Press Release th October 1 Unlisted Infrastructure Fundraising Accelerates in 1 Eight unlisted infrastructure funds closed in the third quarter, raising a combined $13.1bn, the fourth-highest aggregate fundraising total of any quarter since the start of 9 The infrastructure fundraising market rallied in, after declining from the most recent peak of $1.9bn, seen in 14. The $13.1bn secured by unlisted funds closed in the quarter represents a 1% increase on the $8.7bn raised in, and brings the total aggregate capital raised in 1 YTD to $27.2bn Transaction activity also continued its accelerating trend through. One hundred and fifty-eight deals were completed, up from 142 in, and a further increase from the 138 completed in. While deal activity has yet to match 14 levels, estimated total deal value in the quarter was $99.4bn, up from $83.8bn last quarter. Key Infrastructure Market Facts: Fundraising Success: Funds closed so far in 1 have raised 11% of their targets on average, a higher proportion than in any year apart from 14, when funds raised an average of 11% of their targets. Biggest Funds: The largest fund to close in 1 was the ArcLight Energy Partners Fund VI. Closing on $.6bn, it is the seventh biggest unlisted infrastructure fund ever to close. League Tables: Of the top 1 biggest funds to hold a final close 14 1, four closed in this quarter, while a further four closed in 14. Fundraising Market: The number of unlisted infrastructure funds in market reached a record high of 16 at the start of, targeting a combined $9bn in capital commitments. The number of funds increased from the 11 funds in market at the end of last quarter, while the aggregate capital target did not match the $99bn sought in. Largest Fund in Market: The largest fund currently being marketed is the Alinda Infrastructure Fund III, which is seeking $bn in capital commitments. Seven of the 1 biggest funds in market focus primarily on North America. Biggest Deals: The largest infrastructure deal completed in 1 was the acquisition of US natural resources storage company AGL Resources, acquired by Southern Company for $12bn in August. Regional Focus: The proportion of global infrastructure deals that took place in North America and Europe increased through the quarter, rising from 41% and 31% respectively in to 47% and 36% in. In the same period, the proportion of infrastructure deals in Asia fell 1 percentage points to 4%. Industry Focus: An increased proportion of infrastructure deals completed in 1 were in the transport industry. While only accounting for 1% of deals in 14, transport deals made up 2% of 1 deal activity. Transport deals have comprised 23% of deals done in 1 YTD, compared with % in 14. For more information and analysis, please see the following factsheet. Comment: Following a slow start to the year, fundraising for unlisted infrastructure funds rebounded in 1, with institutional appetite for infrastructure remaining strong. Several large funds closed in, with ArcLight Capital Partners, KKR and Copenhagen Infrastructure Partners all raising substantial offerings. With a record number of funds being marketed, fundraising is very crowded and remains a long process for many, with the average firm taking over months to reach a final close. Transaction activity also picked up in, with close to $1bn of deals completed in the quarter, but deal flow still remains below the levels seen last year. While there is more than $11bn in uncalled capital available to unlisted infrastructure fund managers, fund managers are facing