Highest-ever level of fundraising and number
of investments in 2022 ~75% of Flagship Fund V target
commitments already raised
Regulatory News:
Antin (Paris:ANTIN):
AUM
€30.6bn
+34.9% over the LTM
+5.6% vs. 3Q 2022
Fee-Paying AUM
€19.1bn
+38.4% over the LTM
+17.3% vs. 3Q 2022
HIGHLIGHTS
- AUM at €30.6bn at the end of 2022, up +34.9% over the last
twelve months and up +5.6% compared with 3Q 2022
- Fee-paying AUM at €19.1bn at the end of 2022, up +38.4% over
the last twelve months and up +17.3% compared with 3Q 2022
- Fundraising amounted to €8.2bn in 2022, the highest amount
raised in a single year by the firm
- €2.1bn of additional commitments secured for Flagship Fund V in
4Q 2022, with total commitments reaching €7.4bn at the end of 2022.
~75% of Flagship Fund V’s target size already raised
- Fundraising for NextGen Fund I continued, with an additional
€0.1bn of commitments raised in 4Q 2022. Total commitments reached
€1.0bn at the end of 2022
- Two Mid Cap investments announced in 4Q 2022; nine investments
announced in total in 2022 across all three strategies, the largest
number of investments announced in a single year since the firm’s
inception
- All funds continued to perform either on plan or ahead of
plan
Fundraising
Dec-2022 LTM
€8.2bn
€8.2bn
incl. co-investment
Investments
Dec-2022 LTM
€2.9bn
€3.6bn
incl. co-investment
Gross Exits
Dec-2022 LTM
€2.2bn
€2.4bn
incl. co-investment
FUNDRAISING
- Fundraising amounted to €8.2bn over the last twelve months, the
highest amount raised in a single year and more than double the
prior record (€3.9bn raised in 2019). Commitments were raised from
world-class institutional investors and comprise existing and new
investors
- €2.2bn of additional commitments in 4Q 2022 for Flagship Fund V
and NextGen Fund I
- Flagship Fund V secured commitments of €7.4bn at the end of
2022. This follows the completion of the fund’s first close with
€5.3bn in commitments at the end of 3Q 2022. Target commitments of
€10bn and hard cap of €12bn
- Fundraising for NextGen Fund I continued to progress with an
additional €0.1bn of commitments raised in 4Q 2022, bringing total
commitments to €1.0bn. Target commitments of €1.2bn and hard cap of
€1.5bn
- Fundraising targets remain unchanged. While investor demand
remains strong for infrastructure and Antin’s funds, a slower pace
of fundraising is expected in 2023
INVESTMENT ACTIVITY
- Investments totalled €2.9bn (€3.6bn including co-investment)
over the last twelve months with nine investments announced across
Flagship, Mid Cap and NextGen. That is the largest number of
investments announced in a single year since inception of the firm,
demonstrating Antin’s ability to seize attractive investment
opportunities and deploy capital in a rapidly changing market
environment
- Two Mid Cap investments announced in 4Q 2022. Announced and
closed acquisition of Hofi, a fast growing and integrated funeral
infrastructure operator in Italy, and announced acquisition of
OpticalTel, a leading fibre provider for residential and commercial
customers in Florida. Investment is expected to close in 1Q
2023
- Flagship Fund V remained ~9% committed, based on target size.
Flagship Fund IV was ~83% committed with the increase reflecting
add-on investment needs of portfolio companies. Mid Cap Fund I was
~49% committed including the acquisition of Hofi and OpticalTel.
NextGen Fund I remained ~22% committed, based on target size
EXIT ACTIVITY
- Gross Exits announced over the last twelve months amounted to
€2.2bn (€2.4bn including co-investment) with two exits announced in
2022. No exits were announced in 4Q 2022
- Flagship Fund II remained ~91% realised at the end of 4Q 2022
with one portfolio company remaining in the fund. Flagship Fund III
remained ~23% realised at the end of 4Q 2022
FUND PERFORMANCE
- All funds continued to perform either on plan or ahead of plan.
Flagship Fund II and Flagship Fund III are ahead of plan. Flagship
Fund IV, Fund III-B and Mid Cap Fund I are on plan.
