Preqin Special Report: US Infrastructure
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1 Content Includes: Preqin Special Report: US Infrastructure Fundraising May 216 Capital raised so far this year has already exceeded the total amount in 215. Fund Managers Almost half of infrastructure firms based in the US are first-time fund managers. AUM, Dry Powder and Performance North America-focused infrastructure assets experienced a slight drop in aggregate value over H Investors Two-thirds of US-based institutional investors are below their target allocation to infrastructure. Deals The number of US infrastructure deals has dropped, but aggregate value is on the rise. alternative assets. intelligent data.
2 Preqin Special Report: US Infrastructure Download the data pack: Foreword The infrastructure market in North America remains the world s largest, with the assets under management (AUM) of unlisted infrastructure funds investing in the region standing at $143bn at the end of H1 215, with the majority of activity taking place in the US, a major centre for infrastructure fundraising and investment. An estimated $154bn of transactions was completed in the US over 215 an all-time high driven by increasing valuations for existing operational infrastructure assets pushing average deal values to record levels. While North America-focused unlisted funds have performed favourably in comparison to other private capital strategies a median net IRR of 1.8% was second only to buyout infrastructure funds had the lowest amount of risk. However, with valuations rising, fund managers may face diffi culties in replicating this performance in future. Driving the growth of the asset class in the region are the high numbers of US-based institutions committing capital to infrastructure. These investors represent an important source of capital, with approximately $17tn in combined AUM. Their contributions to the asset class look set to increase over the next 12 months: two-thirds of US-based investors are currently below their target allocation to the asset class, demonstrating that there is a signifi cant pool of potential capital which is likely to fl ow into infrastructure as these investors move closer to their targets. US-based infrastructure fi rms have been some of the most successful in securing institutional investor capital over the last decade, illustrated by the fact that these managers make up just over a fi fth of the global population, yet account for 42% ($173bn) of the aggregate capital raised globally in the last decade. Furthermore, over two-fi fths of managers in the US have secured over $1bn in capital over the period. Preqin Special Report: US Infrastructure takes a detailed look at the infrastructure industry in the country, including fundraising, active institutional investors, deals and performance. This report supplements the information available on Preqin s Infrastructure Online service, which contains details on over 19 US-focused funds, 2,4 completed US transactions and 94 US-based institutional investors active in the asset class, not to mention over 37 institutional investors from outside the US that are active in US infrastructure. We hope you fi nd this report useful, and welcome any feedback you may have. For more information, please visit or contact info@preqin.com. Contents Overview of US Infrastructure 3 Fundraising 4 Funds in Market 5 Fund Managers 6 Assets under Management, Dry Powder and Performance 7 Institutional Investors 8 Deals 1 Infrastructure Online Preqin s Infrastructure Online contains detailed information on all aspects of the infrastructure industry worldwide. Constantly updated by our team of dedicated research analysts, the service features in-depth data on fundraising, fund managers, institutional investors, deals, fund performance and much more. For more information, please visit: All rights reserved. The entire contents of Preqin Special Report: US Infrastructure, May 216 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: US Infrastructure, May 216 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report: US Infrastructure, May 216. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Special Report: US Infrastructure, May 216 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Special Report: US Infrastructure, May 216 or for any expense or other loss alleged to have arisen in any way with a reader s use of this publication Preqin Ltd. /
