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.
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 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: