€6.8bn of commitments now secured for Flagship Fund V
Regulatory News:
Antin Infrastructure Partners (Paris:ANTIN):
HIGHLIGHTS
- AUM at €29.0bn as of 30 September 2022, up +42.5% over the last
twelve months and up +29.5% compared with 2Q 2022, mainly driven by
gross inflows
- Fee-paying AUM at €16.3bn, up +20.7% over the last twelve
months and up +19.5% compared with 2Q 2022. Inflows for Flagship
Fund V partially offset by the step-down related to Flagship Fund
IV moving to post-investment period
- Significant progress made on fundraising for Flagship Fund V
with €6.8bn of commitments secured to date. This follows the
completion of the fund’s first close with €5.3bn of commitments
secured at the end of 3Q 2022. Target commitments of €10bn and hard
cap of €12bn
- Fundraising for NextGen Fund I continued to progress with total
commitments of €0.9bn secured as of 3Q 2022, +€0.1bn vs. 2Q
2022
- Three investments announced during the quarter of which two in
Flagship. Wildstone marked the last portfolio investment of
Flagship Fund IV and Blue Elephant Energy the first investment of
Flagship Fund V. Second investment in EV charging infrastructure
with RAW Charging as part of NextGen Fund I
- Investment performance remained strong despite the current
environment with all funds performing either on plan or ahead of
plan
FUNDRAISING
- Fundraising amounted to €6.3bn over the last twelve months
(€7.3bn including co‑invest), of which €5.5bn were raised in 3Q
2022 related to Flagship Fund V and NextGen Fund I. Further
progress made with an additional ~€1.5bn of commitments secured
since the end of the reporting period. Strong demand from fund
investors despite the challenging market environment, underpinned
by Antin’s long‑term track-record and attractive fundamentals in
infrastructure
- Flagship Fund V secured commitments of €6.8bn as of the date of
this release. This follows the completion of the fund’s first close
with €5.3bn of commitments at the end of 3Q 2022. Target
commitments of €10bn and hard cap of €12bn
- NextGen Fund I fundraising continued to progress with €0.9bn of
commitments at the end of 3Q 2022, compared with €0.8bn at the end
of 2Q 2022. Target commitments of €1.2bn and hard cap of
€1.5bn
INVESTMENT ACTIVITY
- Investments totalled €3.1bn over the last twelve months with
eight investments announced across Flagship, Mid Cap and NextGen
(€4.7bn including co-investments). Three investments announced in
3Q 2022
- NextGen Fund I closed a third investment in 3Q 2022 with Raw
Charging, a fast‑growing charging company that installs and owns
electric vehicle (EV) charging points at popular public
destinations in the UK
- Acquisition of Wildstone, the leading owner of independent
outdoor media infrastructure in the United Kingdom. Wildstone
marked Flagship Fund IV’s final portfolio investment. The
acquisition closed during the quarter
- Announced acquisition of a majority stake in Blue Elephant
Energy, a substantial European renewable energy platform focused on
developing, acquiring, and operating solar and wind farms. This is
the first portfolio investment of Flagship Fund V
- Flagship Fund IV is ~70% invested as of 30 September 2022
including the fund’s last portfolio investment in Wildstone.
Substantial growth capital expected to be deployed in existing
portfolio companies over the coming years. Flagship Fund V was ~9%
invested as of 30 September 2022, including the fund’s announced
inaugural investment in Blue Elephant Energy, based on target
commitments of €10bn. Mid Cap Fund I remained ~36% invested at the
end of 3Q 2022. NextGen Fund I is ~22% invested at the end of 3Q
2022, based on target commitments of €1.2bn
EXIT ACTIVITY
- Gross Exits announced over the last twelve months amounted to
€2.4bn (€2.6bn including co-investments). Exit of lyntia Networks,
announced in 2Q 2022, now included in the above-mentioned figures
as well as in the activity report in appendix. No exits were
announced in 3Q 2022
- Flagship Fund II was ~91% realised at the end of 3Q 2022 with
one portfolio company remaining in the fund. Flagship Fund III was
~23% realised at the end of September 2022
FUND PERFORMANCE
- Fund performance remained strong despite the challenging market
environment. All funds continued performing either on plan or ahead
of plan
- Flagship Fund II and Flagship Fund III are ahead of plan with
Gross Multiples of 2.6x and 1.9x respectively. Gross Multiple for
Flagship Fund III increased by +0.1x over the quarter
- Flagship Fund IV, Fund III-B and Mid Cap Fund I are on plan
with Gross Multiples of 1.4x, 1.7x and 1.1x respectively.
