Infrastructure Investor Debt 30 2024

1. BlackRock

HQ: New York
Capital Raised: $18.59bn
Total AUM: $10trn

BlackRock held onto the top spot for a third consecutive year, despite announcing no significant new raises over the past 12 months.

In October, the New York-based firm launched Global Infrastructure Debt Fund II, a new energy transition-focused debt vehicle to help drive decarbonisation in Europe and the US. In January 2022, BlackRock also closed Colombia Infrastructure Debt Fund II, its second fund for the South American country, achieving its hard-cap target of $630 million.

Despite the drop in raised capital this year, the US manager sits almost $5 billion ahead of the nearest competition.

2. Ares Management

HQ: Los Angeles
Capital Raised: $13.6bn
Total AUM: $378bn

Two years ago, Ares Management failed to make the top 30 listing, but in December 2022 it closed Ares Infrastructure Debt Fund V on $5 billion. Ares Management says the fund will invest primarily in North America and Europe, but will also look at opportunities across the Asia-Pacific region.

The California-based manager clung onto second place for the second consecutive year, despite its capital raised falling by 6 percent from last year. The manager’s third debt fund fell off the counting period, which had closed $500 million above the $2 billion target set in 2017. It is currently in market with AMP Capital Infrastructure Debt Asia.

3. Macquarie Asset Management

HQ: Sydney
Capital Raised: $12.78bn
Total AUM: $589.1bn

Macquarie Asset Management had held the fourth spot for three consecutive years, but finally leapt into third place. The Australia-based manager recorded an 8 percent jump in raised capital since last year’s ranking, estimated at around $996.11 million.

In mid-2023, Macquarie made several strategic hires to expand the private infrastructure credit business. Harlan Cherniak was appointed head of infrastructure debt for the Americas and Gurjit Orjela was selected to focus on high-yield infrastructure debt opportunities in Europe. In November, the manager also said it would expand its private credit offering into credit portfolio financing.

4. AXA Investment Managers Alts

HQ: Paris
Capital Raised: $11.22bn
Total AUM: $199.77bn

In 2021, AXA Investment Managers achieved the top spot in the infrastructure debt ranking before dropping into third position and staying there over the past two years. AXA finished in fourth place when the inaugural ranking was compiled in 2019.

The Paris-based manager swapped places with Macquarie in this year’s ranking after its capital raised total fell by almost $3 billion, a difference of around 10 percent from last year’s numbers. This was due to AXA’s European Infrastructure Senior I fund dropping out of the counting period and no significant debt fund closes announced.

5. Infranity

HQ: Paris
Capital Raised: $10.12bn
Total AUM: $9.7bn

Paris-based investment firm Infranity, part of Generali Investments in Italy, was a new entrant in last year’s ranking and once again experienced a big injection of capital in 2023. Funding has soared by 26 percent over the past 12 months as debt funds including GGI Senior Infrastructure Debt II and IF Senior Infrastructure Debt III both closed.

These combined closes propelled Infranity up two places and increased capital raised by more than $2 billion from 2022, when the firm also launched its fourth senior debt strategy, which has already raised €425 million against a target of €1.5 billion, according to Infrastructure Investor data.

6. EIG

HQ: Washington, DC
Capital Raised: $10.07bn
Total AUM: $24bn

US-based manager EIG fell one spot in the ranking this year after funding slipped by around 13 percent. The firm is currently in market with EIG Energy Fund XVIII, which launched in Q1 2022, after the previous vehicle closed on $3.11 billion back in June 2019.

In January, pan-European renewable energy producer Aukera announced a €450 million structured credit facility from EIG to help finance and construct more than 1.5GW of solar, wind and battery storage projects across the UK, Germany, Italy and Romania. The energy fund series focuses on opportunities across the entire energy value chain.

7. Allianz Global Investors

HQ: Frankfurt
Capital Raised: $10.06bn
Total AUM: $557.41bn

Dropping one spot in the ranking from last year, Germany-based Allianz Global Investors says diversification will be essential as the market environment and valuations may present opportunities in private markets such as private credit and infrastructure.

In its 2024 outlook, Allianz writes: “As interest rates begin to level off, a new investment environment is emerging with opportunities that may not have existed in years. Uncertainty remains high with the potential for an oil-price shock and the implications of November’s US election adding to the mix. But the good news is investors may be rewarded for taking risk again.”

8. Barings

HQ: Charlotte
Capital Raised: $9.33bn
Total AUM: $351bn

Barings moves back into eighth position after a one-year hiatus when the firm briefly fell into ninth place after the US manager closed its inaugural infrastructure debt fund in August 2022.

