The 216 Preqin Quarterly Update Infrastructure Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising The largest infrastructure fund ever reached a final close, pushing the fundraising total to $23bn. Funds in Market An increase in the number of infrastructure funds in market has led to growing competition for capital. Institutional Investors in Infrastructure Investors will focus primarily on domestic investments over the next 12 months. Deals has seen a fall in the number and value of infrastructure deals. Plus, Special Guest Contributors: Amundi alternative assets. intelligent data.
The Preqin Quarterly Update: Infrastructure, 216 Download the data pack at: Foreword - Tom Carr, Preqin 216 saw the fi nal close of the largest ever unlisted infrastructure fund: Brookfi eld Infrastructure Fund III secured $14bn in just eight months of fundraising. This alone pushed the aggregate capital raised in the quarter ($23bn) to a level last seen in Q4 213, when $24bn was raised. Even with this mega fund excluded, there would still have been $2.2bn more capital secured than in the previous quarter, indicating that demand for the asset class continues to be strong. Part of this demand is derived from the confidence in infrastructure to continue to deliver strong risk-adjusted returns. While the S&P 5 TR and PrEQIn All Private Equity Index experienced greater gains (7% and 3% respectively) in the three months from September 215, the PrEQIn Infrastructure Index reveals that the asset class had lower volatility and continues to outperform both indices over the longer term. The number and estimated aggregate deal value of infrastructure transactions fell for a second consecutive quarter, from 313 to 28 deals and $154.6bn to $18.4bn in estimated value. This represents the smallest number of completed deals since 212 and the lowest estimated aggregate deal value since 215. This recent dip suggests that managers are struggling to put capital to work in the current market environment. Valuations have been pushed up in recent years as low interest rates and sizeable amounts of dry powder have led to signifi cant competition for attractive assets. Institutional investors in infrastructure maintain a strong preference for domestic investment opportunities, including 58% of Europe-based investors that will seek Europe-focused funds in the coming year. The proportion of investors planning to commit $5mn or more to unlisted infrastructure funds in the next 12 months has fallen from 1% in 215 to 3% in 216. With Brexit uncertainty prevailing, investment opportunities in Europe may be viewed with caution: 18% of North America-based investors are targeting infrastructure investments in Europe in 216, compared with in. We hope you fi nd this report useful and welcome any feedback you may have. For more information, please visit www.preqin.com or contact info@preqin.com. Contents Meeting COP21 Challenges with an Innovative Approach - Amundi 3 Fundraising in 216 5 Funds in Market 6 Institutional Investors in Infrastructure 8 Deals 1 Fund Performance and Dry Powder 11 Data Source: Infrastructure Online is Preqin s fl agship online infrastructure information resource. Constantly updated by our team of dedicated researchers, it represents the most comprehensive source of industry intelligence available today, including infrastructure transactions, fund managers, strategic investors and trade buyers, net-to-investor fund performance, fundraising information, institutional investor profi les and more. For more information, please visit: www.preqin.com/infrastructure All rights reserved. The entire contents of Preqin Quarterly Update: Infrastructure, 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 Quarterly Update: Infrastructure, 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 fi nancial 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 Quarterly Update: Infrastructure, 216. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Quarterly Update: Infrastructure, 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 Quarterly Update: Infrastructure, 216 or for any expense or other loss alleged to have arisen in any way with a reader s use of this publication. 2 216 Preqin Ltd. / www.preqin.com
