Investment firm Ardian has raised $20bn (€17.2bn) in capital commitments for its latest infrastructure strategy, which will focus mainly on European investments.
The manager said of the total commitments secured, Ardian Infrastructure Fund VI (AIF VI) reached its $13.5bn hard cap, with the remaining capital allocated to related co-investments.
AIF VI is 90% larger than the predecessor fund in the series, which closed in 2019.
Ardian said AIF VI attracted interest from both existing and new investors across the globe, with commitments from 229 limited partners in Europe, North America, APAC and the Middle East.
The fund saw the biggest increase in commitments from investors in the US, with the number of US investors more than doubling and accounting for 14% of capital raised, up from $1bn in AIF V, the manager added.
As previously reported, commitments to AIF VI included $75m from Employees Retirement System of Texas, $125m from Indiana Public Retirement System and $250m from New Mexico State Investment Council. Additionally, Los Angeles County Employees Retirement Association committed €200m to the fund and €100m to a co-investment vehicle.
The manager said AIF VI has already deployed over 40% of its capital, with investments including a stake in London Heathrow Airport. Ardian also recently agreed to a joint indirect acquisition of Venice Airport, alongside other investments in the UK-based data centre platform Verne, European waste management firm Attero, renewable energy firm Akuo and Irish energy utility Energia Group.
Mathias Burghardt, EVP, CEO of Ardian France and head of infrastructure, Ardian, said: “More than ever, clients expect from us high absolute returns decorrelated from financial markets. Amid Ardian’s continued strong performance, this milestone fundraise reflects the success of our differentiated strategy that we have applied consistently since inception 20 years ago.
”We have expanded into new geographies while maintaining a clear and selective focus on essential and capital intensive assets in three key sectors: energy, transport and digital infrastructure. Our asset management approach is precise: value creation must come from operational improvement, not market cycles.”
Jan Philip Schmitz, EVP and head of investor relations, Ardian, said: “The scale and speed of this fundraise highlights not only the market-leading position of Ardian’s Infrastructure team, but also the attractiveness of the asset class, offering resilience in a world that is anything but predictable.
“We continue to see strong confidence around the world, particularly in European infrastructure as a standout asset class, with a notable increase in interest among investors outside of Europe, especially the US and APAC. Investors that have a track record of applying industry expertise to deliver value creation are winning in this environment.”
To read the latest IPE Real Assets magazine click here.