- Gross Multiples for Flagship Fund III and Fund III-B were
marked 0.1x lower in 4Q 2022 at 1.8x and 1.6x respectively. The
revaluations in 4Q 2022 reflect changes in the market environment
and performance outlook of the portfolio companies, and is
consistent with Antin’s approach of valuing portfolio companies in
a prudent manner
- Gross Multiples were stable for Flagship Fund II and Flagship
Fund IV at 2.6x and 1.4x respectively. Gross Multiple for Mid Cap
Fund I was marked up +0.1x to 1.2x
APPENDIX
DEVELOPMENT OF AUM AND FEE-PAYING AUM OVER THE LAST TWELVE
MONTHS
(€bn)
AUM
Fee-Paying AUM
Beginning of period, 31 December
2021
22.7
13.8
Gross inflows
8.3
8.9
Step-downs
-
(2.9)
Realisations (1)
(2.4)
(0.8)
Revaluations
1.9
-
End of period, 31 December 2022
30.6
19.1
Change in %
+34.9%
+38.4%
QUARTERLY DEVELOPMENT OF AUM AND FEE-PAYING AUM
(€bn)
AUM
Fee-Paying AUM
Beginning of period, 30 September
2022
29.0
16.3
Gross inflows
2.2
2.8
Step-downs
-
-
Realisations (1)
-
-
Revaluations
(0.6)
-
End of period, 31 December 2022
30.6
19.1
Change in %
+5.6%
+17.3%
ACTIVITY REPORT
(€bn)
Dec-2022 last twelve
months
Dec-2021 last twelve
months
AUM
30.6
22.7
Fee-Paying AUM
19.1
13.8
Fundraising
8.2
2.5
Fundraising incl. co-investments
8.2
3.8
Investments
2.9
1.7
Investments incl. co-investments
3.6
3.3
Gross exits
2.2
1.3
Gross exits incl. co-investments
2.4
1.6
KEY STATS BY FUND
Fund
Vintage
AUM €bn
FPAUM €bn
Committed Capital €bn
% Committed
% Realised
Gross Multiple
Expectation
Flagship
Fund II
2013
0.6
0.3
1.8
87%
91%
2.6x
Above plan
Fund III (2)
2016
6.5
2.7
3.6
89%
23%
1.8x
Above plan
Fund IV
2019
11.0
4.3
6.5
83%
-
1.4x
On plan
Fund III-B
2020
1.9
1.1
1.2
88%
-
1.6x
On plan
Fund V (3)
2022
7.4
7.4
7.4
9%
-
-
-
Mid Cap
Fund I
2021
2.2
2.2
2.2
49%
-
1.2x
On plan
NextGen
Fund I (3)
2021
1.0
1.0
1.0
22%
-
-
-
(€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
1.6
1.3
0.3
4.2
3.8
0.4
Fund III (2)
2016
2.7
3.6
2.9
0.2
2.7
5.8
1.1
4.7
Fund IV
2019
4.3
6.5
4.4
-
4.4
6.0
-
6.0
Fund III-B
2020
1.1
1.2
1.1
-
1.1
1.7
-
1.7
Fund V (3)
2022
7.4
7.4
0.8
-
0.8
0.9
-
0.9
Mid Cap
Fund I
2021
2.2
2.2
0.7
-
0.7
0.8
-
0.8
NextGen
Fund I (3)
2021
1.0
1.0
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 committed capital 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 cost of investments as these funds are in post-investment
period.
Flagship Fund IV moved to post-investment period on 2 August
2022. It charged management fees on committed capital (€6.5bn) from
1 July 2022 – 2 August 2022. From 3 August 2022 onwards, it charges
management fees on the cost of investments at the end of the prior
period (€3.6bn in 3Q and €4.3bn in 4Q) 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 onwards on committed
capital (€7.4bn). Blended management fee rate is 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, 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: 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
Committed Capital: The total amounts that fund investors
agree to make available to a fund during a specified time
period
Fee-Paying Assets Under Management (FPAUM): The portion
of AUM from which Antin is entitled to receive management fees
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
Realisations: 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
% 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 €30bn in Assets under
Management across its Flagship, Mid Cap and NextGen investment
strategies, Antin targets investments in the energy and
environment, digital, transport and social infrastructure sectors.
With offices in Paris, London, New York, Singapore and Luxembourg,
Antin employs approximately 200 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
Full-Year 2022 Results
23 March 2023
1Q 2023 Activity
Update
26 April 2023
2023 Annual Shareholders’
Meeting
6 June 2023
Half-Year 2023 Results
4 August 2023
3Q 2022 Results
8 November 2023
___________________ (1) Gross exits for AUM and exits at cost
for FPAUM (2) % realised and value of investments include the
partial sale of portfolio companies from Flagship Fund III to Fund
III-B (3) Fundraising ongoing. % invested calculated based on the
fund’s target commitments
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230131006006/en/
SHAREHOLDER RELATIONS Ludmilla Binet Head of
Shareholder Relations ludmilla.binet@antin-ip.com
MEDIA Nicolle Graugnard Communication Director
nicolle.graugnard@antin-ip.com
BRUNSWICK 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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