Kalliope Gourntis
A ‘fantastic’ asset with great potential for future growth supported by strong demand are some of the reasons driving Ardian, Juan Angoitia, co-head of infra, Europe, tells us.
A growing number of managers are raising several funds simultaneously, raising the spectre of cannibalisation.
The subpar fundraising environment of the past two years has played a role in spurring interest in co-investments, but it’s not the only driving force behind the rising trend.
Macquarie, which has topped our ranking since inception, has now dropped to fourth place, as the II 100 reaches $1.1trn.
‘All of our exits were above holding value,’ head of global infra Niall Mills told us as the 2009-vintage posts 2.6x average money multiple.
Investor appetite for infrastructure debt will outlive this current period of high interest rates, investment professionals tell us.
The longer the utility remains in limbo, the higher the contagion risk – not just in terms of attracting fresh equity, but also in terms of raising new debt.
A new regulatory period looms but attracting much needed capital when ‘investors can earn a higher return with much less risk’ elsewhere will be an uphill struggle.
The year kicked off with the industry-shattering news of the BlackRock, GIP tie-up and while other mergers soon followed, there are indications that consolidation is not the only game in town.
The new firm, in which Oaktree will retain a 25% stake, will target mid-market investments across the North American transport sector at a time that is ‘really interesting’, its co-CEO Emmett McCann tells us in an exclusive interview.