Exits

The eight-strong portfolio based across France, Italy and Spain has been delivering a 10 percent yield per year.

Marguerite sells the energy holdings in France, Germany and Belgium and a toll road stake in Spain as it begins to exit its first fund and prepares to launch another €700m vehicle.

Whether you favour wholesale realisations or piecemeal sales, Fund I vintages are showing the merits of diversification, why being first matters and how everybody makes mistakes.

The manager’s maiden fund returned 2.1x capital and generated an 11.4% IRR on exit. Co-founders Ed Clarke and Martin Lennon talk us through the process and describe what’s changed in the market since its launch.

The two firms are planning a second offering following the sale to ERG. The new venture will be partly financed through recycling some of the sale capital, but will also tap the market for fundraising proceeds in excess of €100m.

The bids come as Infratel looks to consolidate its market share via an increased stake in Indus Towers.

The investment alongside PSP Investment and China Investment Corporation is said to be ‘the largest renewable energy generation acquisition in history’. The deal is part of GIP’s $15.8bn Global Infrastructure Partners III fund and its second renewables investment following its €1.2bn deal for a 50% share of the 450MW Borkum Riffgrund 2 offshore wind farm off the German coast.

Korean investor Daelim Energy buys the two facilties in its debut deal in the country as it looks to bolster its global power portfolio.

The Australian fund manager has acquired a US logistics operator from Carlyle Infrastructure Partners for more than $500m through its global investment platform.

The deal allowed IDFC’s India Infrastructure Fund to exit Mytrah Energy, generating an 18% return.