Download the data pack at: The Preqin Quarterly Update: Infrastructure, 216 Meeting COP21 Challenges with an Innovative Approach - Matthieu Poisson, CEO, Amundi Transition Energétique Matthieu Poisson, Amundi Transition Energétique s CEO, introduces this unique joint venture between Electricité de France and Amundi. Why has Amundi Transition Energétique been set up? There is now a robust political momentum behind the need for an accelerated energy transition in France, in the broader context of the COP21 Paris Agreement. More specifi cally, a law was passed in August 215 with a very large scope notably in terms of targets for reducing energy consumption, greenhouse gas emissions, and diversifying energy supply sources. Such an effort will obviously imply a signifi cantly more ambitious tariff and subsidy program by the French state than previously contemplated. As an example, the annual German renewable tariff budget is over fi ve times bigger than in France. The new law extended its reach far beyond tariffs with, for example, a new obligation for institutional investors to report on an annual basis on their exposure to climate change risk, their carbon footprint and their contribution towards achieving the objectives of the law. EDF is the leading European renewable energy producer and as such has an obvious central role to play in any change to the energy mix. EDF has set itself the target to almost double its renewable capacity by 23. In this perspective, the group has looked for innovative fi nancing models to fi nance its growth, which paved the way for the creation of Amundi Transition Energétique (ATE), an asset management company owned 4/6 by EDF and Amundi. What roles do EDF and Amundi have? EDF supplies two areas of know-how: project sourcing and operational management and the maintenance of assets, both on a scale which would be hard to replicate for any traditional asset management company. As an illustration of this point, an average fund investing in wind farms might reach a size which is approximately one tenth of what EDF has under management. This scale advantage provides EDF with a unique insight into industrial risk over a very broad array of equipment, which in turn proves invaluable for example when analyzing assets for potential acquisition. The role of Amundi is to select assets and design the fi nancial structure of the project with a dedicated team. One of the key objectives of the joint venture is to design robust fi nancial structures that enable a high degree of standardization from one deal to another in order to address both very large and smaller projects on the same basis. This allows EDF to respond to all market opportunities, deploying more resources than before and on a timely basis, and it also provides ATE with a high degree of diversifi cation. What does this partnership involve? This is the fi rst time that an industrial company and a fi nancing company have come together. The creation of this partnership involves sourcing agreements with the subsidiaries of EDF present in the various renewables businesses enjoying an attractive PPP/Tariff context. Obviously ATE has no obligation to accept all the deals presented by EDF (which would in any case far exceed its capacity) and can source projects outside EDF. The various privileged sourcing agreements are focused on identifying projects available outside EDF and those that can be secured jointly. As far as the potential future disposal of EDF s own existing assets, both partners have agreed that it was preferable to keep them out of the scope of the agreement. More generally, the partnership has set up a number of safeguards to protect investors from potential confl icts of interest. Apart from the obvious (i.e. no EDF representative within the company and/or at its investment committee), the relative size of the projected fi rst fund of ATE implies that its annual investment should represent less than a quarter of what EDF currently invests annually in the same sectors, thus ensuring an ability to be selective. Additionally, EDF will retain a degree of exposure to the underlying assets should it be through O&M, minority ownership or its share in the carried interest of the fund. On a more strategic basis, given the amount of renewable investments of EDF that need to be fi nanced, there is a very strong incentive for both sponsors to make the fi rst fund launched by ATE a success, as the key strategic objective is to repeat capital raisings in the future. How do you compare the types of funds that ATE might launch with other infrastructure funds? The main distinctive feature of ATE is its access to a very large and robust existing pipeline of opportunities, but also its structural ongoing relationship with EDF s development teams, which can amount to several hundred people in the heating network PPPs for example. This privileged access provides ATE with a unique visibility over capital deployment as it benefi ts from the input of sourcing teams that far exceed any other infrastructure funds in size, access and experience. Overall, our targeted returns will be in line with the market, but we will try to reduce their volatility by opting for a pure buy-and-hold strategy. This differs from a more aggressive private equity style approach to infrastructure investing, which relies both on the ability to substantially increase the asset s performance and favourable market conditions upon exit. The solidity of our entry IRR will be supported by the 216 Preqin Ltd. / www.preqin.com 3
The Preqin Quarterly Update: Infrastructure, 216 Download the data pack at: combination of a stable regulatory environment, long-term debt fi nancing and EDF s scope of activity in operations and maintenance throughout the entire life of the asset. We also want to concentrate on late-stage investing in order to limit our exposure to development risk. Finally, we are also confi dent enough in our sourcing capacity to limit our investment scope to at least 75% Eurozone and 51% France. Overall, we feel that there is a strong appetite in the market to trade liquidity for solid cash-yield returns, and therefore invest in funds that match in duration the entire economic life of assets i.e. 2 years plus. Amundi Publicly traded since November 215, Amundi is the largest European Asset Manager in terms of AUM*, with over 1,bn worldwide. Headquartered in Paris, France, Amundi has six investment hubs located in the world s key fi nancial centres, and offers a combination of research depth and market experience that has earned the confi dence of its clients. Amundi is the trusted partner of 1 million retail clients, 1, institutional clients and 1, distributors in more than 3 countries, and designs innovative, high-performing products and services for these types of clients tailored specifi cally to their needs and risk profi le. www.amundi.com Amundi fi gures as of 3 June 216. *No.1 European asset manager based on global assets under management (AUM) and the main headquarters being based in Continental Europe - Source IPE Top 4 asset managers published in June 216 and based on AUM as at December 215. Matthieu Poisson is the CEO of the newly created joint venture between Electricité de France (EDF) and Amundi in energy transition fi nancing. Previously, Matthieu was working for EDF, the world s largest electrical company. He fi rst acted as Head of international operations under EDF s CFO, and in that capacity was the group s representative in a number of foreign operations such as the Taishan Nuclear project (TNPJVC) and Constellation Energy Nuclear Group. He was then appointed in 212 CEO of EDEV, the holding company of EDF for renewable operations and corporate venture. Among his assignments, he was in charge of the group investment committee for mid-sized energy assets. Before joining EDF, Matthieu had spent ten years at Lazard in equity capital markets, and merger & acquisitions. Matthieu graduated from the Institut d Etudes Politiques (Paris) and holds a Master in Corporate Finance. 4 216 Preqin Ltd. / www.preqin.com
Download the data pack at: The Preqin Quarterly Update: Infrastructure, 216 Fundraising in 216 216 saw a substantial increase in both the number of funds closed and aggregate capital raised by unlisted infrastructure funds from the previous quarter: 17 funds raised $23bn, compared with 1 funds securing $6.7bn in (Fig. 1). The closure of Brookfield Infrastructure Fund III on $14bn accounts for approximately 61% of aggregate capital raised in, and sets the record as the largest unlisted infrastructure fund ever closed. The fund targets large-scale greenfield and brownfield infrastructure assets, specifically in energy, utilities and transportation sectors. Since the start of 215, 19 unlisted infrastructure funds have reached a final close, securing a combined $9.8bn in capital. Unsurprisingly, North America- and Europe-focused funds collectively dominate the unlisted infrastructure market, representing 61% of the number and 75% of the aggregate capital raised by funds closed since 215 (Fig. 2). If the Brookfield fund had not reached a final close, the aggregate capital raised by North America-focused funds would have been less than the aggregate capital secured by Europe focused funds ($28.9bn). Fig. 1: Global Quarterly Unlisted Infrastructure Fundraising, 21-216* 4 35 3 25 2 15 1 5 Q4 Q4 Q4 Q4 Q4 Q4 21 211 212 213 214 215 216 