The Barings Target Yield Infrastructure Debt fund reached more than $100 million above the initial $500 million target, after attracting interest from a mix of public and private pension funds and insurance companies. The fund is pursuing returns of around 6-7 percent and consists of a mix of junior and senior debt. The debut infra debt fund will focus on investments in North America and Europe.

9. Brookfield Asset Management

HQ: Toronto
Capital Raised: $8.46bn
Total AUM: $865bn

Brookfield may have dropped one place in the ranking this year, but the Canadian manager posted a strong 17 percent increase in capital raised. In November, the firm announced the closing of its third debt vintage on $6 billion. Brookfield Infrastructure Debt Fund III closed $2 billion above the expected target and almost seven times larger than the series’ inaugural fund, which fell from the counting period.

Over half of the fund has already been deployed across projects in renewables, data centres and other sectors. The main geographical focus of the fund is on North America and Europe, while Brookfield claimed the close made it the world’s largest debt fund.

10. Blackstone

HQ: New York
Capital Raised: $7.1bn
Total AUM: $1.04trn

Blackstone is a new entry to the ranking this year after closing the firm’s third transition-focused credit vintage on more than $7 billion. The US-based manager called BGREEN III the “largest energy transition private credit fund ever raised” and plans to support the shift away from fossil fuels by investing in LNG, as well as renewables and other low-carbon infrastructure.

Blackstone’s second energy transition vehicle raised $4.5 billion against a target of $5 billion, while the debut vintage managed to raise $3.5 billion. The steady growth in investment across the three funds underlines the industry-wide appetite for decarbonisation that has been seen in recent years.

11. Edmond de Rothschild Asset Management

HQ: Paris
Capital Raised: $6.22bn
Total AUM: $23.41bn

Edmond de Rothschild Asset Management maintained its position in this year’s ranking with an 11 percent increase in capital raised. In April the manager announced BRIDGE VI, targeting €1 billion for infrastructure debt projects across Europe, Asia and the Americas.

The previous vintage closed in 2020 on €2.5 billion. Last year, it loaned funds via its BRIDGE debt financing platform to social infrastructure firm Kinland, which focuses on the Nordic region and continental Europe. In September, it invested €24.7 million in Kyotherm.

12. Global Infrastructure Partners

HQ: New York
Capital Raised: $5.6bn
Total AUM: $100bn

Global Infrastructure Partners fell two spots this year despite its capital raised remaining exactly the same as last year’s total.

Since its inception in 2006, GIP continues to target infrastructure investment assets in the energy, transportation, digital, water and waste sectors, with a focus on complex transactions, strategic joint-venture partnerships with large industrial partners and operational improvements. Its equity business focuses on large-scale investments in infrastructure businesses and assets that provide essential services for communities with high barriers to entry and significant governance positions.

13. Rivage Investment

HQ: Paris
Capital Raised: $5.14bn
Total AUM: $8.58bn

Rivage dropped one spot in the ranking as capital raised fell by 6 percent this year. No new funds were closed by Rivage over the past 12 months, but the manager announced the launch of two new debt vehicles.

The European Investment Fund made a €30 million deposit to the EU’s new debt impact-focused European Climate Debt Solutions Fund (EUCLIDES) as a cornerstone investor. Rivage is targeting a first close of €100 million and a target size of €250 million. In February 2023, the France-based manager launched a €300 million sustainable infrastructure debt fund alongside NN Group to help accelerate the energy transition.

14. Schroders Capital

HQ: London
Capital Raised: $4.14bn
Total AUM: $8.58bn

Schroders Capital is in the market with the third vintage of its “JULIE” fund series, fully dedicated to sub-IG infrastructure investments in Europe and focused on core, brownfield assets. JULIE III, targeting 8-9 percent in Europe, has successfully raised €600 million after holding a first close in April 2023.

Schroders Capital also has a dedicated IG strategy, similarly focused on core, brownfield assets in Europe with the latest fund, Euro IG Debt Fund V, garnering €500 million in 2023.

15. IFM Investors

HQ: Melbourne
Capital Raised: $4.08bn
Total AUM: $143.23bn

Australia’s IFM Investors also maintained its standing in the ranking for a second consecutive year. The manager posted an impressive 10 percent increase in capital raised over the past 12 months via mandates and open-end vehicles.

In November, IFM also announced a memorandum of understanding with the UK government to invest £10 billion ($12.6 billion; €11.7 billion) across equity and debt in the UK by 2027. The manager explained that the investment would go towards funding large-scale infrastructure and energy transition projects. The MoU was also an increase on the £3 billion that IFM had pledged to invest in the UK back in 2022.

16. MEAG

HQ: Munich
Capital Raised: $3.82bn
Total AUM: $346.48bn

Germany’s MEAG fell three positions in the ranking this year, despite launching its third infrastructure debt vehicle in August. MEAG Infrastructure Debt Fund III is targeting €600 million to €800 million and will focus on senior secured debt lending across Europe, mostly in sectors including transport, social infrastructure, communication and the energy transition.

The previous infrastructure debt vehicle in the series closed in 2021 on €1.05 billion, well above the €800 million initial target, and followed on from the first in the series, which closed on €661 million in 2019.

17. Westbourne Capital

HQ: Melbourne
Capital Raised: $3bn
Total AUM: $8.5bn

Australian manager Westbourne Capital fell one spot in the ranking this year following a 7 percent drop in total capital raised over last year’s numbers, largely due to its Westbourne Infrastructure Debt Opportunities Fund falling out of the counting period.

In 2018, Westbourne hit a first close on $1.5 billion for its infrastructure debt platform, managing director David Ridley told Infrastructure Investor at the time, adding that he expected to see increased demand from insurance companies for infrastructure debt investments as they seek to replace lower-returning government bonds in fixed-income portfolios.

18. La Banque Postale Asset Management

HQ: Paris
Capital Raised: $2.9bn
Total AUM: $72.94bn

In September 2023, La Banque Postale Asset Management announced the launch of a
€1 billion impact infrastructure debt fund in support of the energy transition in Europe. The fund will be deployed over a three-year period and focus on renewables, the circular economy, clean transport, energy efficiency, green hydrogen and energy storage.

The French manager moved up four places this year after capital raised jumped by 24 percent over the past 12 months, even though its LBPAM European Infrastructure Debt Fund II dropped out of the counting period.

19. Goldman Sachs Asset Management

HQ: New York
Capital Raised: $2.73bn
Total AUM: $2.55trn

Goldman Sachs Asset Management climbed one spot from last year’s ranking after a small drop in capital raised over the previous year’s total.

NN Investment Partners was a Netherlands-based asset manager headquartered in The Hague with operations across Europe, Asia and the Americas. The company was acquired by Goldman Sachs Asset Management in April 2022, having ranked 30th in that year’s Debt 30. In 2018, NN Investment Partners debuted its first infrastructure debt fund, NN (Lux) European Sustainable Infrastructure Debt fund, targeting $200 million with a focus on sustainable investments across social infrastructure, transportation, energy, utilities and digital infrastructure.

20. The Carlyle Group

HQ: New York
Capital Raised: $2.7bn
Total AUM: $426bn

The Carlyle Group climbed one spot in this year’s ranking, despite fundraising totals staying put on $2.7 billion for the second straight year. In December, the US-based manager launched its second infrastructure debt fund, focusing on North America, after closing the first vehicle back in 2022 on $2.55 billion.

In February, the Carlyle Group also announced a $750 million senior debt financing for The Parking Spot, the largest near-airport parking firm in the US. The investment involves refinancing existing debt across a subset of The Parking Spot’s portfolio, which includes 28 near-airport parking facilities across 18 major airports in 13 US states.

21. BNP Paribas Asset Management

HQ: Paris
Capital Raised: $2.46bn
Total AUM: $562.13bn

Two years ago, BNP Paribas Asset Management made its debut in the ranking in the 16th position, but this year the Paris-based firm dropped three places after fundraising totals fell 19 percent. In December, the French manager launched its Climate Infrastructure Debt fund targeting €500 million to €750 million and aims to support energy transition projects across continental Europe.

Earlier last year, the manager also closed the European Infrastructure Debt Fund II. BNP Paribas’ European Junior Infrastructure Debt Fund I is reported to be halfway to achieving its €500 million target size.

22. AB CarVal Investors

HQ: Minneapolis
Capital Raised: $2.29bn
Total AUM: $16bn

US-based manager AB CarVal Investors is a new entrant to the Infrastructure Investor Debt 30 ranking this year after closing the CVI Clean Energy Fund II on $1.5 billion in mid-2023, coming in $500 million above initial target.

Second in its clean energy series, the fund will focus mostly on low-carbon credit investments in North America and Europe. The first vehicle in the clean energy series closed in 2021 and successfully raised $490 million, easily exceeding its $250 million initial target. It focuses on renewable energy projects in the North American market.

23. Sequoia Investment Management Co

HQ: London
Capital Raised: $2.27bn
Total AUM: $2.61bn

Sequoia Investment Management Company fell four places this year after capital raised declined by 17 percent and no new funds were announced.

