INFRASTRUCTURE

2020 PREQIN GLOBAL PRIVATE REPORT –CAPITAL

EQUIT Y & VENTURE SAMPLEREPORT
PAGES

2020
PREQIN GLOBAL
INFRASTRUCTURE
REPORT
SAMPLE PAGES

ISBN: 978-1-912116-25-6

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2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES

Contents

4 CEO's Foreword – Mark O'Hare, Preqin 7. ESG

6 Creating Value in Infrastructure – Martin Lennon, 52 In Focus: Investor Shift to ESG May Be
Infracapital Overstated
56 In Focus: Fund Managers Embrace ESG
1. Overview of the Industry
10 Executive Summary 8. Performance
12 Infrastructure Megatrends 60 Performance of a Lifetime
13 Infrastructure in 2019: Key Facts 62 Public Pension Fund Returns
63 Horizon IRRs
2. Assets under Management 64 PrEQIn Infrastructure Index
16 Infrastructure Assets Surge Past $500bn 65 Public Performance: Benchmarks and PMEs
18 In Focus: How Big Will Infrastructure Get?
20 US Investors Move to “Higher Alpha Infra” – 9. Regions
Brian DeFee, Capstone Partners 68 North America
22 The Flowing Capital Tap: Calls and Distributions 70 Europe
72 Asia
3. Fundraising 74 Rest of World
24 Echoes of the Infrastructure Fundraising Boom
26 Fundraising Breakdowns 10. League Tables
28 Funds in Market: Infrastructure Fundraising 78 Largest Fund Managers
Supply Line Stays Full
79 Largest Investors
29 In Focus: Investors Look for Direct Access
80 Largest Funds
81 Notable Deals
4. Fund Managers
82 Top Performing Funds
32 The Expanding Fund Manager Universe
83 Consistent Top Performing Fund Managers
34 In Focus: The First Fund Is the Hardest
36 Funds Keep Terms Short and Sweet
11. Outlook
86 Managers Adapt to Stiff Competition
5. Investors
88 Investors Stick with Infrastructure
38 Investors Go Slow and Steady
90 Preqin Predictions
40 Future Searches and Mandates
42 In Focus: What Do Investors Need from
Infrastructure?

6. Deals & Exits

46 Deal-Making Trends
48 Infrastructure Exits Tick up in Value
49 Most Active Buyers

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2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES 1. OVERVIEW OF THE INDUSTRY

Executive Summary

2019 was a capstone to a decade in which infrastructure truly entered the mainstream.
Success has fueled future challenges, but the infrastructure train keeps rolling
In the private capital space, infrastructure does not record pace too, even if overall net capital flow remains
have the same exciting reputation as venture capital, negative.
the high-flying dominance of private equity, nor
the intrigue of new-kid-on-the-block private debt. The truth is that infrastructure can no longer be
Investors have typically looked to infrastructure to add classed as a dull counterweight to more exciting
ballast to their portfolios: hedging against inflation and sectors. Median net IRRs for infrastructure funds have
adding a revenue stream to counteract the substantial hovered around 10-11% in recent vintage years, and
but unpredictable payouts from other alternative asset overall the industry has returned a net annualized 7.7%
classes. in the year to June 2019, and 8.7% in the decade to that
point. It has coupled strong returns with consistency,
For all that, it is sought after by investors, which have with among the lowest variation in rolling one-year
been expanding into the asset class at a gradual pace returns of any asset class.
for some time. There are now around 4,000 institutions
making allocations to infrastructure, a substantial A period of strong performance could not come at a
pool of capital for fund managers to appeal to. And better time for investors: rock-bottom interest rates,
appeal they have – as investors have become active in low bond yields, and sluggish global growth have all
the industry, new fund managers have formed to raise hit their portfolios. The difference between gains from
vehicles and cater to demand. There are now 707 active bonds or fixed-interest products and the ambitious
infrastructure fund managers. This is a new record for return targets of many institutions has never been
the industry, and demonstrates that infrastructure has wider. Infrastructure has been particularly sought
become a mainstream part of the alternatives industry. after as a means of plugging that gap – a predictable
income stream, yes, but one sufficient to help make
Fundraising has been substantial in the past few years, up for volatile returns in other markets. This has been
and reached new highs in 2019. A total of $98bn was particularly appealing as we head toward what is
raised from investors – a new record, of which half generally agreed to be an all-but-certain equity market
went to just five funds. Mega private capital funds have correction – even if no-one can agree on just when to
been a feature of the industry for some time, but given expect it.
the limited size of the total infrastructure fundraising
market, they wield outsized influence. But success, as ever, is not all positive. Good returns
have drawn more capital into the asset class, which
Partly fueled by such strong fundraising activity, has meant more competition for attractive investment
assets under management (AUM) hit new records in opportunities. This has pushed up asset pricing,
successive years throughout the 2010s. As of June and made deal-making more challenging. The
2019, AUM stands at a record-high $582bn, having infrastructure deals market has slackened in the past
crossed the $500bn mark for the first time at the end two years, with assets in North America and Europe
of 2018. And fund managers have been putting that requiring more lengthy due diligence in order to make
capital to work: called capital reached a peak of $89bn sure high pricing has left enough potential upside.
in 2018, and 2019 looks set to approach or surpass Ultimately, it has eaten into the returns that fund
that level. Distributions in H1 2019 have been at a managers can expect to make in the coming years.