Date of Final Close No. of Funds Closed Aggregate Capital Raised ($bn) Infrastructure firms have had more success in reaching their initial target sizes in 216 so far compared with recent years. The average proportion of target size achieved stands at 11% for funds closed in the first three quarters of 216 (Fig. 3). Fig. 2: Unlisted Infrastructure Fundraising by Primary Geographic Focus, 215-216* Fig. 3: Average Proportion of Target Size Achieved by Unlisted Infrastructure Funds, 28-216 45 1 4 35 3 25 2 15 1 5 28 39.6 38 28.9 19 13.2 North America Europe Asia Rest of World 24 9.1 No. of Funds Closed Aggregate Capital Raised ($bn) Average Proportion of Target Size Achieved 1% 8% 6% 4% % 89% 82% 93% 9% 93% 99% 98% 94% 11% 28 29 21 211 212 213 214 215-216 Primary Geographic Focus Date of Final Close Fig. 4: Five Largest Unlisted Infrastructure Funds Closed in 216* Fund Firm Fund Size (mn) Primary Geographic Focus Brookfi eld Infrastructure Fund III Brookfi eld Asset Management 14, USD Global Macquarie European Infrastructure Fund V Macquarie Infrastructure & Real Assets (MIRA) 4, EUR Europe InfraVia III InfraVia Capital Partners 1, EUR Global BlackRock Renewable Income EU Fund BlackRock 65 EUR North America, Europe UBS Infrastructure Debt Platform UBS Infrastructure Asset Management 64 USD OECD, Europe *Please note, all data correct as at 5 October 216; subject to upward revision as further data is made available. 216 Preqin Ltd. / www.preqin.com 5
The Preqin Quarterly Update: Infrastructure, 216 Download the data pack at: Funds in Market As of the start of Q4 216, there are a record 186 unlisted infrastructure funds in market, seeking $113bn in aggregate capital (Fig. 1), with $43bn of that total already raised through interim closes. Although the amount of aggregate capital sought is slightly down from the start of the year, the number of funds on the road has increased from 179 funds to 186, illustrating the growing competition for capital among infrastructure fi rms. The largest number of unlisted infrastructure funds in market focus on opportunities in Europe, with 7 funds seeking $29.5bn in capital (Fig. 2). However, North America-focused funds are seeking a larger amount of capital ($51.6bn) than any other region. When excluding Global Infrastructure Partners III, the largest fund in market at present, this fi gure falls to $39.1bn, still exceeding that of any other region. Global Infrastructure Partners III will invest in brownfi eld infrastructure projects in a range of sectors including energy, transportation, utilities and water. Competition is refl ected in the length of time infrastructure fi rms are having to spend raising capital: the majority (56%) of funds in market have been on the road for over a year, including 16% that have been fundraising for more than three years (Fig. 3). The average time spent on the road by funds currently in market stands at 18 months. Fig. 1: Unlisted Infrastructure Funds in Market over Time, January 21 - October 216 2 18 16 14 12 1 8 6 4 2 128 Jan-1 113 135 Jan-11 149 145 145 91 93 Jan-12 81 Jan-13 88 Jan-14 155 97 Jan-15 179 12 Jan-16 186 113 Oct-16 No. of Funds Raising Aggregate Capital Targeted ($bn) Fig. 2: Unlisted Infrastructure Funds in Market by Primary Geographic Focus Fig. 3: Time Spent on the Road by Unlisted Infrastructure Funds in Market 8 7 6 5 4 3 2 1 54 51.6 North America 7 29.5 16 9.1 46 23. Europe Asia Rest of World No. of Funds Raising Aggregate Capital Targeted ($bn) Proportion of Funds in Market 35% 25% 15% 1% 5% % 16% Less than 6 Months 28% 6-12 Months 31% 13-24 Months 9% 25-36 Months 16% More than 36 Months Primary Geographic Focus Time Spent on the Road Fig. 4: Five Largest Unlisted Infrastructure Funds Currently in Market Fund Firm Target Size (mn) Geographic Focus Headquarters Global Infrastructure Partners III Global Infrastructure Partners 12,5 USD Global US Alinda Infrastructure Fund III Alinda Capital Partners 5, USD Europe, North America US West Street Infrastructure Partners III GS Infrastructure Investment Group 3, USD Europe, North America US Carlyle Energy Mezzanine Opportunities Fund II Carlyle Group 2,5 USD Global US Global Infrastructure Partners Capital Solutions Fund Global Infrastructure Partners 2,5 USD Global US 6 216 Preqin Ltd. / www.preqin.com
The No. 1 European Asset Manager YOUR INVESTMENT MANAGER YOUR TRUSTED PARTNER amundi.com Amundi perimeter - No. 1 European asset manager based on global assets under management (AUM) and the main headquarters being based in continental Europe - Source IPE Top.
