Founded in 2007, Antin Infrastructure Partners is a leading independent private equity firm focused on infrastructure investments. Based in Paris, London and New York, and fully owned by its 20 partners, the firm employs over 140 professionals. Antin targets majority stakes in infrastructure businesses in the energy and environment, telecom, transport and social infrastructure sectors. Since its founding, Antin has €19.9 billion in Assets Under Management and has made investments in 28 companies.
billion in AUM¹
Revenues CAGR 2010-2020
EBITDA margin in 2020
Realised Gross IRR²
Realised Gross Multiple²
Partners (2 Managing Partners, 8 Senior Partners, 10 Partners)
¹As of 30 June 2021; NAV + undrawn commitments across all funds and co-investment vehicles.
²Realised across 12 exits to date.
Antin operates within a global market where we believe there is substantial room for growth by further scaling up and adding new complementary strategies. The firm’s growth strategy is based on four key pillars:
During the initial growth and development stage of its investment platform, Antin solely focused on its Flagship Fund Series. Each new Flagship Fund increased in size by approximately 80% compared to the previous Flagship Fund. This growth was achieved in a measured and controlled manner by aligning the continued increase in the size of funds raised with a commensurate expansion in team resources. Antin’s Flagship Fund Series has raised nearly €14.4 billion since its creation.
Antin believes that the Flagship Fund Series has potential for continued growth in the near to medium term. As it already achieved significant scale, Antin will seek to reinforce its leadership position by building on its capabilities, AUM and geographic reach. Antin also will aim to further strengthen its footprint in North America by growing its investment portfolio and expanding its Fund Investor base. Continued growth will translate into stronger investment capabilities and support functions on the ground.
Antin successfully launched Mid Cap Fund I, the first fund of a new Mid Cap Fund Series, in Spring 2021. As its Flagship Funds Series continued to grow in size over time, Antin recognized that it became increasingly challenging to deploy capital in mid cap investments, despite highly attractive opportunities that its historic mid cap experience would have allowed it to seize. Antin’s first fund, Fund I, operated in the mid cap space and delivered a strong performance by achieving a 2.5x Gross Multiple. Strong demand for a dedicated mid cap strategy resulted in a swift fundraising process with the fund reaching its €2.2 billion hard cap, significantly exceeding the initial €1.5 billion target size. Over the medium to long term, Antin sees significant potential to scale the mid cap strategy and may also consider gradually launching mid cap funds dedicated to specific geographical regions (e.g., Europe or North America).
In addition, the Firm believes the NextGen Fund Series has significant potential for growth and value creation in the long term. Antin sees major opportunities being created by new trends and technologies that are rapidly changing the infrastructure landscape. Antin expects to take a multi-disciplinary approach, focusing on investing in the energy transition, environmental transformation and green mobility, social infrastructure, digitalization and other compelling segments.
Antin will seek to expand into new geographies, while preserving the Firm’s culture. Antin’s first expansion outside Europe was into North America, which came as a natural next step following its successful European track record. The Firm chose North America as it is the largest addressable infrastructure market and the closest to Antin’s DNA in terms of culture. In the last three years Antin has built a sizable team in New York and has expanded its reach through the continent, proving that it can successfully expand into new geographies.
Antin now aims to pursue its geographic expansion in other regions by replicating the model already successfully implemented in North America.
In Asia-Pacific, Antin is in the process of establishing its first on-the-ground presence with a new office location in Singapore. This office will be incorporated into a regional hub to serve Antin’s large and diversified Fund Investor base across the Asia-Pacific region. Over time, this regional office could act as a springboard for further activities in the region.
The Firm is well-positioned to launch new strategies thanks to the brand and reputation it has established within the industry and among its Fund Investor base. While the range of options for new strategy themes is broad in nature, Antin will only take such steps after a comprehensive and careful assessment.
Following the IPO, Antin will have a strengthened balance sheet, which will facilitate the Firm’s growth and enhance its ability to leverage new and existing investment strategies spanning all maturity cycles. The Firm’s capital deployment in the medium term is expected to include the continuation of the Flagship Fund Series, the Mid Cap Fund Series and the launch of the NextGen Fund Series. The Mid Cap strategy, like the Flagship Fund Series, focuses on the energy and environment, telecom, transport and social sectors. The NextGen Fund Series will be dedicated to the transition to a greener, more sustainable and more connected future by investing in the infrastructure of tomorrow.
Acquisitions may be part of Antin’s future growth. Antin considers that team performance and cultural fit are the most important criteria in evaluating potential acquisition targets. These criteria represent a high hurdle for acquisitions and a focus on organic growth will be favoured generally.
Antin’s current financial model is highly management-fee centric, with management fees accounting for over 97% of Antin’s total revenues in 2020. This provides a stable and highly predictable revenue generation profile. Antin also benefits from a highly scalable operating model, with a proven track record of making stable margins over time. With personnel costs representing approximately 75% of the Firm’s expenses (excluding taxes and depreciation and amortisation), we believe Antin’s cost base is also predictable and controllable.
Antin’s Responsible Investment Policy is framed around the six United Nations Principles for Responsible Investment (UN PRI), which it was one of the first private equity investment firms to sign in 2009. As such, Antin commits to:
Alain is CEO and co-Managing Partner. He is a member of both the Executive Committee and the Investment Committee. He is also a Member of the Sustainability Committee.