Improvement of +0.1x for Flagship Fund IV and Fund III-B over the
quarter
APPENDIX
DEVELOPMENT OF AUM AND FEE-PAYING AUM OVER THE LAST TWELVE
MONTHS
(€bn)
AUM
Fee-Paying AUM
Beginning of period, 30 September
2021
20.3
13.5
Gross inflows
7.8
6.4
Step-downs
-
(2.9)
Exits (1)
(2.4)
(0.8)
Revaluations
3.2
-
End of period, 30 September
2022
29.0
16.3
Change in %
+42.5%
+20.7%
QUARTERLY DEVELOPMENT OF AUM AND FEE-PAYING AUM
(€bn)
AUM
Fee-Paying AUM
Beginning of period, 30 June
2022
22.4
13.6
Gross inflows
5.5
5.5
Step-downs
-
(2.9)
Exits (1)
-
-
Revaluations
1.1
-
End of period, 30 September
2022
29.0
16.3
Change in %
+29.5%
+19.5%
ACTIVITY REPORT
(€bn)
Sep-2022 last twelve
months
Sep-2021 last twelve
months
AUM
29.0
20.3
Fee-Paying AUM
16.3
13.5
Fundraising
6.3
3.4
Fundraising incl. co-investments
7.3
5.2
Investments
3.1
2.2
Investments incl. co-investments
4.7
3.6
Gross exits
2.4
2.3
Gross exits incl. co-investments
2.6
2.9
KEY STATS BY FUND
Fund
Vintage
AUM €bn
FPAUM €bn
Committed Capital €bn
% Invested
% Realised
Gross Multiple
Expectation
Flagship
Fund II
2013
0.6
0.3
1.8
87%
91%
2.6x
Above plan
Fund III (2)
2016
6.8
2.8
3.6
89%
23%
1.9x
Above plan
Fund IV
2019
11.2
3.6
6.5
70%
0%
1.4x
On plan
Fund III-B
2020
2.0
1.1
1.2
88%
0%
1.7x
On plan
Fund V (3)
2022
5.3
5.3
5.3
9% (4)
0%
-
-
Mid Cap
Fund I
2021
2.2
2.2
2.2
36%
0%
1.1x
On plan
NextGen
Fund I (3)
2021
0.9
0.9
0.9
22% (4)
0%
-
-
(€bn)
COST OF INVESTMENTS
VALUE OF INVESTMENTS
Fund
Vintage
FPAUM
Committed Capital
Total
Realised
Remaining
Total
Realised
Remaining
Flagship
Fund II
2013
0.3
1.8
1.5
1.3
0.2
4.1
3.7
0.4
Fund III (2)
2016
2.8
3.6
2.9
0.2
2.7
5.9
1.1
4.9
Fund IV
2019
3.6
6.5
4.3
-
4.3
6.1
-
6.1
Fund III-B
2020
1.1
1.2
1.1
-
1.1
1.8
-
1.8
Fund V (3)
2022
5.3
5.3
-
-
-
-
-
-
Mid Cap
Fund I
2021
2.2
2.2
0.5
-
0.5
0.6
-
0.6
NextGen
Fund I (3)
2021
0.9
0.9
0.2
-
0.2
0.2
-
0.2
Management fees for Flagship Fund V, Mid Cap Fund I and NextGen
Fund I are calculated on the committed capital at the end of the
period as these funds are in investment period. Management fees for
Flagship Fund II, Flagship Fund III, Fund III‑B and Flagship Fund
IV are calculated on the remaining invested capital (at cost) at
the beginning of period as these funds are in post-investment
period.
Flagship Fund IV moved to post-investment period on 2 August
2022. It charged management fees in 3Q 2022 on committed capital
(€6.5bn) from 1 July 2022 – 2 August 2022 and on the invested
capital (at cost) at the beginning of period (€3.6bn, which
excludes the acquisition of Wildstone that closed in 3Q 2022) from
3 August 2022 – 30 September 2022 at a blended management fee rate
of ~1.2%.
Investment period of Flagship Fund V activated on 2 August 2022.
Management fees charged from 2 August 2022 on committed capital at
the end of the period (€5.3bn in 3Q 2022) at a blended management
fee rate expected to be broadly in line with prior funds and
estimated to reach ~1.45% at completion of fundraising.
DEFINITIONS
Antin: Umbrella term for Antin Infrastructure Partners
S.A.
