Funds & Investors Report - IJGlobal Report Full Year 2019...billion, EQT Partners more than doubled its previous vintage’s size by closing EQT IV at €9 billion ($10.1 billion)

Funds & Investors Report Full-Year 2019

https://ijglobal.com/ij-investor


2 Funds & Investors Report Full-Year 2019

Full-year 2019 – lower volumes but strong prospectsWhile the infrastructure fundraising market ended 2019 at a lower level compared with 2018, the industry is poised for another healthy year as many large funds continue to raise capital.

Around $95.7 billion was raised in 2019 by 54 unlisted, closed-ended funds at a global level compared with around $120 billion raised by 73 funds in 2018.

Funds might be fewer year-on-year, but many managers successfully raised larger vehicles compared to predecessor funds. For some of them, it meant moving slightly higher up in the market from a pure mid-market position.

On top of Global Infrastructure Partners closing its record GIP IV fund at $22

billion, EQT Partners more than doubled its previous vintage’s size by closing EQT IV at €9 billion ($10.1 billion). Ardian also raised a significantly larger fund – Ardian Infrastructure Fund V €6.1 billion ($6.9 billion). Similarly, Macquarie Infrastructure and Real Assets closed MEIF 6 at €6 billion ($6.7 billion) while Morgan Stanley Infrastructure Partners closed North Haven Infrastructure III at $5.5 billion.

While it has not contributed to the 2019 figures, Brookfield Asset Management is said to be looking at a Q1 final close above $20 billion on its Brookfield Infrastructure IV, while both I Squared Capital and Stonepeak Infrastructure Partners are in the market each targeting $10 billion in capital commitments for their latest vintage.

On the mid-market side, in Europe Basalt Infrastructure Partners, Mirova, DIF Capital Partners, Equitix and iCON Infrastructure are all in initial stages of fundraising.

Looking closely at the 2019 fundraising results, regional breakdown signals a very small focus (only 7% of the total) on North America with the majority of funds (48%) aimed at a global remit.

Overall, the numbers indicate a more generalist approach to fundraising, with 82% of the capital raised to be deployed into multiple sectors, while sector-focused funds have taken a smaller share of the total compared with 2018.

The trend of fewer funds making up more of the total capital collected by the

UNLISTED CAPITAL RAISED GLOBALLY AT FINAL CLOSE (USDm)

Source: IJInvestorUSDm

21,580

34,726

24,757

41,291

60,769

73,798

97,226

80,569 74,466

119,888

95,671

10,000

30,000

50,000

70,000

90,000

110,000

130,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Capital Raised

Date of Final Close


3ijinvestor.com

UNLISTED CAPITAL RAISED AT FINAL CLOSE (USDm) GEOGRAPHIC TARGETS 2019

Europe 27%

Global48%

Multiple17%

North America7%

Sub-Saharan Africa 1%

UNLISTED CAPITAL RAISED AT FINAL CLOSE (USDm) SECTOR TARGETS 2019

Multiple Sectors82%

Conventional & RenewableEnergy 2%

Oil & Gas 2%

Renewables 8%

Telecoms 6%

Source: IJInvestorSource: IJInvestor

UNLISTED CAPITAL RAISED GLOBALLY AT FINAL CLOSE - NUMBER OF FUNDS

Source: IJInvestor

Number of Funds

30

54 54

84

95 95

86 78 73 73

54

20

30

40

50

60

70

80

90

100

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Date of Final Close



UNLISTED INFRASTRUCTURE FUNDS AT FINAL CLOSE 2019

Source: IJInvestor

Fund Name Fund Manager Fund Currency

Fund Strategy

Target Size (USDm)

Final Size (USDm)

Final Close Date

Asset Stage Target

Geographic Targets

Sector Targets

Q1 2019

EQT Infrastructure IV EQT Partners EUR Equity $8,466 $10,160 Mar-19 Brownfield Multiple Multiple Sectors

Ardian Infrastructure Fund V Ardian EUR Equity $6,259 $6,941 Mar-19 Greenfield, Brownfield Europe Multiple Sectors

Quinbrook Low Carbon Power Fund

Quinbrook Infrastructure Partners USD Equity $1,000 $1,600 Mar-19 Brownfield Multiple Conventional &

Renewable Energy

BCP Energy Services Fund II Bernhard Capital Partners Management USD Equity $1,000 $1,200 Feb-19 Greenfield,

Brownfield North America Oil & Gas

Meridiam Infrastructure Africa Fund Meridiam EUR Equity $576 $616 Mar-19 Greenfield Multiple Multiple Sectors

New Energy Capital Infrastructure Credit Fund II New Energy Capital USD Mixed $400 $500 Jan-19 Greenfield,

Brownfield North America Renewables

Schroders Junior Loan Infrastructure Europe Fund Schroders EUR Mezzanine $336 $392 Mar-19 Greenfield,

Brownfield Europe Multiple Sectors

Mount Elbert Capital Partners Fund 1

Mount Elbert Capital Partners USD Equity $290 $382 Mar-19 Greenfield,

Brownfield Multiple Telecoms

InfraGreen III RGreen Invest EUR Mixed $281 $345 Mar-19 Greenfield, Brownfield Europe Renewables

Wind Infrastructure I BKN Capital; re:cap Global Investors EUR Equity $226 $226 Jan-19 Greenfield,

Brownfield Europe Renewables

Nouvelles Energies RGreen Invest EUR Debt $112 $139 Jan-19 Greenfield, Brownfield Europe Renewables

Q2 2019

Macquarie European Infrastructure Fund 6

Macquarie Infrastructure and Real Assets

EUR Equity $5,631 $6,757 Jun-19 Greenfield, Brownfield Europe Multiple Sectors

Digital Colony Partners Digital Colony USD Equity $3,000 $4,050 Jun-19 Greenfield, Brownfield Global Telecoms

European Diversified Infrastructure Fund II First State Investments EUR Equity $2,208 $2,881 May-19 Brownfield Europe Multiple Sectors

Carlyle Global Infrastructure Opportunities I Carlyle Group USD Equity $2,500 $2,200 Jun-19 Greenfield,

Brownfield Global Multiple Sectors

Cube Infrastructure Fund II Cube Infrastructure Managers EUR Equity $1,348 $1,128 Jun-19 Brownfield Europe Multiple Sectors

CalPERS GIP Separate Account Global Infrastructure Partners USD Equity $1,000 $1,000 Jun-19 Greenfield,


Glennmont Clean Energy Fund Europe III Glennmont Partners EUR Equity $781 $949 Jun-19 Greenfield,

Brownfield Europe Renewables

Grain Communications Opportunity Fund II Grain Management USD Equity $750 $899 Apr-19 Greenfield,

Brownfield North America Telecoms

Climate Investor One FMO; Phoenix InfraWorks USD Mixed $1,000 $850 Jun-19 Greenfield,

Brownfield Multiple Renewables

Fengate Core Infrastructure Fund III

Fengate Asset Management CAD Equity $568 $834 May-19 Greenfield,

Brownfield North America Multiple Sectors

Hull Street Energy Partners I Hull Street Energy USD Equity $500 $501 May-19 Greenfield, Brownfield North America Multiple Sectors

UniInstitutional Sachwerte SCS SICAV-SIF - Infrastruktur-Invest 1

Mercer Private Markets EUR Fund of

Funds $336 $495 Apr-19 Greenfield, Brownfield Global Multiple Sectors

Mirai Renewable Energy Fund SPARX Asset Management JPY Equity $274 $289 Apr-19 Greenfield Asia Pacific Renewables

YIELCO Special Situations Europe YIELCO Investments EUR Fund of Funds $255 Jun-19 Greenfield,


Frontier Energy II Frontier Capital Management USD Equity $200 $227 Apr-19 Greenfield Sub-Saharan

Africa Renewables


5ijinvestor.com

Source: IJInvestor

UNLISTED INFRASTRUCTURE FUNDS AT FINAL CLOSE 2019

Fund Name Fund Manager Fund Currency

Fund Strategy

Target Size (USDm)