In November, the firm announced a £56 million ($70.5 billion; €60.5 billion) private loan facility to finance the acquisition of UK biomass firm Esken Renewables by Pioneer Point Partners. The facility was provided by Sequoia Economic Infrastructure Income Fund in support of the value-add strategy of Pioneer Point Partners. The SEQI fund has made at least 58 investments to date, including US hydropower firm Great River Hydro and UK renewable energy platform Infinis.

24. Eiffel Investment Group

HQ: Paris
Capital Raised: $2.1bn
Total AUM: $6.44bn

Eiffel Investment Group moved up two spots this year, posting a substantial 36 percent increase in raised capital, via new investment in the Eiffel Impact Debt II fund. In July, the France-based firm announced that it had already raised almost €650 million for the fund and was targeting €800 million at final close.

In 2022, Eiffel Investment Group raised €500 million on first close of its second impact private debt vintage after raising €576 million for its first impact debt fund. In October, the debt team also announced a €60 million financing for industrial engineering firm Fives Group.

24. Incus Capital

HQ: Madrid
Capital Raised: $2.06bn
Total AUM: $3.47bn

Another new entrant to this year’s Infrastructure Investor Debt 30 ranking, and the only Spain-based manager on the list, Incus Capital announced the second close of its second energy transition credit fund in October 2023 on €300 million. The European Renewables Credit Fund is targeting €500 million and is the direct successor to the firm’s €300 million European Real Assets Senior Credit Fund.

The latest dedicated energy transition fund will focus on senior financing for greenfield and brownfield renewables projects across Europe to help transition away from fossil fuels. In December 2022, Incus also reached a hard-cap of €650 million for its fourth European credit fund. The close coincided with the firm’s 10th anniversary.

26. Denham Capital

HQ: Boston
Capital Raised: $2bn
Total AUM: $12bn

Denham Capital launched its private credit strategy at the end of 2021 after securing a significant commitment from a US insurance company. The private credit strategy complements its nearly 20-year equity strategy, which focuses on private, clean energy infrastructure investments across the globe.

The team, led by partner Jorge Camiña, has deployed over $800 million of capital across 16 transactions, both investment grade and high yield, and spanning the US, Latin America and Europe since inception. Denham claimed the 24th spot in last year’s ranking.

27. MUFG

HQ: Tokyo
Capital Raised: $1.99bn
Total AUM: $1.97trn

Last year marked the debut appearance of Tokyo-based MUFG to the debt ranking, and this year the bank is again the sole Japanese participant after increasing capital raised by
13 percent.

In January 2024, the firm announced a $1.9 billion debt financing for EdgeCore Digital Infrastructure to help scale the company’s data centre campus in Mesa, Arizona. In May, the Japanese mega-bank also closed the senior debt financing of two offshore windfarms in France for around €5 billion. The offshore windfarms will provide electricity to more than 1.6 million people each year and help France move towards carbon neutrality.

28. Vantage Infrastructure

HQ: London
Capital Raised: $1.95bn
Total AUM: $3.9bn

Vantage Infrastructure slipped five spots in the debt ranking this year as the firm’s debut credit fund moved closer to final close. Vantage told Infrastructure Investor in October 2023 that the fund will focus on sub-investment grade senior debt in the US mid-market, investing in operating infrastructure companies.

In January 2024, Vantage and Nuveen jointly announced a $400 million senior debt investment in US energy management firm Budderfly, aimed at supporting clean energy growth in the mid-market sector.

29. Swiss Life Asset Managers

HQ: Zurich
Capital Raised: $1.71bn
Total AUM: $285.77bn

Zurich-based Swiss Life Asset Managers is another debutant in the ranking this year, and the only representative on the Infrastructure Investor Debt 30 list from Switzerland.

The manager holds just one infrastructure debt fund, the Swiss Life Loan Fund ESG Infrastructure Debt vehicle, which launched in mid-2022 with the ambition of raising €2.5 billion in capital. The fund has already deployed at least €700 million in 20 investments across telecoms, transportation, industrial storage and renewables in Western Europe.

30. SCOR Investment Partners

HQ: Paris
Capital Raised: $1.53bn
Total AUM: $22.82bn

Dropping two places in the ranking this year, SCOR Investment Partners posted an 11 percent rise in capital raised. In December, the Paris-headquartered firm moved closer to its hard-cap target of €1 billion after announcing a second close for the SCOR Infrastructure Loans IV fund.

The fourth senior debt vehicle in the series is focused on digital infrastructure and reached a second close of €501 million, following on from the intermediary close of €320 million in 2022. The vehicle has already made investments in fibre networks, data centres and green transport in France, Germany, Spain, Italy and the Netherlands.

This story was corrected on 13 March to update the focus of Schroders’ fund in market.