In addition to overseeing Antin’s development and building its strategy with Mark Crosbie, Alain holds board seats for Fund III portfolio companies IDEX and Almaviva and also led Fund IV’s recent investment in Babilou. He held board seats for four of Fund I’s portfolio companies: Pisto, Axión, FPS Towers and Bina Istra, and for Fund II portfolio companies Eurofiber and Inicea.
Alain is also Chairman of the Infrastructure Roundtable at Invest Europe (formerly EVCA) and a board member of France Invest, an industry association that represents French private equity in the national economy.
Alain previously held several investment banking positions at BNP Paribas Corporate Finance, Lazard Frères and Lehman Brothers. He began his career at Bain & Company.
Mark is co-Managing Partner and a member of the Executive Committee and the Investment Committee. He is also a Member of the Operational Sustainability Committee.
In addition to overseeing Antin’s development and shaping its strategy with Alain, Mark holds a board seat for Fund II portfolio company Roadchef, for Fund III portfolio companies Kisimul and Hesley, Lyntia, CityFibre and Sølvtrans.
He was a board member of realised Antin portfolio companies Porterbrook, Westerleigh, Andasol 1&2, Euroports and Kellas Midstream.
Prior to Antin, Mark was a member of the Executive Committee at Centrica Plc and held senior roles at UBS and Peregrine Investment Holdings.
Mélanie has been with Antin since the firm’s creation in 2007. She is Chief Operating Officer and a member of the Executive Committee and the Investment Committee. She is also a Member of the Sustainability Committee.
Mélanie oversees all matters related to the firm’s legal, tax, finance, fund administration, compliance and human resources affairs.
She joined Antin from the Galaxy Fund, where she was General Counsel. She previously worked in the Tax Division of France Telecom and served as Legal and Tax Counsel for Egis, a subsidiary of Caisse des Dépôts et Consignations.
Stephane has been with Antin since the firm’s creation and is a member of the Investment Committee.
He led Fund IV’s recent investment in Eurofiber and also holds board seats for Fund III’s investments in CityFibre and IDEX. He also held board seats for realised Antin portfolio companies Porterbrook, Antin Solar, Pisto, FPS Towers, Andasol 1&2, Kellas Midstream and Eurofiber.
Stéphane is a former Managing Director of Rothschild Debt Advisory Group. He began his career at Crédit Commercial de France, now part of HSBC group.
Angelika joined Antin in 2010 and is a member of the Investment Committee.
Angelika is a board member of Fund II portfolio companies Amedes and GSR, Fund III portfolio company Almaviva and Fund IV portfolio companies Babilou and Hippocrates. She previously served on the boards of Westerleigh in Fund I and Inicea in Fund II.
Before joining Antin, she worked at Goldman Sachs and Terra Firma. Angelika is experienced in both principal investment and mergers and acquisitions, as well as deal execution, financing solutions, operational change and asset management.
In 2008, she was elected into “Generation CEO” (an exclusive business network for women in top management). In 2010, she was nominated as one of the top 40 German managers under 40 by the German newspaper Die Welt.
Kevin is a member of the Investment Committee. He joined Antin in 2017 and jointly leads Antin’s North American efforts.
Kevin is a board member of Fund III portfolio company FirstLight Fiber and Fund IV portfolio company Vicinity Energy.
He previously worked at Morgan Stanley, where he was a Managing Director and the Group Head of Power & Utilities EMEA in the Investment Banking department. Prior to that position, he headed Morgan Stanley’s Clean Technology Group based in New York and Silicon Valley.
During his 20-year career at Morgan Stanley and the three years he spent at Credit Suisse First Boston, Kevin advised on over 100 completed transactions in the power, utilities and clean technology sectors in Europe and North and South America.
Sébastien has been with Antin since the Firm’s creation. He is a member of the Investment and Operational Sustainability Committees.
As he oversees all aspects related to investor relations, he directed the fundraising campaigns for all prior funds.
Sébastien joined Antin from BNP, where he was Chief Operating Officer of the alternative and private equity investments unit.
Based in London, Anand brings over three decades of investment experience to the team: He most recently headed the advisory practice of Investec Bank’s Power and Infrastructure integrated sector team. As a pioneer in the infrastructure sector, Anand launched the first-ever infrastructure practice in London in 2001 and defined industry innovations such as the energy transition. He has advised governments, large utilities and multilateral institutions on strategic matters, privatizations, capital raisings and mergers and acquisitions.
Francisco will join Antin in early September 2021 and will be a member of the Investment Committee. He will join the Firm in London, before relocating to New York in 2022 to jointly lead Antin’s North American efforts.
Francisco is a recognised leader in the infrastructure sector. He brings to Antin over 25 years of experience at Citigroup, where he spearheaded the bank’s focus on infrastructure and led the execution of strategic transactions across the asset class, including in utilities, energy, transportation, telecommunications and healthcare. Francisco was most recently Global Co-head of Infrastructure at Citigroup. From 2012 to 2019, he was European Co-head of Infrastructure.
An engineer by training, Nathalie spent the first part of her career in the French public sector as a Member of Parliament, Mayor, and Cabinet Minister. She previously served as Secretary of State for the Environment, Secretary of State for the Development of the Digital Economy and Minister for the Environment, Sustainable Development, Transport, and Housing. Formerly Executive Vice President in charge of the Cloud and Cybersecurity at CapGemini Americas, she provides extensive insight into the regulatory frameworks underpinning the net-zero energy and digital transitions.