Final Size (USDm)

Final Close Date

Asset Stage Target

Geographic Targets

Sector Targets

Q3 2019

Goldman Sachs Renewable Power Goldman Sachs USD Equity $1,900 Sep-19 Greenfield, Brownfield North America Renewables

Actis Long Life Infrastructure Actis USD Equity $1,500 $1,230 Aug-19 Brownfield Multiple Multiple Sectors

Equitix Fund V Equitix GBP Equity $922 $1,227 Jul-19 Brownfield Europe Multiple Sectors

Africa Infrastructure Fund I A.P. Moller Capital USD Equity $1,000 $992 Aug-19 Greenfield, Brownfield Multiple Multiple Sectors

MEAG Infrastructure Debt Fund MEAG EUR Debt $547 $722 Jul-19 Greenfield, Brownfield Europe Multiple Sectors

ARC Energy Fund 9 ARC Financial Corporation CAD Equity $597 Jul-19 Brownfield North America Oil & Gas

UBS Clean Energy Infrastructure Switzerland 2

Fontavis; UBS Asset Management CHF Equity $404 $476 Sep-19 Greenfield,


Everbright Overseas Infrastructure Investment Fund

China Everbright Group USD Equity $600 $458 Sep-19 Greenfield,


IFM OECD Infrastructure Debt Fund

IFM Investors; Hyundai Investments; Hanwha Asset Management

USD Debt $420 Aug-19 Greenfield, Brownfield Global Multiple Sectors

EIP Holdings II Everest Infrastructure Partners USD Equity $350 Aug-19 Greenfield,

Brownfield North America Telecoms

African Infrastructure Investment Fund 3

African Infrastructure Investment Managers USD Equity $320 Jul-19 Greenfield,

BrownfieldSub-Saharan Africa Multiple Sectors

Clean Growth Fund V North Sky Capital USD Fund of Funds $150 $220 Sep-19 Greenfield,

Brownfield North America Renewables

Evolution IIInspired Evolution Investment Management

USD Equity $200 $216 Sep-19 Greenfield, Brownfield

Sub-Saharan Africa

Conventional & Renewable Energy

Newcore Strategic Situations IV Newcore Capital Management GBP Equity $129 $194 Sep-19 Greenfield,

Brownfield Europe Social & Defence

Foresight Italian Green Bond Fund Foresight Group EUR Mixed $218 $82 Jul-19 Greenfield, Brownfield Europe Multiple Sectors

Orionis Renewable Energy Fund African Infrastructure Investment Managers ZAR Equity $26 Aug-19 Greenfield,

BrownfieldSub-Saharan Africa Renewables

Q4 2019

Global Infrastructure Partners IV Global Infrastructure Partners USD Equity $17,500 $22,000 Dec-19 Brownfield Global Multiple Sectors

North Haven Infrastructure Partners III

Morgan Stanley Infrastructure Partners USD Equity $4,000 $5,500 Dec-19 Greenfield,


AMP Capital Infrastructure Debt Fund IV AMP Capital USD Mezzanine $3,500 $4,000 Oct-19 Greenfield,


AMP Capital Global Infrastructure Fund II AMP Capital USD Equity $3,000 $3,400 Dec-19 Greenfield,


Rivage Euro Debt Infrastructure 3 Rivage Investment EUR Debt $1,108 Oct-19 Greenfield, Brownfield Europe Multiple Sectors

Copenhagen Infrastructure New Markets Fund I

Copenhagen Infrastructure Partners USD Equity $1,000 $1,000 Nov-19 Greenfield Global Renewables

Allianz European Infrastructure Fund

Allianz Capital Partners EUR Equity $833 $955 Dec-19 Greenfield,


Eurofideme 4 Mirova EUR Mixed $554 $949 Nov-19 Greenfield, Brownfield Europe Multiple Sectors