3 Download the data pack: Preqin Special Report: US Infrastructure Overview of US Infrastructure Number of Completed US Infrastructure Deals by State, YTD (As at 4 May 216) WA 27 OR 29 NV 25 CA 193 ID 8 AZ 24 UT 2 MT 2 WY 12 CO 44 NM 18 VT ME ND 1 14 NH 16 MN 8 NY MA SD 22 WI MI IA PA NJ RI NE CT IL IN OH WV VA DE KS MO KY NC MD TN OK DC AR 61 SC 5 3 MS AL GA 3 32 TX 1 7 LA FL 32 AK 3 HI 8 US-Focused Infrastructure Fundraising US Infrastructure Investors US Infrastructure Deals 21 $5.1bn Final close size of the largest US-focused unlisted infrastructure fund closed since 28, Energy Capital Partners III, in March 214. Number of US-focused unlisted infrastructure funds in market, collectively targeting $11.9bn. 47% Proportion of US-based fund managers that are managing first-time unlisted infrastructure funds. 93% Proportion of US-based infrastructure investors that access the asset class through unlisted funds. 66% Proportion of US-based infrastructure investors that are below their target allocation to the asset class. $17tn Aggregate assets under management of US-based infrastructure investors. $82mn Average deal size of US infrastructure deals completed in 215, an alltime high. $12bn Value of the largest completed US infrastructure deal since 28, the acquisition of AGL Resources by Southern Company in August % Proportion of US infrastructure deals completed in the renewable energy sector since 214, the largest of any sector. 216 Preqin Ltd. / 3
4 Preqin Special Report: US Infrastructure Download the data pack: Fundraising Fundraising for solely US-focused unlisted infrastructure funds reached its peak in 214 when 12 funds closed raising an aggregate $13.2bn (Fig. 1). However, fundraising slowed signifi cantly in 215: four funds closed raising approximately $7mn. Aggregate capital raised so far this year has already surpassed the amount raised in 215, with Carlyle Power Partners II reaching a fi nal close on $1.5bn in April 216. US-focused infrastructure funds closed in 214 raised an average of $1.1bn, a four-year high (Fig. 2). However, after a challenging year for US-focused fundraising, average fund size fell to only $164mn in 215. Fig. 3 further illustrates the fundraising success achieved in 214, with 5 of funds closed that year exceeding their target; by contrast, no funds exceeded their target in 215. The largest fund closed since 214 is Energy Capital Partners III which raised $5.1bn and held a fi nal close in March 214 (Fig. 4). The fund targets Fig. 1: Annual US-Focused Unlisted Infrastructure Fundraising, YTD (As at 5 May 216) investments in energy infrastructure, including power generation, renewables, electric transmission and midstream gas sectors YTD Year of Final Close No. of Funds Closed Aggregate Capital Raised ($bn) Fig. 2: Average US-Focused Unlisted Infrastructure Fund Size, Fig. 3: US-Focused Unlisted Infrastructure Funds by Proportion of Target Size Achieved, Average Fund Size ($mn) 1,2 1, ,125 1, Proportion of Funds % 5 57% 5 67% 67% 13% 2 67% 29% 33% 38% 2 33% 14% Above Target At Target Below Target Year of Final Close Year of Final Close Fig. 4: Five Largest US-Focused Unlisted Infrastructure Funds Closed, YTD (As at 5 May 216) Fund Firm Final Close Date Fund Size (mn) Energy Capital Partners III Energy Capital Partners Mar-14 5,5 USD EnCap Flatrock Midstream Fund III EnCap Flatrock Midstream Apr-14 3, USD LS Power Equity Partners III LS Power Group Feb-14 2,75 USD Carlyle Power Partners II Carlyle Group Apr-16 1,5 USD Energy Spectrum Partners VII Energy Spectrum Capital Nov-14 1,225 USD Preqin Ltd. /
5 Download the data pack: Preqin Special Report: US Infrastructure Funds in Market The number of solely US-focused unlisted infrastructure funds in market has fl uctuated since April 211; as of April 216 there are 21 funds in market, targeting $11.9bn in aggregate capital commitments (Fig. 5). While this is a higher number of funds than in previous years, the aggregate capital targeted is not as much as the $15.8bn in April 214. The average target size of USfocused funds in markets is currently $743mn, lower than in 214 ($1.1bn) and 215 ($764mn). Most of the unlisted infrastructure funds in market have been seeking capital for a relatively short period of time. Almost half of funds have been on the