Partners Group has closed its Partners Group Global Infrastructure 2012 program with €1 billion ($1.35 billion), making it the firm’s largest dedicated infrastructure vehicle. A fundraising target was not disclosed.
The vehicle invests through an integrated approach in direct, secondary and primary opportunities in the private infrastructure space around the globe. Partners Group has started to invest the fund’s capital; the fund has invested in eight assets around globe.
Direct investments include an initiative to construct a series of photo-voltaic solar power plants across Southeast Asia; an agreement to acquire a pipeline operator and compression station in Latin America; the construction of a desalination plant on the West Coast to produce drinking water for the greater San Diego area; a core regulated utility in southeast England with inflation-linked cash flows which provides water service to domestic and commercial customers; and the construction of a cancer research, treatment and education facility in the heart of Melbourne, Australia. In addition, Partners Group has continued its focus on secondary opportunities and already closed three attractive transactions for the program. As a result, Partners Group Global Infrastructure 2012 is already more than 35 percent committed.
The firm launched its first infrastructure vehicle in 2009 and closed with €500 million ($689.3 million) in equity commitments in 2011. Some of its assets include the Newcastle Coal Infrastructure Group, an Australian coal export terminal; and Rovigo, a 71-megawatt solar photovoltaic power plant in Italy. As of the end of fourth quarter 2010, Partners Group Global Infrastructure 2009 had exposure to more than a dozen countries including Australia, Brazil, France, India, Italy, the Netherlands, Sweden and the United Kingdom.
Partners Group has invested in 10 infrastructure projects worldwide, with a total aggregated project value of $9 billion, according to its website.
For Partners Group, areas of interest within the infrastructure sector include transportation, communications, conventional power, renewable energy, energy infrastructure, water, social infrastructure and waste management assets.
In addition to its direct and secondary infrastructure investments, the firm also commits capital to infrastructure fund managers.
Recently, the firm increased its allocation to infrastructure and direct investing in emerging markets. In November 2013, Partners Group, invested €65 million ($88 million) in a wind farm in Thailand.