Enhanced Sustainable Power Fund 4

KGAL Investment Management EUR Equity $548 $822 Oct-19 Greenfield,

Brownfield Global Renewables

Green Credit Continuum 2019 Amundi; European Investment Bank EUR Debt &

Mezzanine $282 Dec-19 Greenfield, Brownfield Europe Renewables

Barings Global Real Assets Fund Barings USD Fund of Funds $235 Oct-19 Greenfield,


Nouvelles Energies II RGreen Invest EUR Debt $167 $173 Dec-19 Greenfield, Brownfield Europe Renewables

Total $95,671



industry seems to have strengthened in 2019, with the five largest funds making up 55% of the total fundraising market, versus 35% in 2018. The average fund size is also increasing, landing at $1.7 billion this year versus $1.6 billion last year.

The year of offshore windOffshore wind was the stand-out sector for institutional investors and fund managers to deploy capital into. The acquisition of an 80% stake in the 402MW Veja Mate offshore wind farm marked the first foray into the sector for most of the buyers – including Commerz Real, Ingka Group, KGAL Group and wpd invest - thus underlining the ever-increasing attractiveness of offshore wind assets. The buyers paid a total ticket of €2.3 billion ($2.6 billion).

There were three more major offshore wind acquisitions in Germany. In June 2019, InfraRed’s listed renewables vehicle TRIG completed the acquisition of a 25% stake in the 330MW Gode 1 project from GIP. Then in September, UniCredit’s Ocean Breeze Energy closed in the sale of the 400WM BARD 1 to a MIRA consortium for around €1 billion ($1.1 billion).

Later in December, APG and InfraRed Capital-managed The Renewables Infrastructure Group bought Germany’s 396MW Merkur offshore wind farm for around €1.9 billion ($2.1 billion), beating bidders including China Huaneng Group, and consortia led by China Three Gorges and wpd Invest.

More capital was deployed into oil and gas than any other sector. Transport and renewables followed quite far behind, interestingly close to telecoms deals, which came fourth.

The acquisition of a 39% stake in Cadent Gas for $2.5 billion and that of a 40% stake in ADNOC Oil Pipelines for $4 billion saw a strong participation of institutional investors and fund managers.

Quadgas – the Cadent acquiring consortium - comprises long-term infrastructure investors, including: Macquarie Infrastructure and Real Assets, China Investment Corporation’s subsidiary CIC Capital Corporation, Allianz Capital Partners, Hermes Investment

FUNDRAISING CONCENTRATION (%)

Source: IJInvestorFive Largest Funds All Other Funds

Percentage of Capital Raised

Date of Final Close

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


7ijinvestor.com

FUNDS IN RAISING MODE BY TARGET SIZE (USDm) - GEOGRAPHIC TARGET

Asia Pacific8%

Europe 25%

Global22%

Latin America2%

Multiple12%

North America29%


FUNDS IN RAISING MODE BY TARGET SIZE (USDm) - SECTOR TARGET

Multiple Sectors 64%

Oil & Gas 5%

Renewables 10%

Social & Defence 1%

Telecoms 2%

Transport 3%

Conventional & Renewable Energy 15%


AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm) - STRATEGY

Source: IJInvestorEquity Mixed Debt & Mezzanine Mezzanine Date of Final Close Fund of Funds Debt

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm) - SECTOR TARGET 2019

0 500 1,000 1,500 2,000 2,500 3,000

Social & Defence

Renewables

Oil & Gas

Conventional & Renewable Energy

Telecoms

Multiple Sectors

Final Close Size

AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm) - GEOGRAPHIC TARGET 2019

Final Close Size

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Sub-Saharan Africa

Asia Pacific

Latin America

North America

Europe

Multiple

Global

AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm) - ASSET STAGE TARGET 2019

Final Close Size

0 1,000 2,000 3,000 4,000 5,000 6,000

Greenfield

Greenfield, Brownfield

Brownfield

Source: IJInvestor

Source: IJInvestor

Source: IJInvestor


9ijinvestor.com

PERCENTAGE OF TARGET SIZE REACHED AT FINAL CLOSE (USDm)

Percentage of Final Close Funds

Source: IJInvestorUp to 50% 51% to 99% 100% 101% to 150% More than 150% Date of Final Close

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Management, Qatar Investment Authority, Amber Infrastructure-managed fund INPP and Dalmore Capital, through its Dalmore Capital Fund 3. BlackRock and KKR were the signatories of the ADNOC deal to establish a new $4 billion midstream pipeline infrastructure partnership.