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2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES 1. OVERVIEW OF THE INDUSTRY

Operators are adapting in two main ways: first, they are

reducing the targeted returns of the funds they have
in market, recalibrating their ambitions in light of the
current environment. Second, they are looking to move
into higher-risk strategies and new markets. As such,
we have seen a shift toward value-added funds and a
renewed focus on emerging markets.

The overall mood in the industry is upbeat, though.

Infrastructure has enjoyed a considerable run of
success in recent years, and is still in the midst of
a fundraising boom. Unlike other asset classes,
where a flood of capital has proved challenging
for fund managers to absorb, infrastructure has
plenty of release valves left to pull. Activity is highly
concentrated on developed markets and on certain
sectors like renewables. There is a huge amount
of scope for managers to explore new sectors and
markets that are as yet untapped. And investors
certainly have faith in their ability to do so: in the long
term more than nine out of 10 intend to invest as much
or more capital in the industry compared to today. It
will be up to fund managers to innovate ways to keep
meeting those expectations.

Data Pack
The data behind all of the charts and tables
featured in this report is available in Excel format at
no extra cost. This data may be used in marketing
materials, presentations, or company reports with
appropriate accreditation to Preqin.

4 © Preqin Ltd. www.preqin.com 4

2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES 1. OVERVIEW OF THE INDUSTRY

Infrastructure
Megatrends
Key themes shaping the unlisted infrastructure industry

Capital Concentration ESG

The majority of capital flowing into the industry has Arguably the hottest topic in the investment world, ESG
been swallowed by a small group of the largest fund is a key consideration behind investment decisions for
managers, creating a two-tiered fundraising and deals investors and fund managers alike. Is it just a phase, or
market. is ESG here to stay?

LP Sophistication Competition for Deals

As much as fund managers are in a constant race for With new firms being founded and bringing funds to
the best opportunities, so too are investors always market, existing managers raising larger-than-ever
looking for the next big thing in allocating. We look at vehicles, and investors developing a taste for direct
how LPs are increasingly evaluating, contacting, and investment, there is more competition for prime assets
competing with fund managers themselves. than ever before.

Market Slowdown Performance Pressure

If there is one thing almost everyone can agree on, it Infrastructure has performed well in recent years, but
is that there is a market slowdown coming. But when maintaining those returns is a challenging prospect.
exactly to expect it, what sectors will be most exposed, Fierce competition, large dry powder stores, and
and whether investors should be adjusting their sluggish global growth have all made it more difficult
approach in anticipation are all hotly contested. to return tomorrow what you returned yesterday.

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2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES SPONSORED

Creating Value in
Infrastructure

Martin Lennon, Head of Infracapital, on ESG, rising competition, and the “enormous
potential” to create value

What role does private capital have in reducing the

funding gap in European infrastructure?
It is estimated that Europe needs to invest about
€270bn a year between now and 2030 to build new
infrastructure and to maintain the existing network. A
significant amount of this investment requirement is
expected to be funded by private investment, which will
play a vital role in driving economic growth and global
competitiveness.