road for less than a year, with 36% of funds spending between one and two years in market, and 16% of funds spending more than two years in market (Fig. 6). Ares EIF Management V is the largest solely US-focused unlisted infrastructure fund currently in market, seeking $2bn in institutional investor capital (Fig. 7). The fund invests primarily in US-based energy generation and transmission assets with long-term contracts that provide current income and capital appreciation. There are currently four funds seeking $1bn to invest in US infrastructure: CIM Infrastructure Fund II, North Haven Energy Capital Fund, Tenaska Energy Fund III and Warwick Partners III. Data Source: Preqin s Infrastructure Online contains detailed information on all aspects of the US-focused fundraising market, with profiles for over 12 US-focused infrustructure funds. See which managers are currently on the road raising an infrastructure fund and which will be coming to market soon. For more information, please visit: Fig. 5: US-Focused Unlisted Infrastructure Funds in Market over Time, April April Fig. 6: Time Spent on the Road by US-Focused Unlisted Infrastructure Funds in Market % 23% No. of Funds Raising Aggregate Target Capital ($bn) Proportion of Funds 1 18% 18% 13% 5 3% Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 6 Months or Less 7-12 Months Months Months 25-3 Months 31 Months or More Time Spent in Market Fig. 7: 1 Largest US-Focused Unlisted Infrastructure Funds in Market Fund Firm Strategy Focus Target Size (mn) Ares EIF Management V Ares Management Primary 2, USD CIM Infrastructure Fund II CIM Group Primary 1, USD North Haven Energy Capital Fund Morgan Stanley Infrastructure Primary 1, USD Tenaska Energy Fund III Tenaska Capital Management Primary 1, USD Warwick Partners III Warwick Energy Group Primary 1, USD Orion Energy Credit Opportunities Fund II Orion Energy Partners Debt/Mezzanine, Primary 75 USD Energy Infrastructure Partners Energy Infrastructure Partners Primary 4 USD Alliance Fund II North Sky Capital Primary 35 USD Star America Infrastructure Partners Star America Infrastructure Partners Primary 3 USD Caprock Oil and Gas Fund CapRock Risk Management Primary 5 USD 216 Preqin Ltd. / 5
6 Preqin Special Report: US Infrastructure Download the data pack: Fund Managers Preqin s Infrastructure Online contains detailed information on 111 US-based infrastructure fund managers. Compared to other private capital investments, such as private equity and real estate, infrastructure is a relatively young asset class; 47% of US-based infrastructure fund managers are fi rst-time fund managers, with only 21% having raised more than three funds previously (Fig. 8). Nevertheless, managers based in the US typically have longer operating histories than those based in some other regions Preqin Special Report: European Infrastructure found that 56% of European fund managers were fi rst-time fund managers, with only 8% having raised more than three funds previously. Despite the relative youth of the asset class, when looking at the amount of capital these managers have raised for unlisted vehicles in the last 1 years, over two-fi fths of managers have raised $1bn or more in aggregate capital (Fig. 9). Conversely, just 14% have raised less than $1mn in the same period. The fundraising success of USbased infrastructure fund managers is further illustrated by the fact that these managers make up just 23% of global fund managers, but account for 42% ($173bn) of the aggregate capital raised globally in the last 1 years by infrastructure fi rms. The largest US-based managers listed by total capital raised in the last 1 years for closed-end infrastructure vehicles are shown in Fig. 1. By a large margin, Global Infrastructure Partners tops the list with $27.5bn in capital raised, and currently holds $14.7bn in dry powder. EIG Global Energy Partners and ArcLight Capital Partners follow, having raised $13.2bn and $13.1bn, respectively. However, the estimated dry powder for these two fi rms is much smaller, currently standing at $2.8bn and $3.9bn, respectively. Fig. 8: US-Based Infrastructure Fund Managers by Experience Fig. 9: US-Based Fund Managers by Total Capital Raised for Unlisted Infrastructure in the Last 1 Years 14% 32% 7% 47% First-Time Fund Manager 2-3 Funds Raised Previously 4-5 Funds Raised Previously 6 Funds or More Raised