Investor Presentation • Nov 4, 2022
Investor Presentation
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€6.8bn of commitments now secured for Flagship Fund V
PARIS & LONDON & NEW YORK--(BUSINESS WIRE)-- Regulatory News:
Antin Infrastructure Partners (Paris:ANTIN):
| (€bn) | AUM | Fee-Paying AUM |
|---|---|---|
| Beginning of period, 30 September 2021 | 20.3 | 13.5 |
| Gross inflows | 7.8 | 6.4 |
| Step-downs | - | (2.9) |
| Exits (1) | (2.4) | (0.8) |
| Revaluations | 3.2 | - |
| End of period, 30 September 2022 | 29.0 | 16.3 |
| Change in % | +42.5% | +20.7% |
| (€bn) | AUM | Fee-Paying AUM |
|---|---|---|
| Beginning of period, 30 June 2022 | 22.4 | 13.6 |
| Gross inflows | 5.5 | 5.5 |
| Step-downs | - | (2.9) |
| Exits (1) | - | - |
| Revaluations | 1.1 | - |
| End of period, 30 September 2022 | 29.0 | 16.3 |
| Change in % | +29.5% | +19.5% |
| (€bn) | Sep-2022 last twelve months |
Sep-2021 last twelve months |
|---|---|---|
| AUM | 29.0 | 20.3 |
| Fee-Paying AUM | 16.3 | 13.5 |
| Fundraising | 6.3 | 3.4 |
| Fundraising incl. co-investments | 7.3 | 5.2 |
| Investments | 3.1 | 2.2 |
| Investments incl. co-investments | 4.7 | 3.6 |
| Gross exits | 2.4 | 2.3 |
| Gross exits incl. co-investments | 2.6 | 2.9 |
| Fund | Vintage | AUM | FPAUM | Committed | % | % | Gross | Multiple Expectation |
|---|---|---|---|---|---|---|---|---|
| €bn €bn |
Capital €bn |
Invested | Realised | |||||
| Flagship | ||||||||
| Fund II | 2013 | 0.6 | 0.3 | 1.8 | 87% | 91% | 2.6x | Above plan |
| Fund III (2) | 2016 | 6.8 | 2.8 | 3.6 | 89% | 23% | 1.9x | Above plan |
| Fund IV | 2019 | 11.2 | 3.6 | 6.5 | 70% | 0% | 1.4x | On plan |
| Fund III-B | 2020 | 2.0 | 1.1 | 1.2 | 88% | 0% | 1.7x | On plan |
| Fund V (3) | 2022 | 5.3 | 5.3 | 5.3 | 9% (4) | 0% | - | - |
| Mid Cap | ||||||||
| Fund I | 2021 | 2.2 | 2.2 | 2.2 | 36% | 0% | 1.1x | On plan |
| NextGen | ||||||||
| Fund I (3) | 2021 | 0.9 | 0.9 | 0.9 | 22% (4) | 0% | - | - |
| (€bn) | COST OF INVESTMENTS VALUE OF INVESTMENTS | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Fund | Vintage FPAUM | Committed Capital |
Total Realised Remaining Total Realised Remaining | ||||||
| Flagship | |||||||||
| Fund II | 2013 | 0.3 | 1.8 | 1.5 | 1.3 | 0.2 | 4.1 | 3.7 | 0.4 |
| Fund III (2) | 2016 | 2.8 | 3.6 | 2.9 | 0.2 | 2.7 | 5.9 | 1.1 | 4.9 |
| Fund IV | 2019 | 3.6 | 6.5 | 4.3 | - | 4.3 | 6.1 | - | 6.1 |
| Fund III-B | 2020 | 1.1 | 1.2 | 1.1 | - | 1.1 | 1.8 | - | 1.8 |
| Fund V (3) | 2022 | 5.3 | 5.3 | - | - | - | - | - | - |
| Mid Cap | |||||||||
| Fund I | 2021 | 2.2 | 2.2 | 0.5 | - | 0.5 | 0.6 | - | 0.6 |
| NextGen | |||||||||
| Fund I (3) | 2021 | 0.9 | 0.9 | 0.2 | - | 0.2 | 0.2 | - | 0.2 |
Management fees for Flagship Fund V, Mid Cap Fund I and NextGen Fund I are calculated on the committed capital at the end of the period as these funds are in investment period. Management fees for Flagship Fund II, Flagship Fund III, Fund IIIB and Flagship Fund IV are calculated on the remaining invested capital (at cost) at the beginning of period as these funds are in post-investment period.