How is competition for deals driving changes in the Martin Lennon

market, and has it altered your investment approach? Head of Infracapital
The market has certainly evolved as a result of growing
competition, and what you see now is even more proactively procure opportunities. With our brownfield
variety in investment strategies as a result. There’s strategy, about one in three of our deals have been
differentiation by geography, sector, and risk/return proprietary. On top of that, about another third are
appetite, with strategies such as core, core-plus, super what we call ‘limited competition.’ Instead of full-
core, and value add to address specific segments in the blown auctions, you can get to a one-on-one, bilateral
marketplace. That kind of specialization reflects, to a conversation relatively quickly and look to avoid
certain extent, the challenge of demand for assets vs. squeezing the last penny out of the bid price.
supply.
On the greenfield strategy, about 60% of our
We have positioned ourselves quite deliberately to deals are non-competed. That’s because we work
participate in the mid-market, which we define as extensively with developers, construction companies,
businesses of up to about a billion pounds (or euros) in entrepreneurs, and corporations and position ourselves
enterprise value. Here we see the biggest proportion of to understand where the deal flow is coming from
opportunities to find or create assets and to drive value and when. We seek to help to get development-stage
creation to deliver attractive investor returns. propositions to the late stage where they're more or
less certain to happen, but where we can still influence
What value creation opportunities do you see in the key elements around construction and financing. Over
infrastructure space? time, you are able to form strategic alliances or joint
There’s enormous potential, and I’ll make three ventures and become a trusted financing partner.
points about that. First, value creation starts with From a value-creation point of view that's incredibly
good origination. We operate in two core strategies: powerful, because you avoid the cost of competition.
greenfield – which is about building and delivering
new infrastructure – and brownfield, which is about Second, there’s creating value through delivery. In
acquiring operating infrastructure. Across both a greenfield context that’s delivering a construction
strategies, we go out into the marketplace and project, a network buildout, or taking a pre-operating

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2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES SPONSORED

opportunity and making it operational, so if delivered relatively unique opportunity to make a positive impact
successfully, you should benefit from a reduction in the on the environment and society. At Infracapital, we
risk premium when you sell. In a brownfield context issued our first comprehensive ESG report to our
this refers to situations where delivery is 'complex,' investors last year, and we've identified a set of KPIs
but where there’s the potential to improve the asset, that we want to manage and measure transparently
de-risk, and drive value. That could mean carving across our portfolios and within our team. These
out a division from a corporation, putting in place a KPIs include, for example, climate impact, diversity,
new management team, implementing a new billing employee wellness, data, cybersecurity.
system, and creating a standalone company.
For those measures, we will be looking at equivalent
The third example is the platform approach, which businesses and industries to see where there are
involves growing a small- to mid-cap company and differences, so that we can use best practice. It’s a
transforming it into a real leader in its sector. If you can huge advantage having a large portfolio of companies;
show that the growth that you've delivered is expected while one might be a broadband business and another
to continue you can drive some very exciting returns. might be a waste-to-energy business, some KPIs share
We see this a lot in our greenfield strategy – we start common features. And if one business has an effective
with constructing assets, but with a view that these solution, we can share learnings and help others come
become multi-asset platforms where you can put in up to that standard. What we want to drive is ongoing
place quality management teams and drive synergies improvement across those KPIs, so that every asset is
and efficiencies. proactively looking to deliver best practice across the
board.
Let’s talk about ESG. How do you see its role in the
industry – is it seen as an optional extra, or is it more
critical than that?
I think we need to take the ESG opportunity as far as
we can, because infrastructure provides us with a

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 fulfill 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 45 companies around Europe and has raised and managed over £5bn across five funds.

Infracapital is part of M&G, a leading European savings and investments business. M&G manages the long-term
savings of more than seven million people and is a major investor in the UK and in the global economy. Total assets
under management are £341bn (as at 30 June 2019).

www.infracapital.co.uk

Disclaimer:
For Investment Professionals only.
This guide reflects M&G’s present opinions reflecting current market conditions. They are subject to change without notice and involve a number of assumptions which may not prove valid. Past
performance is not a guide to future performance. The distribution of this guide does not constitute an offer or solicitation. It has been written for informational and educational purposes only and
should not be considered as investment advice or as a recommendation of any security, strategy or investment product. Reference in this document to individual companies is included solely for
the purpose of illustration and should not be construed as a recommendation to buy or sell the same. Information given in this document has been obtained from, or based upon, sources believed
by us to be reliable and accurate although M&G does not accept liability for the accuracy of the contents.
The services and products provided by M&G Investment Management Limited are available only to investors who come within the category of the Professional Client as defined in the Financial
Conduct Authority’s Handbook.
Issued by M&G Investment Management Limited (unless stated otherwise), registered in England and Wales under number 936683 with its registered office at 10 Fenchurch Avenue, London EC3M
5AG. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority.

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 2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES 2. ASSETS UNDER MANAGEMENT

In Focus: How Big Will

Infrastructure Get?