Previously Proportion of Fund Managers % Less than $1mn 19% $1-249mn 13% $25-499mn 12% $5-999mn 16% $1-2.49bn 26% $2.5bn or More Total Capital Raised in Last 1 Years Fig. 1: 1 Largest US-Based Fund Managers by Aggregate Capital Raised for Unlisted Infrastructure Funds in the Last 1 Years Firm Headquarters Total Capital Raised in Last 1 Years ($bn) No. of Unlisted Infrastructure Funds Closed in Last 1 Years Global Infrastructure Partners New York, NY EIG Global Energy Partners Washington, DC ArcLight Capital Partners Boston, MA Energy Capital Partners Short Hills, NJ GS Infrastructure Investment Group New York, NY Morgan Stanley Infrastructure New York, NY Alinda Capital Partners Greenwich, CT Carlyle Group Washington, DC 6. 5 EnCap Flatrock Midstream San Antonio, TX Highstar Capital New York, NY Preqin Ltd. /
7 Download the data pack: Preqin Special Report: US Infrastructure Assets under Management, Dry Powder and Performance North America is the world s largest infrastructure market, with the majority of funds targeting the region focusing on investment in the US. H1 215 saw a slight drop in the AUM* of the North America-focused unlisted infrastructure fund industry to $143bn, just below the peak seen in December 214 ($147bn, Fig. 11). Despite this slowdown, there has been 77% growth in North Americafocused infrastructure assets since December 21, illustrative of the rapid growth of the industry in the region, particularly in the US, in recent years. Of the total AUM in June 215, $92bn was held by fi rms as unrealized value in infrastructure assets, while capital committed to North America-focused funds that had not yet been called by fund managers (dry powder) amounted to $51bn. Fig. 11: North America-Focused Infrastructure Assets under Management*, December 24 - June 215 Assets under Management ($bn) Dec-4 Dec Dec Dec-7 23 Dec-8 31 Dec-9 46 Dec Dec-11 Dec Dec Dec Jun-15 Unrealized Value ($bn) Dry Powder ($bn) With the exception of 26, for all vintage years examined, the majority of capital is still held in infrastructure assets, refl ecting the long-term nature of the investments made by infrastructure funds (Fig. 12). The median distributions to paid-in capital (DPI) by vintage year are less than 1 across all vintages, meaning relatively few funds have distributed large portions of their capital. Vintage 29 funds have distributed the largest proportion of capital to investors, with a median DPI of 78%. While North America-focused unlisted infrastructure funds are generally expected to have a relatively low risk/ return profi le in comparison to other private capital strategies, these funds have the lowest risk of the strategies examined and the second highest return after buyout (Fig. 13). North Americafocused infrastructure funds have generated a median net IRR of 1.8%, a higher return than North Americafocused private real estate (+9.4%) and venture capital (+8.9%) vehicles, although lower than buyout funds (+12.6%). They did so with the lowest amount of risk (12.3% standard deviation of net IRRs) compared to private real estate (15.9%), buyout (17.3%) and venture capital (2.8%) funds. Fig. 12: North America-Focused Unlisted Infrastructure Funds: Median Called-up, Distributed and Residual Value Ratios by Vintage Year 16 Fig. 13: Risk/Return of North America-Focused Unlisted Infrastructure vs. Other North America-Focused Private Capital Strategies (Vintage Funds) Residual Value to Paid-in Capital (%) Distributions to Paid-in Capital (%) Called-up to Committed Capital Risk - Standard Deviation of Net IRR 23% 21% 19% 17% 1 13% 11% 9% 7% Buyout Infrastructure Real Estate Venture Capital Vintage Year 8% 12% 14% Return - Median Net IRR *Preqin defi nes a fi rm s assets under management as the sum of its dry powder and unrealized value of portfolio assets. 216 Preqin Ltd. / 7
