Infracapital announces €1.5bn final close of Infracapital Greenfield Partners II
- Fundraising target of €1.35bn exceeded
- Growing global investor base representing Europe, North America, Asia and the Middle East
- Strong deployment progress, ahead of target, with five investments already made
Infracapital, the infrastructure equity investment arm of M&G Plc, has successfully concluded the fundraising of its latest fund, Infracapital Greenfield Partners II (“IGP II” of “the Fund”). The Final Close was held at €1.5bn, above Infracapital’s €1.35bn target.
There was a high level of interest in IGP II from existing investors representing three quarters of total commitments raised. In addition, the Fund brought in significant capital from new investors from across the UK, continental Europe, Asia, North America and the Middle East.
The Fund has made a strong start to deployment, having already allocated more than 50% of capital commitments across five portfolio companies:
- EnergyNest, a global market leader in industrial thermal battery solutions
- Fibrus, a Northern Irish fibre broadband network owner and operator
- Zenobe, a leading player in the energy storage, network support and electric vehicles market
- Spectrum, an owner and operator of fibre broadband networks in South Wales; and
- A partnership with Enel X / Endesa delivering electric buses in Southern Europe
Infracapital is pleased to be supporting businesses that are playing a direct role in generating environmental and social impact with a focus on decarbonisation. From delivering inner-city clean transport to providing fibre connectivity in underserved regions, all of the allocated capital supports Infracapital’s greenfield strategy to build, deliver and operate essential and sustainable greenfield infrastructure across Europe. The Fund seeks to support the changing needs of society and generate long-term economic growth, whilst delivering sustainable returns for investors.
The greenfield strategy is underpinned by Infracapital’s proven ability to identify attractive opportunities, enhance value through active management, and develop platforms with significant long-term growth potential. To support the growth of the business, Infracapital has expanded its team substantially with 12 new hires during the last 18 months and plans to strengthen its capabilities with further near-term hires.
Martin Lennon, Co-founder and Head of Infracapital, said: “The raise of IGP II represents our sixth flagship fund during Infracapital’s 20 years of infrastructure investment. The need for sustainable, essential infrastructure across Europe has never been greater, particularly in a post pandemic world, where private capital will play a critical role in catalysing economies and delivering on net zero commitments.”
Andy Matthews, Head of Greenfield, said: “We are proud of the impact that Infracapital Greenfield Partners II is already making in communities around Europe. We’re excited to be funding growing and innovative businesses which have the potential to be leading firms in the European energy transition across utility, transport and industrial sectors, and are enabling digital connectivity. I’m delighted to welcome both new and existing investors into the IGP II partnership as we build on our experience from delivering the predecessor portfolio.”
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About Infracapital
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 50 companies around Europe and has raised and managed over £6.5 billion of client capital across six funds. Infracapital is part of M&G Plc, a leading European savings and investments business. M&G manages the long-term savings of more than 5 million people and is a major investor in the UK and in the global economy. Total assets under management are £370 billion (as at 30 June 2021).