Sustained investor appetite and strong long-term performance have boosted

infrastructure assets past $0.5tn, and the industry is on the way to hitting $1tn by 2023

The infrastructure industry has grown phenomenally A booming community of fund managers has sprung
over the past decade. Although it remains a relatively up to service this demand. Over 250 infrastructure
small part of the private capital industry overall, total funds are collectively seeking more than $200bn from
AUM has quintupled since 2009. As of June 2019, the investors at the start of 2020, which is more than
industry holds $582bn in assets, up from just $129bn double the total capital targeted at the start of 2015.
at the end of 2009 (Fig. 2.6). Can infrastructure keep up Given that investor interest looks set to continue, it
this rate of growth? seems likely that fund managers will keep bringing
new funds to market to capitalize on that demand.
Investors Ensure a Thriving Pipeline
Sustained interest from investors is a key driver of the ...Encouraged by Robust, Consistent Returns
industry's expansion. Fundraising has exceeded $50bn Abiding investor appetite reflects the success that
annually since 2015 and set five consecutive annual infrastructure has enjoyed. Performance has been
records. Totals in 2018 and 2019 both approached strong, and in recent years has rivaled or exceeded that
$100bn – a substantial increase compared with full- of asset classes like real estate or listed equities. As a
year fundraising of $17bn back in 2009. This flood of traditionally low-risk/return asset class, infrastructure
capital shows no sign of slowing, either, as 84% of has no business outstripping high-growth sectors
surveyed investors intend to commit as much or more like these. Moreover, returns have been remarkably
capital over the next 12 months compared with the consistent: funds of all recent vintage years have
previous year. posted median net IRRs of 9-12%, and rolling one-year

Fig. 2.6: Private Capital Assets under Management by Asset Class, 2009 - 2019

8,000
Assets under Management ($bn)

7,000
6,000

5,000

4,000

3,000

2,000

1,000

0
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Jun-19

Private Equity Private Debt Real Estate Infrastructure Natural Resources

Source: Preqin Pro

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2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES 2. ASSETS UNDER MANAGEMENT

horizon returns have hovered around 10% annually into new sectors and regions. Asia in particular
since 2016. enjoys huge demand for infrastructure, but very few
specialists currently focus on the region. And even so-
It is no surprise, then, that investors are so happy with called 'played-out' markets like European utilities can
their infrastructure investments. Eighty-seven percent still offer significant value to fund managers if they can
report that their infrastructure portfolios have met or secure attractive opportunities.
exceeded expectations over the past 12 months, and
86% are generally positive about the asset class. Preqin predicted back in 20181 that the infrastructure
market would hold $1tn in AUM by the end of 2023,
...And a Market-Resilient Record doubling its size from December 2017. The industry
This consistency is thrown into even sharper contrast grew by 17% over 2018, and expanded by a further
by two macro factors: recent market volatility, and 11% in the first half of 2019. If this rate of expansion
the seemingly certain prospect of a market slowdown continues, then infrastructure assets will breach
in the near future. Sixty percent of infrastructure $1tn by the end of 2022 – a full year sooner than we
investors now say we are at a peak in the equity market predicted.
cycle, and 28% are increasing allocations to private
capital accordingly. Infrastructure’s main advantages
are that it offers a reliable income stream and has low
correlation to other asset classes – vital factors for
investors looking to mitigate possible swings in other
parts of their portfolios.

History bears this out: while infrastructure has

not been completely immune to previous market
movements, it has proved resilient to recent swings
in equity markets, which have played havoc with
investments in listed equities and hedge funds. Where
one-year returns for listed equities fell from 22.8%
as of December 2017 to -9.6% a year later, and hedge
fund returns sank from 12.20% to -3.05% in the same
period, infrastructure returns swung from 11.4% to
9.6% respectively.

On the Way to One Trillion

Given all of this, there is no reason to suspect that
the growth in infrastructure AUM will slow any time
soon. There are concerns about competition and
pricing in core developed markets, but thus far these
concerns have not been reflected in a fall in returns.
Infrastructure funds also have more room to expand
1
Preqin: The Future of Alternatives, 2018, go.preqin.com/future

9 © Preqin Ltd. www.preqin.com 21

 2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES 5. INVESTORS

Investors Go
Slow and Steady

The make-up of the investor universe has not changed significantly in recent years,
but the overall pool is expanding as investors look to infrastructure for stable returns
The infrastructure investor pool consists of almost and banks making up significant proportions (Fig.
4,000 institutions as of the start of 2020. This 5.1). These institutions are most likely to have long
represents 35% of the total alternatives investor investment horizons and need regular, stable cash
universe, and is an increase of around 50% compared flows, making infrastructure an appealing investment.
to the end of 2015, as institutions have been It is notable that, unlike in private equity where we have
increasingly drawn to infrastructure in recent years. seen a development in the balance of investor types,
Strong and consistent returns, as well as regular cash the make-up of infrastructure investors has remained
flows and a hedge against inflation, have proved to be stable.
durable attractions. While the overall universe has
expanded, the constituent investor types have stayed Allocations Are Slow and Steady
proportionately equal, and average allocations to the The allocations that investors make to infrastructure
asset class have remained the same over the past five have not changed significantly in the past five years.
years. Investors are habitually underweight to the asset
class (as with most alternative asset classes), and
Little Change in Investor Make-up commit a median of 2.2-2.4% of their AUM, while
The largest proportion of infrastructure investors are targeting around 5%. While investors have identified
pension funds, with foundations, insurance companies, infrastructure as a relative safe haven in the event of a