8 Preqin Special Report: US Infrastructure Download the data pack: Institutional Investors Preqin s Infrastructure Online contains detailed profi les for over 2,7 institutional investors actively targeting infrastructure, including over 94 based in the US. The US market consists of a diverse mix of institutional investors, with endowment plans, foundations, pension funds and private wealth institutions representing the majority of infrastructure investors (Fig. 14). High numbers of typically smaller institutional investor types such as endowment plans and foundations mean that 42% of investors hold less than $1bn in AUM, with nearly three-quarters (73%) of the investor population possessing less than $5bn in AUM (Fig. 15). The majority of US-based infrastructure investors prefer not to invest in the asset class through a separate infrastructure allocation, choosing instead to invest via their real assets (36% of investors) or private equity allocation (, Fig. 16). In contrast, more than a third (36%) of investors based outside the US invest in infrastructure through a dedicated allocation to the asset class. As seen in Fig. 17, there is a clear preference among US-based infrastructure investors for unlisted vehicles: 93% gain exposure to the asset class through this route. Likely due to the high number of investors with less than $1bn in AUM, direct investment in assets is less prevalent among USbased institutional investors, and is employed by only 13% of investors. By contrast, nearly a third (32%) of investors based elsewhere have a preference for direct investment in infrastructure. Due to the relative youth of the infrastructure asset class in many investors portfolios, the majority of US-based institutions allocate a comparatively small proportion of their total assets to infrastructure; over threequarters (76%) of institutional investors hold less than of their AUM in the Fig. 14: US-Based Institutional Investors in Infrastructure by Type 7% 6% 17% Endowment Plan 3% 4% Foundation 18% asset class (Fig. 18). Encouragingly, twothirds of US-based investors are underallocated to the asset class, indicating that additional capital is likely to fl ow into infrastructure as these investors move closer to their targets (Fig. 19). Texas Tech University System Endowment has Public Pension Fund Private Sector Pension Fund Wealth Manager Family Office Insurance Company Asset Manager Other Fig. 15: US-Based Infrastructure Investors by Assets under Management Proportion of Investors % 31% 8% Less than $1bn $1-4.9bn $5-9.9bn $1-49.9bn $5bn or More Assets under Management 12% 7% of its total assets currently allocated to infrastructure, below its 7% target. The endowment plan intends to be active in the asset class over the next 12 months in order to reach its target (Fig. 2). Research Center Premium Preqin s Research Center Premium is a free online service offered by Preqin that provides access to a wide range of data and tools, including up-to-date charts and league tables, fund performance benchmarking tools and slide decks from recent Preqin presentations at conferences. For more information, or to register for free access, please visit: Preqin Ltd. /
9 Download the data pack: Preqin Special Report: US Infrastructure Fig. 16: Infrastructure Investors by Source of Infrastructure Allocation: US-Based Investors vs. All Other Investors Fig. 17: Infrastructure Investors by Preferred Route to Market: US-Based Investors vs. All Other Investors Proportion of Investors % 36% 36% Separate Part of Real Infrastructure Assets Allocation Allocation 23% Part of Private Equity Allocation 14% 12% General Alternatives Allocation Source of Allocation US-Based Investors All Other Investors 9% 8% Other Proportion of Investors % 8 32% 13% 17% 17% Unlisted Direct Listed Route to Market US-Based Investors All Other Investors Fig. 18: US-Based Institutional Investors Current and Target Allocations to Infrastructure Fig. 19: US-Based Infrastructure Investors that Are At, Above or Below their Target Allocation to the Asset Class 7 Proportion of Investors % 49% 33% 17% 12% 3% Less than 1% 1-4.9% 5-9.9% or More 66% 12% 22% Above Target Allocation At Target Allocation Below Target Allocation Allocation to Infrastructure (As a % of AUM) Current Allocation Target Allocation Fig. 2: Sample US-Based Institutional Investors Targeting Unlisted Infrastructure Funds in the Next 12 Months Investor Type Headquarters Investment Plans for the Next 12 Months Texas Tech University System Endowment Michigan Department of Treasury Endowment Plan Public Pension Fund Lubbock, TX Lansing, MI Brookings Institution Foundation Washington, DC Plans to commit $2mn to transport-focused unlisted infrastructure funds targeting the railway and aviation industries. Plans to add one or two unlisted infrastructure fund commitments to its investment portfolio, targeting funds focused on North American