Antin Funds: Investment vehicles managed by Antin
Infrastructure Partners SAS or Antin Infrastructure Partners UK
Assets Under Management (AUM): Operational performance
measure representing the assets managed by Antin from which it is
entitled to receive management fees or a carried interest, undrawn
commitments, the assets from co-investment vehicles which do not
generate management fees or carried interest, and the net value
appreciation on current investments
Carried Interest: A form of investment income that Antin
and other carried interest investors are contractually entitled to
receive directly or indirectly from the Antin Funds, which is
inherently variable and fully dependent on the performance of the
relevant Antin Fund(s) and its/their underlying investments
Committed Capital: The total amounts that fund investors
agree to make available to a fund during a specified time
period
Exits: Cost amount of realisation of investments through
a sale or write-off of an investment made by an Antin Fund. Refers
to signed realisations in a given period
Fee-Paying Assets Under Management (FPAUM): The portion
of AUM from which Antin is entitled to receive management fees or
carried interest across all of the Antin Funds at a given time
Gross Exits: Value amount of realisation of investments
through a sale or write-off of an investment made by an Antin Fund.
Refers to signed realisations in a given period
Gross Inflow: New commitments through fundraising
activities or increased investment in funds charging fees after the
investment period
Gross Multiple: Calculated by dividing (i) the sum of (a)
the total cash distributed to the Antin Fund from the portfolio
company and (b) the total residual value (excluding provision for
carried interest) of the Fund’s investments by (ii) the capital
invested by the Fund (including fees and expenses but excluding
carried interest). Total residual value of an investment is defined
as the fair market value together with any proceeds from the
investment that have not yet been realised. Gross Multiple is used
to evaluate the return on an Antin Fund in relation to the initial
amount invested.
Investments: Signed investments by an Antin fund
% Invested: Measures the share of a fund’s total
commitments that has been deployed. Calculated as the sum of (i)
closed and/or signed investments (ii) any earn-outs and/or purchase
price adjustments, (iii) funds approved by the Investment Committee
for add-on transactions, (iv) less any expected syndication, as a %
of a fund’s committed capital at a given time
% Realised: Measures the share of a fund’s total value
creation that has been realised. Calculated as realised value over
the sum of realised value and remaining value at a given time
Realised Value / (Realised Cost): Value (cost) of an
investment, or parts of an investment, that at the time has been
realised
Remaining Value / (Remaining Costs): Value (cost) of an
investment, or parts of an investment, currently owned by Antin
funds (including investments for which an exit has been announced
but not yet completed)
Step-Downs: Normally resulting from the end of the
investment period in an existing fund, or when a subsequent fund
begins to invest
ABOUT ANTIN INFRASTRUCTURE PARTNERS
Antin Infrastructure Partners is a leading private equity firm
focused on infrastructure. With over €29bn in Assets under
Management across its Flagship, Mid Cap and NextGen investment
strategies, Antin targets investments in the energy and
environment, telecom, transport and social infrastructure sectors.
With offices in Paris, London, New York, Singapore and Luxembourg,
Antin employs over 190 professionals dedicated to growing,
improving and transforming infrastructure businesses while
delivering long-term value to portfolio companies and investors.
Majority owned by its partners, Antin is listed on compartment A of
the regulated market of Euronext Paris (Ticker: ANTIN – ISIN:
FR0014005AL0)
Financial Calendar
4Q 2022 Activity Update
1 February 2023
Full-Year 2022 Results
23 March 2023
1Q 2023 Activity Update
26 April 2023
2022 Annual Shareholders’
Meeting
6 June 2022
(1)
Gross exits for AUM and exits at cost for
FPAUM
(2)
% realised includes the partial sale of
portfolio companies from Flagship Fund III to Fund III-B
(3)
Fundraising ongoing
(4)
% invested calculated based on the fund’s
target commitments. Flagship Fund V target commitments of €10bn,
hard cap of €12bn. NextGen Fund I target commitments of €1.2bn,
hard cap of €1.5bn
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221103006374/en/
Shareholder Relations Ludmilla Binet Head of
Shareholder Relations Email: ludmilla.binet@antin-ip.com
Media Nicolle Graugnard Communication Director
Email: nicolle.graugnard@antin-ip.com
Brunswick Email: antinip@brunswickgroup.com
Tristan Roquet Montegon +33 (0) 6 37 00 52 57
Gabriel Jabès +33 (0) 6 40 87 08 14
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