Flagship Fund IV moved to post-investment period on 2 August 2022. It charged management fees in 3Q 2022 on committed capital (€6.5bn) from 1 July 2022 – 2 August 2022 and on the invested capital (at cost) at the beginning of period (€3.6bn, which excludes the acquisition of Wildstone that closed in 3Q 2022) from 3 August 2022 – 30 September 2022 at a blended management fee rate of ~1.2%.
Investment period of Flagship Fund V activated on 2 August 2022. Management fees charged from 2 August 2022 on committed capital at the end of the period (€5.3bn in 3Q 2022) at a blended management fee rate expected to be broadly in line with prior funds and estimated to reach ~1.45% at completion of fundraising.
Antin: Umbrella term for Antin Infrastructure Partners S.A.
Antin Funds: Investment vehicles managed by Antin Infrastructure Partners SAS or Antin Infrastructure Partners UK
Assets Under Management (AUM): Operational performance measure representing the assets managed by Antin from which it is entitled to receive management fees or a carried interest, undrawn commitments, the assets from co-investment vehicles which do not generate management fees or carried interest, and the net value appreciation on current investments
Carried Interest: A form of investment income that Antin and other carried interest investors are contractually entitled to receive directly or indirectly from the Antin Funds, which is inherently variable and fully dependent on the performance of the relevant Antin Fund(s) and its/their underlying investments
Committed Capital: The total amounts that fund investors agree to make available to a fund during a specified time period
Exits: Cost amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period
Fee-Paying Assets Under Management (FPAUM): The portion of AUM from which Antin is entitled to receive management fees or carried interest across all of the Antin Funds at a given time
Gross Exits: Value amount of realisation of investments through a sale or write-off of an investment made by an Antin Fund. Refers to signed realisations in a given period
Gross Inflow: New commitments through fundraising activities or increased investment in funds charging fees after the investment period
Gross Multiple: Calculated by dividing (i) the sum of (a) the total cash distributed to the Antin Fund from the portfolio company and (b) the total residual value (excluding provision for carried interest) of the Fund's investments by (ii) the capital invested by the Fund (including fees and expenses but excluding carried interest). Total residual value of an investment is defined as the fair market value together with any proceeds from the investment that have not yet been realised. Gross Multiple is used to evaluate the return on an Antin Fund in relation to the initial amount invested.
Investments: Signed investments by an Antin fund
% Invested: Measures the share of a fund's total commitments that has been deployed. Calculated as the sum of (i) closed and/or signed investments (ii) any earn-outs and/or purchase price adjustments, (iii) funds approved by the Investment Committee for add-on transactions, (iv) less any expected syndication, as a % of a fund's committed capital at a given time
% Realised: Measures the share of a fund's total value creation that has been realised. Calculated as realised value over the sum of realised value and remaining value at a given time
Realised Value / (Realised Cost): Value (cost) of an investment, or parts of an investment, that at the time has been realised
Remaining Value / (Remaining Costs): Value (cost) of an investment, or parts of an investment, currently owned by Antin funds (including investments for which an exit has been announced but not yet completed)
Step-Downs: Normally resulting from the end of the investment period in an existing fund, or when a subsequent fund begins to invest
Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €29bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, telecom, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore and Luxembourg, Antin employs over 190 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on compartment A of the regulated market of Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0)
| Financial Calendar | |
|---|---|
| 4Q 2022 Activity Update | 1 February 2023 |
| Full-Year 2022 Results | 23 March 2023 |
| 1Q 2023 Activity Update | 26 April 2023 |
(1)Gross exits for AUM and exits at cost for FPAUM
(2)% realised includes the partial sale of portfolio companies from Flagship Fund III to Fund III-B
(3)Fundraising ongoing
(4)% invested calculated based on the fund's target commitments. Flagship Fund V target commitments of €10bn, hard cap of €12bn. NextGen Fund I target commitments of €1.2bn, hard cap of €1.5bn
Shareholder Relations Ludmilla Binet Head of Shareholder Relations Email: [email protected]
Media Nicolle Graugnard Communication Director Email: [email protected]
Brunswick Email: [email protected]
Tristan Roquet Montegon +33 (0) 6 37 00 52 57
Gabriel Jabès +33 (0) 6 40 87 08 14
Source: Antin Infrastructure Partners
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