More airports are expected to come to market in 2020 but the sale of a minority stake in Brussels airport was the only European transport deal to make it into the top 10 transactions of 2019. However, the acquisition of heavy rail operator Genesee & Wyoming in the US by Brookfield Infrastructure and GIC came first with $8.4 billion.

2020: ESG and debt fundsESG seems set to be the major theme of 2020. It has evolved from a mere ticking box exercise into the guiding principle of many strategies and managers are developing tools to measure performance on ESG metrics and prove the benefits to portfolio performance.

Just as we went to press this report, a club of institutional investors and fund managers including AXA Investment Managers, BNP Paribas Asset Management, Sycomore Asset Management and Mirova announced a joint venture to develop a tool for measuring investment impact on biodiversity.

“There is growing interest in quantitative indicators among regulators, investors, and their clients because these indicators can be used to measure the impact of investments, particularly environmental impact, in order to obtain concrete portfolio sustainability assessments,” the announcement said.

This is only one of the tools that have been developed since COP 21 in 2015, which saw governments around the world agree to a 2°C global warming limit, to measure the carbon impact of portfolios.

Beyond this, the industry does not expect 2020 to be a particularly disruptive year, as some of the newer sector trends are largely expected to cement themselves and provide a wider range of opportunity for the large volumes of capital raised so far.

Telecoms and digital deals, alongside education and care homes assets are poised to keep raising in popularity among fund managers. A relatively new trend can be identified in the strategy that fund managers are likely to focus on to expand their remit.

In 2019, equity funds raised some $84.5 billion versus around $11 billion raised by debt strategies across senior, junior, and mezzanine debt and mixed equity and debt strategies.

While the gap is still significant, 2019 has seen some traditionally equity-oriented managers preparing to launch their maiden credit strategy in 2020.



START OF INVESTMENT PHASE OF UNLISTED FUNDS

Source: IJInvestorAfter Final Close Before Final Close Date of Final Close

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

NUMBER OF LPs BY DOMICILE 2019

Asia Pacific 15%

Europe 50%

MENA 1%

North America 31%


Source: IJInvestor

NUMBER OF LPs BY DOMICILE 2018

Europe 53%

MENA 3%

North America 33%


Asia Pacific 9%

LatinAmerica 1%

Source: IJInvestor


11ijinvestor.com

AVERAGE TIME TO FINAL CLOSE

Source: IJInvestorDate of Final Close

17 18

20

18 17

18

22

20

22

17

29

10

15

20

25

30

35

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Number of Months

DOMICILE OF LPs 2019

1.38% 1.38% 1.38%

1.83% 1.83% 1.83%

2.29% 2.29%

2.75% 2.75%

3.21% 3.21%

3.67% 5.05%

6.42% 7.34%

8.72% 14.22%

28.44%

Côte d'Ivoire Switzerland

Norway Japan

South Africa China

Finland South Korea

Canada Sweden

Netherlands France

Germany Other Countries

Denmark Australia

Luxembourg United Kingdom

United States

Source: IJInvestor



As yields are increasingly compressed in core infrastructure equity, debt − especially mezzanine debt − has become more attractive on a relative basis. For infrastructure asset owners, mezzanine debt is increasingly popular as a financing solution in both the US and Europe. On the other side of the pond, I Squared Capital and Starwood Energy are gearing up for this, while in Europe DIF Capital Partners is doing the same.

The fundraising environment has overall become more upskilled which has led LPs pushing GPs to find higher yields. While the average fund target hovers around 10-12% IRR, many managers are going higher up the curve to 15-17% territory.