more competition to put capital to work, and finding attractive assets at compelling pricing is a challenging prospect. Andrew Moylan, Head of Real Assets Products Preqin Note to Editors: New York: One Grand Central Place, 6 E 42nd Street, Suite 63, New York NY 116 Tel: +1 212 3 1 London: Vintners Place, 68 Upper Thames Street, London, EC4V 3BJ Tel: +44 () 37 Singapore: One Finlayson Green, #11-2, Singapore 49246 Tel: +6 63 2 San Francisco: One Embarcadero Center, Suite 28, San Francisco, CA 94111 Tel: +1 41 316 8 Web: www.preqin.com / info@preqin.com
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1 Infrastructure Fundraising and Deals th October 1 Download 1 Data Page 1 of 3 Fig. 1: Quarterly Unlisted Infrastructure Fundraising, 1-1 Fig. 2: Average Annual Proportion of Target Size Achieved, Funds Closed 8-1 Fig. 3: Average Time Spent on the Road, 8-1 YTD 3 3 2 21 16 16 16 1 1414 14 1 1313 13 12 121212 1 9 9 9 9 1 1 8 8 9 9 9 8 7 6 7 4 3 4 3 3 4 28 1 11 12 13 14 1 29 No. of Funds Closed Aggregate Capital Raised ($bn) Average Proportion of Target Size Achieved at Final Close 1% 1% 8% 6% 4% % % 94% 94% 89% 92% 96% 96% 11% 11% 8 9 1 11 12 13 14 1 YTD Year of Final Close Average Time Spent in Market (Months) 2 1 1 8 9 1 11 12 13 14 1 YTD Fig. 4: 1 Largest Unlisted Infrastructure Funds Closed, 14-1 Fund Firm Final Close Date Fund Focus Final Close Size (mn) ArcLight Energy Partners Fund VI ArcLight Capital Partners Jul-1 US,7 USD KKR Global Infrastructure Investors II KKR Jul-1 US 3,1 USD ISQ Global Infrastructure Fund I Squared Capital Apr-1 US 3, USD Macquarie Infrastructure Partners III Macquarie Infrastructure and Real Assets (MIRA) Sep-14 US 3, USD First State European Diversifi ed Infrastructure Fund Colonial First State Global Asset Management/First State Investments Jan-1 Europe 2, EUR Copenhagen Infrastructure II Copenhagen Infrastructure Partners Jul-1 Europe 2, EUR Infracapital Partners II Infracapital Oct-14 Europe 1,3 GBP P2Brasil III P2Brasil Mar-1 Americas 1,674 USD Fondi Italiani Per Le Infrastrutture II F2i SGR Jul-1 Europe 1,243 EUR Energy Spectrum Partners VII Energy Spectrum Capital Nov-14 US 1,22 USD Looking for more detailed data? Preqin can help. Preqin provides information, data and research on infrastructure firms, funds of funds, investors, placement agents, law firms, advisors and other professionals across fund performance, fundraising, investors, fund managers and fund terms and conditions. If you have more detailed requests for infrastructure data or any questions, please visit www.preqin.com or contact press@preqin.com for more information. 1 Preqin Ltd. / www.preqin.com
1 Infrastructure Fundraising and Deals th October 1 Download 1 Data Page 2 of 3 Fig. : Unlisted Infrastructure Funds in Market over Time, January 1 - September 1 Fig. 6: Largest Unlisted Infrastructure Funds Closed by Final Close Size, 1 16 14 144 137 14 136 144 16 Fund Firm Vintage Fund Focus Final Close Size (mn) ArcLight Energy Partners Fund VI ArcLight Capital Partners 1 US,7 USD KKR Global Infrastructure Investors II KKR 14 US 3,1 USD 1 1 8 6 9 93 8 97 86 93 9 Copenhagen Infrastructure II Copenhagen Infrastructure Partners 14 Europe 2, EUR Fondi Italiani Per Le Infrastrutture II F2i SGR 12 Europe 1,243 EUR Guangdong Renewable Energy Industry Fund Guangdong Oriental Millennium Renewable Energy Industry Fund Management 1 Asia 3,8 CNY 4 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 Jan-1 Sep-1 No. of Funds Raising Aggregate Target Capital ($bn) Fig. 7: Breakdown of Unlisted Infrastructure Funds