Fig. 5.1: Investors in Infrastructure by Type, 2015 vs. 2019

20% 17%
Proportion of Investors

18% 17%
16% 15%
14% 12%
12% 9% 9% 7%
10% 9% 9% 7% 7% 8% 6% 6%
8% 7% 7% 7% 6%
5% 3% 2% 5%
6% 3% 1%
4% 2% 3% 3% 3%
1% 2%
2%
0%
Government
Insurance

Fund of Funds
Private Sector

Foundation

Manager

Manager

Superannuation

Other
Endowment
Pension Fund

Wealth Fund
Investment Bank

Corporate
Family
Company
Pension Fund

Office

Wealth

Investor

Sovereign
Asset

Agency

Manager
Public

Plan

Scheme
Bank/

2015 2019
Source: Preqin Pro

40
 2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES 5. INVESTORS

market downturn, we have not seen a wholesale shift Fig. 5.2: Infrastructure Investors' Mean
toward larger allocations. For investors, infrastructure Commitment Size by Investor Type
is still a risk-mitigator and downside-protector rather
180
than an alpha-generator.

Mean Commitment Size

160 153
140
The average allocation to infrastructure is therefore 120

($mn)
100
quite small as a proportion of total assets, even where 79
80
60
the absolute dollar allocation may be large. Investors 60 43 38
40 33 31
24 16
such as pension funds and insurance companies 20 11 8 6
typically commit around 2-3% of their total assets to 0

Sovereign Wealth Fund

Government Agency

Wealth Manager

Corporate Investor
Superannuation Scheme

Family Office
Asset Manager

Foundation
Public Pension Fund

Endowment Plan
Insurance Company

Private Sector Pension

infrastructure (Fig. 5.3). Most of these investors have
relatively high liquidity needs, and the illiquidity of
infrastructure investments means they cannot commit

Fund
too much to the asset class.

Larger Investors Reduce Allocations

Sovereign wealth funds (which generally do not have
Source: Preqin Pro
high liquidity needs) and superannuation schemes
are among the largest allocators to the asset class,
with median allocations of 4.9% and 6.0% of AUM is also likely a reflection of the relative prevalence of
respectively. Interestingly, though, in both cases this large investors in the asset class – asset managers will
figure is lower than it was in 2015. Both investor types make larger commitments than family offices in order
traditionally emphasize investments in real assets. to disburse their allocations across a similar number
Over the past five years, however, they have become of vehicles (Fig. 5.2).
more active in asset classes like public and private
equities, and so have reduced allocations to 'slow and With fewer funds seeking capital for infrastructure
steady' asset classes like infrastructure in favor of compared to other asset classes, and investors looking
these. to make larger commitments than in other asset
classes, it is no wonder that some fund managers have
Most investor types will make larger individual been able to raise ever-larger funds in recent years to
commitments to infrastructure funds than to other service demand.
alternative assets. This is partly because infrastructure
is a smaller fund universe: there are currently only
around 250 infrastructure funds seeking capital,
compared with around 4,000 private equity vehicles. It

Fig. 5.3: Investors' Median Current Allocations to Infrastructure by Investor Type, 2015 vs. 2019

6.0%
7% 6.3% 6.0% 4.8%
Infrastructure (As a %

6% 5.0%
4.9% 5.0%
Median Current

5% 4.5%
Allocation to

3.6% 4.0%
of AUM)

4% 3.3%
3.0% 2.7% 2.3%
3% 2.0% 1.3%
2.0% 2.1% 1.9%
2% 1.5% 1.6%
1.0%
1%
0%
Superannuation

Private Sector

Foundation
Wealth Fund

Endowment

Pension Fund
Corporate

Insurance
Family
Manager

Manager

Pension Fund

Company
Office
Investor

Wealth
Sovereign

Asset

Public
Plan
Scheme

2015 2019
Source: Preqin Pro

11 © Preqin Ltd. www.preqin.com 41

2020 PREQIN GLOBAL INFRASTRUCTURE REPORT – SAMPLE PAGES

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