals Completed in Q2 2015
Asset
LaGuardia Airport Central Terminal Building
Location
Industry
Investor(s)
Deal Size (mn)
Stake
Date
US
Airports
Meridiam, Skanska, Unidentified Investor/s
3600.00 USD
100%
May-15
Myanmar
Power Plants
Toyo-Thai Corporation
2800.00 USD
100%
Apr-15
US
Natural Resources
Global Infrastructure Partners
2650.00 USD
50%
Jun-15
St. Lawrence Bridge
Canada
Bridges
ACS Group, HOCHTIEF Concessions, SNC-Lavalin
2150.00 CAD
100%
Apr-15
Crown Castle Australia Holdings
Australia
Wireless
Communication
Macquarie Infrastructure and Real Assets (MIRA), UBS Infrastructure Asset Management, UniSuper
2000.00 AUD
100%
May-15
Spain
Natural Resources
Pipelines
EDF Invest, Gingko Tree Investment , PGGM
1250.00 EUR
100%
Apr-15
US
Power Plants
Competitive Power Ventures Holdings, Diamond Generating Corporation
985.00 USD
100%
Jun-15
Netherlands
Telecommunications
Antin Infrastructure Partners
875.00 EUR
100%
May-15
Mexico
Power Plants
Abengoa, Enel
950.00 USD
100%
May-15
Wind Power
Ratchaburi Electricity Generating Holding Public Company, Unidentified Investor/s
380.00 AUD
100%
Apr-15
Ye Township Power Plant
Hess Midstream Crude Oil and Natural Gas
Portfolio
Madrileña Red de Gas
CPV Valley Energy Center
Eurofiber
Abengoa and Enel Cogeneration Plant
Mount Emerald Wind Farm
Australia
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