There are nearly $94 billion of infrastructure funds in market or thought to be coming to market in the next 12 months, according to data released by placement agent Probitas Partners.
As of October, Probitas counts 63 funds worldwide, excluding funds that it is currently placing, that are or will be fundraising for investments in the infrastructure sector.
More than half of the funds are targeting more than $1 billion. The three largest current or planned fundraisings are by Kohlberg Kravis Roberts Infrastructure Fund, Goldman Sachs Infrastructure Partners II and Macquarie European Infrastructure Fund III, according to Probitas. A person familiar with KKR said the firm is targeting closer to $5 billion.
Actual funds raised have continued to stay strong despite the difficult market environment. Probitas estimates that $21.5 billion has been raised in the sector in the first nine months of the year. The amount is already more than the 2006 total of $17.9 billion, though it is less than the $34.3 billion raised in 2007. By comparison, in 2004 just $2.4 billion was raised by infrastructure funds.
“It’s pretty typical of what we’ve seen over the last few years. The largest funds coming to market are the large global funds and as you go down the list, the smaller funds there are going to be more [region] specific”, said Kelly DePonte, a parter at Probitas.
DePonte said that India in particular is receiving a lot of attention from investors. Six India-specific funds totaling $6.2 billion are on the Probitas list.
“It seemed like every time I turned around there was a new Indian infrastructure fund being raised,” DePonte said.
The Probitas fundraising list, re-ranked by target size and converted at spot rates as of press time into US dollars, is reproduced below.
|
Rank |
Fund/Parent |
Fund Target |
Native |
|
|
1 |
KKR Infrastructure Fund |
10,000 |
USD |
|
|
2 |
GS Infrastructure Partners II |
7,500 |
USD |
|
|
3 |
Macquarie European Infrastructure Fund III |
6,468 |
EUR |
|
|
4 |
Macquarie Infrastructure Partners II |
6,000 |
USD |
|
|
5 |
Citigroup Infrastructure Investors |
4,000 |
USD |
|
|
6 |
GS European Infrastructure Fund |
3,881 |
EUR |
|
|
7 |
aAIM Infrastructure Fund |
3,190 |
GBP |
|
|
8 |
Alinda Infrastructure Fund II |
3,000 |
USD |
|
|
9 |
ABN AMRO Global Infrastructure Fund II |
2,587 |
EUR |
|
|
10 |
CVC European Infrastructure Fund |
2,587 |
EUR |
|
|
11 |
Fondi Italiani Per Le Infrastructure |
2,587 |
EUR |
|
|
12 |
Gulf One Infrastructure Fund I |
2,000 |
USD |
|
|
13 |
Macquarie India Infrastructure Opportunities Fund |
2,000 |
USD |
|
|
14 |
Santander Infrastructure II |
1,941 |
EUR |
|
|
15 |
Infracapital Partners |
1,595 |
GBP |
|
|
16 |
JP Morgan Asian Infrastructure Fund Mumbai |
1,500 |
USD |
|
|
17 |
Macquarie Renaissance Infrastructure Fund |
1,500 |
USD |
|
|
18 |
UBS International Infrastructure Fund |
1,500 |
USD |
|
|
19 |
Babcock & Brown Turkish Infrastructure Fund |
1,294 |
EUR |
|
|
20 |
EQT Infrastructure Fund |
1,294 |
EUR |
|
|
21 |
ING European Infrastructure Fund |
1,294 |
EUR |
|
|
22 |
Henderson Infrastructure III |
1,276 |
GBP |
|
|
23 |
Carlyle Riverstone Renewable Energy Infrastructure Fund II |
1,200 |
USD |
|
|
24 |
Challenger Mitsui Emerging Markets Infrastructure Fund |
1,200 |
USD |
|
|
25 |
Indian Infrastructure Financing Initiative |
1,200 |
USD |
|
|
26 |
Actis Infrastructure Fund II |
1,000 |
USD |
|
|
27 |
Alterna Core Capital Asset Fund |
1,000 |
USD |
|
|
28 |
ECP Africa Fund |
1,000 |
USD |
|
|
29 |
India Infrastructure Advantage Fund |
1,000 |
USD |
|
|
30 |
Pan African Infrastructure Development Fund |
1,000 |
USD |
|
|
31 |
SC – IL&FS Asia Infrastructure Growth Fund |
1,000 |
USD |
|
|
32 |
Vision Global India Infrastructure Fund |
1,000 |
USD |
|
|
33 |
Emerald Infrastructure Development Fund |
970 |
EUR |
|
|
34 |
Innisfree Secondary Fund |
957 |
GBP |
|
|
35 |
Babcock & Brown Asia Infrastructure Fund |
883 |
USD |
|
|
36 |
Asian Giants Infrastructure Fund |
750 |
USD |
|
|
37 |
Ampere Equity Fund |
647 |
EUR |
|
|
38 |
DIF Infrastructure II |
647 |
EUR |
|
|
39 |
Transport Infrastructure Investment Company Fund |
647 |
EUR |
|
|
40 |
ADIC UBS Infrastructure Fund I |
600 |
USD |
|
|
41 |
Fortis Clean Energy Capital Fund |
517 |
EUR |
|
|
42 |
Axis Infrastructure Fund |
500 |
USD |
|
|
43 |
Baer Capital Infrastructure and Real Estate |
500 |
USD |
|
|
44 |
HSBC Environmental Infrastructure Fund |
500 |
USD |
|
|
45 |
Indochina Infrastructure Holdings |
500 |
USD |
|
|
46 |
Macquarie Global Infrastructure Fund III |
500 |
USD |
|
|
47 |
MENA Infrastructure Fund |
500 |
USD |
|
|
48 |
Millenium Private Equity Infrastructure Fund |
500 |
USD |
|
|
49 |
Q India Fund |
500 |
USD |
|
|
50 |
RREEF North American Infrastructure Fund |
500 |
USD |
|
|
51 |
UTI India Fund |
500 |
USD |
|
|
52 |
Rabo Bouwfonds Communication Infrastructure Fund |
485 |
EUR |
|
|
53 |
Saratoga Asia Fund II |
330 |
USD |
|
|
54 |
AmKonzen Water Infrastructure Fund |
323 |
USD |
|
|
55 |
European Renewable Energy Fund |
320 |
EUR |
|
|
56 |
Darby Mexico Infrastructure Fund |
200 |
USD |
|
|
57 |
HBG Infrastructure |
200 |
USD |
|
|
58 |
Israel Infrastructure Fund II |
200 |
USD |
|
|
59 |
Piramal Healthcare Fund |
200 |
USD |
|
|
60 |
DG Infra+ |
194 |
EUR |
|
|
61 |
Bunyah GCC Infrastructure Fund |
150 |
USD |
|
|
62 |
Central American Mezzanine Infrastructure Fund |
150 |
USD |
|
|
63 |
Network European Infrastructure Partners |
129 |
EUR |
|
|
Notes: |
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