European Diversified Infrastructure Fund III: Igneo Infrastructure Partners closes third fundraising series

European Diversified Infrastructure Fund III: Igneo Infrastructure Partners closes third fundraising series

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Wednesday, 10 April 2024: On 26 March 2024 Igneo Infrastructure Partners (‘Igneo’) successfully concluded the Series 3 fundraising for the European Diversified Infrastructure Fund III (EDIF III), resulting in the fund growing to over €4.1 billion in fund commitments and a further approximately €2.1 billion of potential co-investment commitments received from 55 leading global institutional investors.

Investors who are already invested in EDIF III’s predecessor funds (EDIF I & II) represent 63% of commitments to EDIF III.  Some 62% of underlying EDIF III commitments have been made by European institutional investors, with further commitments from Asian, Australian and North American institutional investors.

EDIF III has a hard cap of €5.0billion and a further round (Series 4) of fundraising is anticipated. The series fundraising is designed to ensure focused investment discipline, while delivering rapid deployment of investors’ capital.

The fund has deployed c.€2.7 billion across the 5 businesses currently in the EDIF III portfolio. The fund strategy remains consistent with predecessor funds EDIF I & II and targets investments in European mid-market, sustainable, mature, economic infrastructure assets in the energy, transportation, utility and telecommunications sectors. The EDIF III portfolio currently comprises:

·       enfinium, the UK’s largest energy-from-waste platform;

·       Finerge, a c.2GW Iberian renewables generator;

·       EVOS, the pan-European liquid energy storage platform;

·       Westconnect, a German fibre-optic network owner; and

·       DAH Gruppe, a German biogas producer.

Niall Mills, Managing Partner and Global Head at Igneo said, “Despite the challenges of the past 18 months, we are very proud that our philosophy of responsible investment-led proactive asset management has continued to deliver long-term sustainable value for our investors. Globally, our business continues to grow from strength to strength with our European and global portfolios delivering strong performance over 2023 and continuing to grow via several transactions across Europe as well as in the US, Australia and New Zealand.”

Stephen O’Shea, Head of Investor Relations and Consultant Engagement at Igneo said, “We are extremely grateful to all of our investors whose continued trust and support for our latest fundraising allows us to continue to source, acquire and proactively manage high quality European infrastructure businesses.”  

‍About Igneo Infrastructure Partners

Igneo is an autonomous investment team in the First Sentier Investors Group. It invests in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities and transportation / logistics sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on ESG and proactive asset management.

Igneo manages A$28.5bn (US$19.5bn) worth of assets (as at 31 December 2023) on behalf of more than 200 investors around the world.

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Important information

This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation.

We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors.