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Alternative Market Briefing

Smaller infrastructure fund manager come under presser from larger peers

Monday, July 08, 2019

Laxman Pai, Opalesque Asia:

The infrastructure industry fundraising has been heavily cyclical in recent quarter as investors are generally looking to make fewer and smaller investments than they were 12 months ago, deal activity has been lacklustre for the past year.

According to Preqin Quarterly Update, infrastructure fundraising has been strong overall in the first half of 2019, but Q2 has not matched the levels seen in Q1.

More funds did reach a final close - 18 compared to 13 in Q1 - but capital totals fell from $24bn to $19bn globally. Nevertheless, the industry has already secured $43bn from investors so far this year.

North America saw the greatest number of fund closures, as 10 funds secured $8.5bn for the region.

Although just four Europe-focused funds closed, they collectively raised almost as much ($8.1bn), far more than was raised by funds focused on the rest of the world.

No Asia-focused funds closed in the quarter, illustrating the relative lack of activity for the region despite its huge infrastructure needs.

Those funds that did close in Q2 generally spent relatively little time in market, suggesting that, for at least some fund managers, fundraising is becoming a quicker and smoother process.

No fund closed had been in market for more than two years, and almost 60% were on the road for less than a year. This contrasts with 2018, when 22% of funds closed had been in market for two years or more.

New unlisted infrastructure......................

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