Managers will continue getting creative in order to meet those expectations. While less fund-to-fund M&A activity is expected, many market players believe more fund consolidation is likely to be on the horizon.

FUNDS IN RAISING MODE BY TARGET SIZE - CURRENCY BREAKDOWN

Source: IJInvestor

0.07%

0.08%

0.16%

0.21%

0.29%

0.67%

1.07%

1.67%

1.72%

5.17%

11.65%

17.76%

59.46%

KRW

MAD

BRL

ZAR

COP

CAD

JPY

INR

AUD

CNY

GBP

EUR

USD

DOMICILE OF LPs 2018

1.10% 1.64% 1.64% 1.92% 1.92% 2.19% 2.19% 2.47%

3.56% 3.56% 3.56% 3.84%

4.66% 7.12%

8.49% 9.04%

12.88% 28.22%

Sweden

Netherlands

Norway

Israel

Australia

Italy

Bermuda

South Korea

Japan

Germany

France

Canada

Finland

Other Countries

Denmark

Luxembourg

United Kingdom

United States

Source: IJInvestor


13ijinvestor.com

AVERAGE SIZE OF UNLISTED FUNDS AT FINAL CLOSE (USDm)

Source: IJInvestorUSDmDate of Final Close

660 622

435 509

652

820

1,136 1,065 1,025

1,665 1,747

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Average Capital Raised

FUNDS IN M&A DEALS BY ACCREDITED VALUE (USDm) - SECTORS 2019

Oil & Gas 26,566

Power 5,774

Renewables 11,525

Social & Defence 4,849

Telecoms 9,471

Transport 11,984

Multiple 549

Water609

FUNDS IN M&A DEALS BY ACCREDITED VALUE (USDm) - REGIONS 2019

Europe 34,035

MENA4,112

Latin America608

MultipleRegions609

North America24,429

Asia Pacific 7,643




FUNDS IN M&A DEALS BY DEAL COUNT - SECTORS 2019

Multiple 1%

Conventional & Renewable Energy 1%

Oil & Gas 12%

Power 10%

Renewables 43%

Social & Defence 6%

Telecoms 12%

Transport 14%

Water1%

FUNDS IN M&A DEALS BY DEAL COUNT - REGIONS 2019

Europe 60%

MENA1%

Latin America2%

MultipleRegions1%

North America28%

Asia Pacific 7%

Sub-Saharan Africa1%


FUNDS IN PRIMARY FINANCINGS BY ACCREDITED VALUE (USDm) - SECTORS 2019

Power 831

Social & Defence 622

Telecoms 209

Transport 2,899

Multiple 40

Renewables 3,768

FUNDS IN PRIMARY FINANCINGS BY ACCREDITED VALUE (USDm) - REGIONS 2019

Europe 2,560

MENA1,338

Latin America 33

MultipleRegions171

North America1,351

Asia Pacific 2,492

Sub-Saharan Africa424

424



15ijinvestor.com

FUNDS IN PRIMARY FINANCINGS BY DEAL COUNT - SECTORS 2019

Power 8%

Social & Defence 8%

Telecoms 3%

Transport 16%

Mining 1%

Renewables 64%

3%

FUNDS IN PRIMARY FINANCINGS BY DEAL COUNT - REGIONS 2019

Europe 44%

MENA5%

Latin America 3%

MultipleRegions2%

North America11%

Asia Pacific 23%

Sub-Saharan Africa12%


TOP 10 ACQUISITIONS BY TRANSACTION VALUE 2019

Rank Transaction Name Transaction Region

Transaction Country

Transaction Sector

Transaction Sub-sector

Transaction Value ($m)

