AXA Private Equity has raised EUR1.75bn for infrastructure investment, comprising EUR1.45bn in fund commitments in AXA Infrastructure Fund III and more than EUR300m in co-investments.
AXA Private Equity now has USD31bn managed or advised in Europe, North America and Asia.
The amount represents AXA Private Equity’s largest infrastructure fund to date. AXA Private Equity Infrastructure now has more than EUR3bn of assets under management.
A quarter of the new fund has already been committed across four high profile transactions, including the acquisition of a stake in utility company Enovos from ArcelorMittal and also Poweo’s operational French wind farms from Verbund. The infrastructure group has made 18 investments across Europe since 2006, with an investment strategy targeting core infrastructure assets, namely in the energy and transportation sectors.
The latest fund has attracted a diversified investor base, ranging from large pension funds to direct investors from across the key North American, Asian and European markets. Many new investors have committed to the fund, alongside AXA Private Equity’s existing investor base.
Dominique Senequier (pictured), chief executive officer, AXA Private Equity, says: “This closing serves to highlight AXA Private Equity’s position as a powerful player in European infrastructure. In the current climate, our strategy of long-term investment, real returns and regular yields have proven very attractive to the market. The influx of new investors, making up an increasingly diversified investor base, also shows the growing demand for infrastructure as an asset class.”
Mathias Burghardt, head of infrastructure, AXA Private Equity, says: “The amount we have raised in this market is very much at the upper end of our expectations and confirms our ability to fundraise well, even in a tough climate. AXA Private Equity will continue with its strategy of investment in core infrastructure assets working alongside leading industrial players, offering protection against inflation and low volatility. We will look to further boost proprietary deal flow through our excellent visibility in Continental Europe. Sophisticated investors today understand that Europe provides the most attractive deal flow opportunities to build a core infrastructure portfolio.”