The Preqin Quarterly Update: Infrastructure, 216 Download the data pack at: Institutional Investors in Infrastructure Institutional investors in infrastructure will predominantly target domestic investments over the next 12 months, with the exception of Asia-based investors, which have an equal preference for global investments. Global-focused investments make up the second largest proportion (35%) of planned investments for both North America- and Europe-based investors (Fig. 1). The majority of infrastructure investors worldwide prefer to invest in the asset class via unlisted funds (Fig. 2). Listed funds are the least preferred route to market, with between 7% and 8% of investors in each of the three regions targeting listed infrastructure. Direct infrastructure investment is a greater focus for Asia-based investors than for those based in Europe and North America (34% vs. 29% and 17% respectively). There has been a slight decrease in the number of investors planning to allocate more than $5mn to unlisted infrastructure funds compared with the same time last year, from 1% of investors in 215 to 3% in 216 (Fig. 3). The majority of active institutions will continue to invest less than $1mn in the year ahead. Three percent of investors plan to allocate to 1 funds or more in the next 12 months, compared with no investors in 215; however, there has also been growth in the proportion of investors that plan to commit to just one unlisted fund, up from 12% in 215 to 18% in 216 (Fig. 4). Fifty-two percent of investors plan to commit to two or three unlisted funds over the next 12 months, accounting for the largest proportion of fund searches in 216. Fig. 1: Regions Targeted by Infrastructure Investors in the Next 12 Months by Investor Location Fig. 2: Preferred Route to Market of Infrastructure Investors in the Next 12 Months by Investor Location 7% 8% 77% Proportion of Fund Searches 6% 5% 4% 1% 43% 18% 23% 58% 35% 35% 9% 4% 5% 4% 35% 33% 45% 11% 45% Proportion of Fund Searches 7% 6% 5% 4% 1% 63% 17% 67% 29% 34% 8% 8% 7% % North America-Based Investors Europe-Based Investors Asia-Based Investors % North America-Based Investors Europe-Based Investors Asia-Based Investors North America Europe Asia Rest of World Global Unlisted Funds Direct Investment Listed Funds Fig. 3: Amount of Capital Investors Plan to Commit to Unlisted Infrastructure Funds in the Next 12 Months, 215 vs. 216 Fig. 4: Number of Unlisted Infrastructure Funds Investors Plan to Commit to in the Next 12 Months, 215 vs. 216 Proportion of Fund Searches 1% 9% 8% 7% 6% 5% 4% 1% 6% 3% 33% 64% $5mn or More $1-499mn Less than $1mn Proportion of Fund Searches 1% 9% 8% 7% 6% 5% 4% % 3% 29% 27% 59% 52% 1 Funds or More 4-9 Funds 2-3 Funds 1 Fund 1% % 215 216 1% % 12% 18% 215 216 8 216 Preqin Ltd. / www.preqin.com
DC PLACEMENT ADVISORS Munich London St. Gallen Sydney Call and meet us: Origination/Client Relationship Management Eva March T: 49-89-9 77 46 99- E: emarch@dcpla.com www.dcpla.com SINCE 28 Experts in Infrastructure Fund Placements DC Placement Advisors is a leading European placement agent dedicated to supporting alternative fund managers in raising capital from top-tier institutional investors. Founded in 28 and with offices in Germany, United Kingdom, Switzerland and Australia, the company is perfectly positioned to raise institutional capital on an international scale across alternative asset classes spanning from infrastructure, private equity and renewable energy to real estate and private debt. A thorough understanding of the institutional mindset, our vast industry recognition and established, long-term relationships with key institutional investors have given DC Placement Advisors a distinctive advantage in the rapid closure of new assignments. We are renowned for our outstanding investor mapping capabilities and market insight, with a streamlined business approach and a focus on execution efficiency. Why DC Placement Advisors? Pioneer in infrastructure fundraising Staying ahead of the curve as one of the first placement agents to place infrastructure funds