Infra & Energy & Real estate PE funds
New to the space, wondering who are the prominent players in this field? Googled quickly but seems like different ones across regions.Interested in both US and Europe/UK ones
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Apparently KKR infra culture is quite good, goes home somewhat on time
Source: know someone there, Europe though
As someone who does CD at an American utility, I can confirm at least in the utility corner of Infra that KKR is solid here too
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Tough to answer this when you’ve mentioned three different industries with each having many subsectors. To try and answer broadly, GIP, Brookfield, and Stonepeak are all elite when it comes to infrastructure, including energy transition.
Can’t speak to the real estate side
Large-cap: KKR/GIP/Stonepeak/Macquarie/Brookfield are the undisputed Big 5. If there is someone that wants a >$10bn check written these are the only names that can play w/o >50% co-invest. You can use search function to evaluate pros/cons here - talked about frequently. EQT is circling in, closest of other names to enter that >$15-25bn fund space but track record much shorter
BX has very large (~$30bn AUM) evergreen infra fund - unique GP/LP model & looks more at value-add (services) vs core power/digital etc
Big indie shops are ECP/iSquared/MSIP et al that I'm not remembering - $8-20bn scale. Well-respected shops, closer to circular economy / power opportunities. Track record rivals the Big 5 from a returns perspective, but for whatever reason has not scaled to Big 5 notoriety in terms of scale/reputation (for ECP seems to be a contrived desire to stay in that UMM category; for iSquared, might be location; for MSIP heard of some instability at the Partner suite)
Carlyle/Apollo/Ares as household value-names that have infra/climate funds here. MM/UMM size but well recognized and can punch above their weight given ability to syndicate co-invest & larger platform backing behind them. Both Warburg and OakTree qualify under this category as well but the difference is that the former names here are viewed as the growth engine for the underlying brand (which you can observe w/ growing FTE over time & larger funds raised) whereas latter don't seem to have a similar interest in growing. TBD on track record, all quite nascent (excl Warburg, not sure how their 2014 vintage is doing and if their 2018 fundraising turned out well or not)
Then a lot of LMM/MM brands btwn $1-5bn (Ardian, 3i, Amp, Antin, Partners Group) that intentionally stay at the lower bucket w/ solid returns, and pension funds w/ direct infra/power UW teams & large dry powder allotments (but since it's pension it's upside capped) - robust deal process & sharp ppl in my experience though (CPPIB/OMERS). Have some general AMs / insurance / SWF mixed co-invest teams that kind of fit the pension model here too via BlackRock/GIC - HTL yield clippers leveraging their low cost of capital
Lastly you have all the Houston-converts that had legacy O&G funds blow up / read the writing on the wall (LPs want to brag about their ESG) w/ infra/energy funds - EnCap, Quantum, First Reserve, Kayne Anderson, Trilantic etc. Not as well versed here, don't know how these funds are performing & maybe ignoring some good up&comers. Don't think Trilantic is actually that well known wrt other names here, but they did a big investment into Intersect which put them on the map. Anecdotally Quantum seems very serious (renamed the pocket to 547, led by former CEO of EDP) so my guess is they are the leader of the pack within TX
How about IFM? Where does it sit in your tiers?
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To be clear this was not intended / should not be taken as a tier list (S, A, B+, etc). Am assuming you meant tier more in a colloquial sense like grouping. IFM does a lot of minority/co-invest & structure is OE so fits the general AMs / insurance / SWF mixed pension model. Very core assets, big focus on cash yield
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