1 Acquisition of Genesee & Wyoming North America United States Transport Heavy Rail 8,400

2 Acquisition of Buckeye Partners North America United States Oil & Gas Midstream 6,500

3 Acquisition of 37% in CEPSA Europe Spain Oil & Gas Upstream 4,200

4 Acquisition of 40% in ADNOC Oil Pipelines (750KM) MENA United Arab Emirates Oil & Gas Midstream 3,975

5 Acquisition of a 44% Stake in Tallgrass Energy North America United States Oil & Gas Midstream 3,300

6 Acquisition of 36% in Brussels Airport Europe Belgium Transport Airports 2,658

7 Acquisition of 80% in Veja Mate Offshore Wind Farm (402MW) Europe Germany Renewables Offshore Wind 2,608

8 Acquisition of 39% in Cadent Gas Europe United Kingdom Oil & Gas Midstream 2,496

9 Acquisition of 50% in Electricity North West Europe United Kingdom Power Transmission & Distribution 2,426

10 Acquisition of 25% in Dominion Cove Point LNG Facility North America United States Oil & Gas LNG 2,100



Rank Fund Sum of Accredited Value (USDm)

1 EQT Infrastructure IV 8,444

2 IFM Global Infrastructure Fund 8,133

3 Brookfield Infrastructure Fund IV 7,723

4 JPMorgan Infrastructure Investments Fund 6,787

5 Copenhagen Infrastructure III 4,508

6 Digital Colony Partners 4,200

7 QIC Global Infrastructure Fund 3,710

8 Global Energy and Power Infrastructure Fund III 3,609

9 Equitix Fund V 2,792

10 Macquarie European Infrastructure Fund 5 2,588

TOP 10 FUNDS - INFRASTRUCTURE ACTIVITY 2019


1 EQT Infrastructure IV 8,444

2 Brookfield Infrastructure Fund IV 7,723

3 IFM Global Infrastructure Fund 7,568

4 JPMorgan Infrastructure Investments Fund 5,201

5 Digital Colony Partners 4,200

6 Global Energy and Power Infrastructure Fund III 3,609

7 QIC Global Infrastructure Fund 3,592

8 Macquarie European Infrastructure Fund 5 2,522

9 Equitix Fund V 2,409

10 KKR Global Infrastructure Investors III 2,211

TOP 10 FUNDS - M&A ACTIVITY 2019

Source: IJInvestor


1 Copenhagen Infrastructure III 4,121

2 DIF Infrastructure V 2,179

3 Silk Road Fund- China 1,824

4 Copenhagen Infrastructure II 973

5 JLC Infrastructure Fund 814

6 United States Power Fund IV 720

7 Saudi Jordanian Investment Fund 705

8 Cubico Sustainable Investments 573

9 Northern Australia Infrastructure Facility 490

10 Aberdeen Global Infrastructure Partners II 408

TOP 10 FUNDS - PRIMARY FINANCINGS 2019

Rank Company Final Fund Size (USDm)

1 Simpson Thacher & Bartlett 23,550

2 Debevoise & Plimpton 22,000

3 Loyens & Loeff 10,160

4 Goodwin Procter 7,706

5 Linklaters 6,941

6 Simmons & Simmons 4,399

7 Kirkland & Ellis 4,000

8 Clifford Chance 3,474

9 Deloitte 2,881

10 Carey Olsen 1,783

TOP LEGAL ADVISERS - CAPITAL RAISING 2019


1 FIRSTavenue 5,176

2 Mercury Capital Advisors 1,128

3 JPG Private Equity 1,128

4 Threadmark 1,054

5 Credit Suisse Securities 899

6 Campbell Lutyens 616

7 FirstPoint Equity 597

8 DC Placement Advisors 555

9 Jefferies Group 514

10 Eaton Partners 501

TOP PLACEMENT AGENTS BY FUND FINAL SIZE 2019


1 Alter Domus 6,757

2 Mitsubishi UFJ Investor Services & Banking 3,400

3 RBC Investor & Treasury Services 3,226

4 Augentius 2,549

5 CACEIS 1,128

TOP ADMINISTRATORS BY FUND FINAL SIZE 2019

Source: IJInvestor


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Funds & Investors Report - IJGlobal Report Full Year 2019...billion, EQT Partners more than doubled its previous vintage’s size by closing EQT IV at €9 billion ($10.1 billion)