energy projects, European transport projects, power assets and emerging market infrastructure projects that encourage social reform. Will target emerging markets-focused unlisted infrastructure funds investing in economic assets. Institutional Investors: In-Depth Data Preqin s Infrastructure Online provides comprehensive information on over 94 US-based institutional investors active in infrastructure. Detailed profi les include current and target allocation to infrastructure, strategy and geographic preferences, future investment plans, previous infrastructure fund commitments and much more. Plus, access direct contact information for key decision makers at these institutions. For more information, please visit: Preqin Ltd. / 9
10 Preqin Special Report: US Infrastructure Download the data pack: Deals Preqin s Infrastructure Online features detailed profi les for approximately 13,1 infrastructure deals, including information on over 2,4 completed transactions in the US. Fig. 21 reveals that the annual number of infrastructure deals completed in the US has varied since 27. There was a sharp reduction in deals from 27 to 29 before the number of completed US transactions rose annually, from 1 in 29 to 214 in 213. Correspondingly, there has been a rise in estimated aggregate deal value since 21, and while the number of deals has dropped slightly from 213 levels, aggregate deal value has continued to rise, reaching an all-time high in 215 ($154bn). Deal fl ow has been relatively slow so far in 216, with 69 transactions completed for a reported $29.7bn. Fig. 21: Number and Aggregate Value of Completed US Infrastructure Deals, YTD (As at 4 May 216) No. of Deals YTD No. of Deals Reported Aggregate Deal Value ($bn) Estimated Aggregate Deal Value ($bn) Aggregate Deal Value ($bn) Rising valuations for infrastructure assets and a smaller number of deals completed annually has pushed average deal size higher, reaching a record $82mn in 215. This represents a 36% increase on the average deal size seen in 214 and a 183% increase compared to the low seen in 21 ($283mn, Fig. 22). Fig. 23 shows how the rise in aggregate deal value has been driven by larger deals being completed in recent years; since 212, the proportion of deals valued at $1bn or more has increased signifi cantly from just of transactions in 212 to 27% of all US deals in 215. Similarly, there has been a notable decline in the proportion of smaller transaction sizes: in 21, deals valued at less than $5mn represented 87% of US deals compared with 54% in 215. Deals involving renewable energy assets, such as wind, hydro and solar power, account for the majority (52%) of completed transactions since 214, while transactions in the utilities (21%) and other energy sectors (18%) make up notable proportions (Fig. 24). An example of a recent renewable energy transaction is the acquisition of the 1.4 GW New England Hydro Power Portfolio by Public Sector Pension Investment Board from Engie for a total consideration of $1.2bn in February 216. The portfolio consists of 12 operational hydropower plants situated primarily on the Connecticut River in Massachusetts and the Housatonic River in Connecticut. As seen in Fig. 25, Fig. 22: Average Size of Completed US Infrastructure Deals, YTD (As at 4 May 216) Fig. 23: Completed US Infrastructure Deals by Transaction Value, YTD (As at 4 May 216) Average Deal Size ($mn) YTD Proportion of Deals % 1 16% 17% 16% 12% 27% 29% 26% 19% 11% 57% 36% 39% 5 32% 41% 44% 33% 33% 23% 29% 13% YTD Less than $1mn $1-499mn $5-999mn $1bn or More Preqin Ltd. /
11 Download the data pack: Preqin Special Report: US Infrastructure infrastructure assets at the secondary stage are responsible for nearly twothirds of completed US deals since 214, with new developments representing just over a quarter of transactions. The top 1 US infrastructure deals since 214 represent 44% ($59.6bn) of the reported aggregate deal value in the past two years (Fig. 26). The largest US transaction in this period was the acquisition of AGL Resources by Southern Company for a total consideration of $12bn, including $8bn in equity. AGL Resources is a natural gas service provider located in Georgia, comprised of seven regulated utilities as well as non-regulated businesses that offer retail, wholesale and storage services. Fig. 24: Completed US Infrastructure Deals by Industry, YTD (As at 4 May 216) Fig. 25: Completed US Infrastructure Deals by Project Stage, YTD (As at 4 May 216) 6% 3% 9% Renewable Energy 18% 21% 52% Utilities Energy (excl. Renewable) Transport Other 26% 6 Secondary Stage Greenfield Brownfield Fig. 26: 1 Notable US Infrastructure Deals Completed, YTD (As at 4 May 216) Asset Investor(s) Deal Date Industry Total Deal Size (mn) AGL Resources Southern Company Aug-15 Natural Resources Storage Facility 12, USD ITC Holdings Corp. Fortis Inc. Feb-16 Power Distribution 11,3 USD URS Corporation AECOM Jul-14 Economic 6, USD Access Midstream Partners Williams Companies Jul-14 Natural Resources 5,995 USD Indiana Toll Road IFM Investors May-15 Toll Roads 5,723 USD Piedmont Natural Gas Duke Energy Oct-15 Power Distribution 4,9 USD LaGuardia Airport Central Terminal Building Meridiam, Skanska, Unidentifi ed Investor/s Jul-15 Airports 4, USD Cleco British Columbia Investment Management Corporation, John Hancock Financial Services, Macquarie Infrastructure and Real Assets (MIRA), Unidentified Investor(s) Oct-14 Power Distribution 3,4 USD GDF Suez US Fossil Portfolio Dynegy, Energy Capital Partners Feb-16 Power Plants 3,3 USD Sabal Trail Pipeline Project Duke Energy, NextEra Energy Resources, Spectra Energy Corporation May-15 Natural Resources Pipelines 3, USD Looking to Track US Infrastructure Deal Activity? View details for more than 2,4 completed US transactions on Preqin Infrastructure Online, including information on the type of infrastructure asset and location, buyers and sellers, data on the equity invested and the percentage stake acquired, plus information on the deal date, structure and duration, as well as debt providers and legal and fi nancial advisors. For more information, or to arrange a demonstration, please visit: Preqin Ltd. / 11
12 Preqin Special Report: US Infrastructure May 216 Preqin: Global Data and Intelligence If you want any further information, or would like a demo of our products, please contact us: With global coverage and detailed information on all aspects of the infrastructure asset class, Preqin s industry-leading Infrastructure Online service keeps you up-to-date on all the latest developments in the infrastructure universe. Examine infrastructure investment trends Search detailed information on over 13,1 infrastructure transactions and bids historically, including buyers and sellers, equity invested, debt provided and the percentage stake acquired. Identify key geographical regions and sectors that are attracting infrastructure investment. Track infrastructure assets Analyze ownership information, and past transaction history for more than 7,5 infrastructure assets across the globe, including asset location, project stage and industry. Find firms investing in infrastructure Search for fi rms actively targeting infrastructure projects and assets, with detailed profi les on fund managers, institutional investors and trade buyers from around the world, including background, key contacts and past deal activity. Identify service providers Track over 1,1 debt providers, law fi rms, fi nancial advisors and other service providers working on infrastructure transactions. View service providers working on specifi c deals. Source new investors for funds and co-investments Find the most relevant investors, with access to detailed profi les for over 2,7 institutional investors actively investing in infrastructure, including insurance companies, pension funds, family offi ces, foundations, wealth managers, endowment plans, banks and more. Benchmark performance Identify which fund managers have the best track records with performance benchmarks for infrastructure funds and view performance details for over 2 individual named funds. Find out how Preqin s infrastructure products and services can help you: New York: One Grand Central Place 6 E 42nd Street Suite 63, New York NY 1165 Tel: Fax: London: 3rd Floor Vintners Place 68 Upper Thames Street London EC4V 3BJ Tel: +44 () Fax: +44 () Singapore: One Finlayson Green, #11-2 Singapore Tel: Fax: San Francisco: One Embarcadero Center Suite 285 San Francisco CA Tel: Fax: Hong Kong: Level 9, Central Building 1-3 Pedder Street Central, Hong Kong Tel: Fax: Manila Pascor Drive Sto. Niño Parañaque City Metro Manila 17 Philippines info@preqin.com Web: Preqin Ltd. /
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