Compelling performance Global leader in infrastructure debt fund placements and strong infrastructure equity fundraising track record Leading European presence In-depth knowledge of the relevant investor base and direct investor access Passion to deliver Highly committed multilingual team with longstanding infrastructure fundraising expertise DCPLA is licensed and regulated by BaFin as a financial services provider and holds licenses under Sect. 32 of the German Banking Act for investment brokerage and investment advice. Additionally DCPLA holds MiFID license for distribution in EU and is authorised to provide financial service in Australia according to Class Order[CO 4/13/13] Munich London St. Gallen Sydney
The Preqin Quarterly Update: Infrastructure, 216 Download the data pack at: Deals The number and aggregate value of completed infrastructure deals fell for the second consecutive quarter to 28 transactions and an estimated $18.4bn in 216, compared with 313 and $154.6bn in 216 (Fig. 1). The average deal size in was $39mn, 21% lower than in (Fig. 2). The largest number (96) of deals in the quarter took place in North America, representing 35% of all deals globally (Fig. 3). Europe and Asia saw fewer deals completed than North America, with estimated deal values of $38.9bn and $22.3bn respectively, lower than $39.9bn for transactions in North America. The renewable energy sector accounted for the largest proportion (54%) of transactions completed in 216 (Fig. 4) a 19% increase from. Signifi cant activity was also seen in the transport sector, which represented 23% of deals in the quarter. Deals for secondary stage assets represented the largest proportion of transactions in (44%). Deals valued at less than $1mn represent the largest proportion (49%) of completed deals globally in, although 22% of transactions were valued at over $5mn. The largest deal in was the AUD 9.7bn acquisition of a 1% stake in the Port of Melbourne by Future Fund, Global Infrastructure Partners, Ontario Municipal Employees Retirement System and QIC Global Infrastructure. Fig. 1: Quarterly Number and Aggregate Value of Infrastructure Deals Completed Globally, 212-216* Fig. 2: Average Quarterly Infrastructure Deal Size, 212-216 No. of Deals 45 4 35 3 25 2 15 1 5 Q4Q4Q4Q4 2 18 16 14 12 1 8 6 4 2 Aggregate Deal Value ($bn) Average Deal Size ($mn) 6 5 4 3 2 1 313 56 413 41 42427 431 438 48 379386 398 359 368 349 323 39 495 39 212 213 214 215 216 No. of Deals Reported Aggregate Deal Value ($bn) Estimated Aggregate Deal Value ($bn) Q4 Q4 Q4 Q4 212 213 214 215 216 Fig. 3: Completed Infrastructure Deals in 216 by Region Fig. 4: Completed Infrastructure Deals in 216 by Industry 6% 3% 4% North America 35% Europe 11% 6% 1% Renewable Energy Transport 22% Asia Latin America 5% 54% Social Energy (excl. Renewables) Australasia 23% Utilities Africa Other *Please note, all data correct as at 5 October 216; subject to upward revision as further data is made available. 1 216 Preqin Ltd. / www.preqin.com
Download the data pack at: The Preqin Quarterly Update: Infrastructure, 216 Fund Performance and Dry Powder The latest performance data on Preqin s Infrastructure Online reveals that the median net IRR across all vintages is approximately 1%, indicative of an asset class that is favoured for its relatively stable returns over the long term (Fig. 1). Furthermore, Fig. 2 shows that infrastructure returns have experienced relatively low volatility compared with other alternative assets. The PrEQIn Infrastructure Index increased 2% in the three months from September 215, compared to 3% for the PrEQIn All Private Equity Index and 7% for the S&P 5 TR Index. Despite this, the PrEQIn Infrastructure Index, which currently stands at 184.7 points, has outperformed both the PrEQIn All Private Equity Index since its inception in 27 and the S&P 5 TR Index over the longer term (Fig. 3). Mega funds represent a growing proportion of dry powder, which increased from 37% in December 215 to 46% at the end of 216 (Fig. 4). Funds with a primary focus on North America account for over half (51%) of total available capital, while Europe-, Asia- and Rest of World-focused funds account for 27%, 13% and 9% of total dry powder respectively (Fig. 5). Fig. 2: Median Net IRRs by Vintage Year and Strategy Fig. 1: Maximum, Median and Minimum Net IRRs for Unlisted Infrastructure Funds by Vintage Year Net IRR since Inception 5% 4% 1% % -1% - - -4% 24 25 26 27 28 29 21 211 212 213 Maximum IRR Median IRR Minimum IRR Vintage Year Fig. 3: PrEQIn Index: Infrastructure vs. All Private Equity Strategies and S&P 5 TR Net IRR since Inception 25% 15% 1% 5% % -5% -1% 24 25 26 27 28 29 21 211 212 213 Buyout Infrastructure Natural Resources Private Debt Real Estate Venture Capital Index Return (Rebased to 1 as of 31-Dec-27) 2 18 16 14 12 1 8 6 4 2 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 184.7 165.7 161.1 Vintage Year PrEQIn Infrastructure PrEQIn All Private Equity S&P 5 TR Fig. 4: Unlisted Infrastructure Dry Powder by Fund Size, December 26 - September 216 Fig. 5: Unlisted Infrastructure Dry Powder by Fund Primary Geographic Focus, December 27 - September 216 1% 8 Proportion of Total 9% 8% 7% 6% 5% 4% 1% % 24% 38% 41% 44% 38% 35% 35% 35% 37% 37% 46% 34% 33% 31% 32% 32% 26% 33% 25% 24% 21% 17% 17% 19% 24% 19% 17% 17% 16% 17% 11% 9% 9% 13% 16% 17% 15% 13% 11% 11% Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Sep-16 Mega Funds: $2bn or More Large Funds: $1-1.9bn Medium Funds: $5-999mn Small Funds: Less than $5mn Dry Powder ($bn) 7 6 5 4 3 2 1 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 North America Europe Asia Rest of World Sep-16 71 37 18 13 216 Preqin Ltd. / www.preqin.com 11
The 216 Preqin Quarterly Update: Infrastructure alternative assets. intelligent data. Preqin Infrastructure Online 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. Source new investors for funds and co-investments Find the most relevant investors, with access to detailed profiles for over 2, institutional investors actively investing in unlisted infrastructure, including insurance companies, pension funds, family offi ces, foundations, wealth managers, endowment plans, banks and more. Identify potential investment opportunities View in-depth profiles for over 1, unlisted infrastructure funds encompassing all strategies, including greenfi eld, brownfi eld, secondary stage, cleantech and renewable energy, debt, mezzanine and fund of funds. Find active fund managers in infrastructure Search for firms actively targeting infrastructure projects and assets, with detailed profiles on over 5 fund managers from around the world, including background, key contacts and funds raised. Analyze the latest infrastructure fundraising activity See which funds are currently on the road raising an infrastructure fund and which will be coming to market soon. Analyze fundraising over time by fund strategy, industry focus and location. Benchmark performance Identify which fund managers have the best track records with performance benchmarks for infrastructure funds, and view performance details for over 22 individual named funds. Examine infrastructure investment trends Search detailed information on over 2, infrastructure transactions and bids historically, including asset location, project stage and industry. Identify key geographic regions and sectors that are attracting infrastructure investment. Find out how Preqin s range of infrastructure products and services can help you: www.preqin.com/infrastructure New York: One Grand Central Place 6 E 42nd Street, Suite 63 New York NY 1165 Tel: +1 212 35 1 Fax: +1 44 445 9595 London: 3rd Floor Vintners Place 68 Upper Thames Street London EC4V 3BJ Tel: +44 ()2 327 2 Fax: +44 ()87 33 5892 Singapore: One Finlayson Green, #11-2 Singapore 49246 Tel: +65 635 22 Fax: +65 6491 5365 San Francisco: One Embarcadero Center Suite 285 San Francisco CA 94111 Tel: +1 415 316 58 Fax: +1 44 445 9595 Hong Kong: Level 9, Central Building 1-3 Pedder Street Central, Hong Kong Tel: +852 3958 2819 Fax: +852 3975 28 Manila: Pascor Drive Sto. Niño Parañaque City Metro Manila 17 Philippines Email: info@preqin.com Web: www.preqin.com