in Market by Geographic Focus Fig. 8: Top 1 Unlisted Infrastructure Funds in Market by Target Size 7 6 64 Fund Firm Target Size (mn) Fundraising Status Headquarters Location Fund Focus Alinda Infrastructure Fund III Alinda Capital Partners, USD Raising US North America 4 3 1 34 34 North America 46 32 16 11 Europe Asia Rest of World Primary Geographic Focus No. of funds Raising Aggregate Target Capital ($bn) North Haven Infrastructure Partners II Morgan Stanley Infrastructure 4, USD Second Close US North America West Street Infrastructure Partners III Carlyle Energy Mezzanine Opportunities Fund II Global Infrastructure Partners Capital Solutions Fund Stonepeak Infrastructure Partners II Macquarie Asia Infrastructure Fund Pan-European Infrastructure Fund II GS Infrastructure Investment Group 3, USD Raising US North America Carlyle Group 2, USD Third Close US North America Global Infrastructure Partners 2, USD Raising US North America Stonepeak Infrastructure Partners Macquarie Infrastructure and Real Assets (MIRA) Deutsche Asset & Wealth Management 2, USD Raising US North America 2,2 USD First Close UK Asia 2, EUR First Close UK Europe IDB Infrastructure Fund II ASMA Capital Partners 2, USD First Close Bahrain Middle East & Israel Bastion Infrastructure Fund I Bastion Infrastructure Group 2, USD Raising Canada North America 1 Preqin Ltd. / www.preqin.com
1 Infrastructure Fundraising and Deals th October 1 Download 1 Data Page 3 of 3 Fig. 9: Quarterly Number and Aggregate Value of Infrastructure Deals Completed Globally, 12-1 Fig. 1: Breakdown of Infrastructure Deals by Region, 14-1 Fig. 11: Breakdown of Infrastructure Deals by Industry, 14-1 No. of Deals 3 3 2 1 1 282 234 2 329 272 2 2 327 241 228 2 9 138 142 18 12 13 14 1 No. of Deals Reported Aggregate Deal Value ($bn) Estimated Aggregate Deal Value ($bn) 16 14 1 1 8 6 4 Aggregate Deal Value ($bn) Proportion of No. of Deals 1% 9% 8% 7% 6% % 4% 3% % 1% % 2% 3% 4% 1% 3% 4% 4% 3% 11% 6% 3% 4% 6% 4% % 4% 9% 6% % 4% 4% 4% 1% 11% 9% 14% 7% 22% 26% 1% 33% 41% 31% 36% 26% 7% 2% 43% 36% 36% 41% 47% 14 1 Africa South America Australiasia Asia North America Europe Proportion of No. of Deals 1% 9% 8% 7% 6% % 4% 3% % 1% % % 4% % 3% 4% 4% % 7% 9% 6% 6% 2% 2% 13% 11% % 8% 4% 6% 12% 7% % % 8% 8% % 1% 1% 13% 6% 11% 8% 9% 8% 14% 27% 8% 23% 2% 1% 16% 22% 44% 42% 47% 39% 36% 43% 43% 14 1 Other Healthcare Utilities Social Natural Resources Transport Renewable Energy Fig. 12: 1 Notable Infrastructure Deals Completed in 1 Asset Location Industry Investor(s) Deal Size (mn) Stake Date AGL Resources US Natural Resources Storage Facility Thames Tideway Tunnel UK Domestic Waste Management Southern Company 12, USD 1% Aug-1 Allianz Capital Partners, Amber Infrastructure Group, Dalmore Capital, DIF, Swiss Life Asset Management 4, GBP 1% Jul-1 Toowoomba Second Range Crossing Australia Roads Acciona, Cintra, Plenary Group, Transfield Services 1, USD 1% Jul-1 Vizhinjam International Deepwater Seaport India Sea Ports Adani Group 1, USD 1% Aug-1 WSIP Warehouse US Renewable Energy GS Infrastructure Investment Group, SunEdison 1, USD 1% Aug-1 Bucaramanga-Barrancabermeja-Yondó Toll Road Colombia Toll Roads Ashmore Investment Management, Cintra, Colpatria 97 USD 1% Jul-1 Yamal LNG Russia Natural Resources Refi neries Silk Road Fund 9 USD 9.9% Aug-1 Gode Wind Farm I Germany Wind Power Global Infrastructure Partners 78 EUR % Sep-1 Gestamp Solar US Solar Power KKR 8 USD 8% Jul-1 ESVAGT Denmark Shipping 3i Infrastructure, AMP Capital Investors 388 GBP 1% Jul-1 1 Preqin Ltd. / www.preqin.com