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Alternative Market Briefing

Unlisted infrastructure investment deals in Europe down 26%: Preqin

Thursday, July 11, 2019

Laxman Pai, Opalesque Asia:

Unlisted infrastructure investment in Europe surpassed €100bn in annual deal value for the third time in 2018, with a reported total of €119bn invested, 58% more than in 2017 but just short of the 2015 record (€124bn).

According to the latest Preqin report on alternative assets in Europe, although there were nine deals valued at €3bn or more, the total number of deals (948) completed in 2018 was down 26% compared with 2017, with investible assets in short supply.

Indeed, transactions valued at €1bn or more represented 13% of the European deal market in 2018, the greatest proportion since 2012. The inflated valuations produced by a highly competitive market were evidently a barrier for some managers.

Fundraising has been frothy in recent years: a record €31bn was raised for European infrastructure in 2018, and €18bn has already been secured in Q1 2019.

The number of funds closed has also continued its climb of recent years, with a record 38 vehicles reaching a final close in the year. It is unlikely that the heated market will cool any time soon, with €63bn in dry powder among Europe-based infrastructure funds signalling further competition ahead.

Renewable energy sector - The activity hub

The renewable energy sector remains the activity hub of the European infrastructure market, said Preqin.

Indeed, the proportion of total deals in Europe represented by renewable energy transactions rose to its highes......................

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