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Probitas: $94bn of infrastructure funds coming to market

The California-based placement agent also estimates that $21.5bn has been raised for infrastructure in the first nine months of 2008, which is less than the $34.3bn raised last year, but more than the 2006 total of $17.9bn.

There are nearly $94 billion of infrastructure funds in market or thought to be coming to market in the next 12 months, according to data released by placement agent Probitas Partners.

As of October, Probitas counts 63 funds worldwide, excluding funds that it is currently placing, that are or will be fundraising for investments in the infrastructure sector.

More than half of the funds are targeting more than $1 billion. The three largest current or planned fundraisings are by Kohlberg Kravis Roberts Infrastructure Fund, Goldman Sachs Infrastructure Partners II and Macquarie European Infrastructure Fund III, according to Probitas. A person familiar with KKR said the firm is targeting closer to $5 billion. 

Actual funds raised have continued to stay strong despite the difficult market environment. Probitas estimates that $21.5 billion has been raised in the sector in the first nine months of the year.  The amount is already more than the 2006 total of $17.9 billion, though it is less than the $34.3 billion raised in 2007. By comparison, in 2004 just $2.4 billion was raised by infrastructure funds.

“It’s pretty typical of what we’ve seen over the last few years. The largest funds coming to market are the large global funds and as you go down the list, the smaller funds there are going to be more [region] specific”, said Kelly DePonte, a parter at Probitas.

DePonte said that India in particular is receiving a lot of attention from investors. Six India-specific funds totaling $6.2 billion are on the Probitas list.

“It seemed like every time I turned around there was a new Indian infrastructure fund being raised,” DePonte said. 

The Probitas fundraising list, re-ranked by target size and converted at spot rates as of press time into US dollars, is reproduced below.

Infrastructure funds in market or thought coming to market over the next 12 months, as of October 2008

Rank

 Fund/Parent

Fund Target
($US mm)

Native
Currency

1

KKR Infrastructure Fund

 10,000

USD

2

GS Infrastructure Partners II

 7,500

USD

3

Macquarie European Infrastructure Fund III

6,468

EUR

4

Macquarie Infrastructure Partners II

6,000

USD

5

Citigroup Infrastructure Investors

4,000

USD

6

GS European Infrastructure Fund

 3,881

EUR

7

aAIM Infrastructure Fund

 3,190

GBP

8

Alinda Infrastructure Fund II

 3,000

USD

9

ABN AMRO Global Infrastructure Fund II

 2,587

EUR

10

CVC European Infrastructure Fund

 2,587

EUR

11

Fondi Italiani Per Le Infrastructure

 2,587

EUR

12

Gulf One Infrastructure Fund I

2,000

USD

13

Macquarie India Infrastructure Opportunities Fund

 2,000

USD

14

Santander Infrastructure II

1,941

EUR

15

Infracapital Partners

 1,595

GBP

16

JP Morgan Asian Infrastructure Fund Mumbai

1,500

USD

17

Macquarie Renaissance Infrastructure Fund

 1,500

USD

18

UBS International Infrastructure Fund

1,500

USD

19

Babcock & Brown Turkish Infrastructure Fund

1,294

EUR

20

EQT Infrastructure Fund

1,294

EUR

21

ING European Infrastructure Fund

 1,294

EUR

22

Henderson Infrastructure III

1,276

GBP

23

Carlyle Riverstone Renewable Energy Infrastructure Fund II

1,200

USD

24

Challenger Mitsui Emerging Markets Infrastructure Fund

1,200

USD

25

Indian Infrastructure Financing Initiative

1,200

USD

26

Actis Infrastructure Fund II

1,000

USD

27

Alterna Core Capital Asset Fund

1,000

USD

28

ECP Africa Fund

1,000

USD

29

India Infrastructure Advantage Fund

1,000

USD

30

Pan African Infrastructure Development Fund

1,000

USD

31

SC – IL&FS Asia Infrastructure Growth Fund

1,000

USD

32

Vision Global India Infrastructure Fund

1,000

USD

33

Emerald Infrastructure Development Fund

 970

EUR

34

Innisfree Secondary Fund

957

GBP

35

Babcock & Brown Asia Infrastructure Fund

 883

USD

36

Asian Giants Infrastructure Fund

750

USD

37

Ampere Equity Fund

647

EUR

38

DIF Infrastructure II

647

EUR

39

Transport Infrastructure Investment Company Fund

647

EUR

40

ADIC UBS Infrastructure Fund I

600

USD

41

Fortis Clean Energy Capital Fund

517

EUR

42

Axis Infrastructure Fund 

500

USD

43

Baer Capital Infrastructure and Real Estate

500

USD

44

HSBC Environmental Infrastructure Fund

500

USD

45

Indochina Infrastructure Holdings

500

USD

46

Macquarie Global Infrastructure Fund III

500

USD

47

MENA Infrastructure Fund

500

USD

48

Millenium Private Equity Infrastructure Fund

500

USD

49

Q India Fund

500

USD

50

RREEF North American Infrastructure Fund

500

USD

51

UTI India Fund

500

USD

52

Rabo Bouwfonds Communication Infrastructure Fund

485

EUR

53

Saratoga Asia Fund II

330

USD

54

AmKonzen Water Infrastructure Fund

323

USD

55

European Renewable Energy Fund

320

EUR

56

Darby Mexico Infrastructure Fund

200

USD

57

HBG Infrastructure

200

USD

58

Israel Infrastructure Fund II

200

USD

59

Piramal Healthcare Fund

200

USD

60

DG Infra+

194

EUR

61

Bunyah GCC Infrastructure Fund

150

USD

62

Central American Mezzanine Infrastructure Fund

 150

USD

63

 Network European Infrastructure Partners

 129

EUR

Notes:
(1) 1 GBP = 1.59487 USD; 1 EUR = 1.29369 as of press time.
Source: Probitas Partners.