Investor Presentation • Apr 29, 2025
Investor Presentation
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Paris, London, New York | 29 April 2025
AUM
€33.3bn
+5.8% over the LTM
Fee-Paying AUM €21.4bn
+5.3% over the LTM
| Fundraising | Investments | Gross Exits |
|---|---|---|
| Mar-2025 LTM |
Mar-2025 LTM |
Mar-2025 LTM |
| €1.0bn | €1.5bn | €0.4bn |
"Antin continued to deliver on plan in the first quarter despite an increasingly uncertain economic and geopolitical environment. Our team maintained a strong focus on our performance-first approach, working closely with our portfolio companies to drive value creation initiatives. Our portfolio is well diversified geographically and across infrastructure sectors, with significant embedded resilience and attractive growth prospects. We expect limited direct impact from tariffs on our portfolio companies and continue to monitor closely the effects on the wider economy. Throughout Antin's history, we have successfully managed periods of disruption and uncertainty, consistently delivering strong results across cycles. As we look ahead, I'm confident that we are well placed to continue delivering value to our fund investors and shareholders."
• Fundraising amounted to €1.0bn over the last twelve months and related entirely to Flagship Fund V, which held its final close at €10.2bn in December 2024
• In January 2025, a group of current and former Antin partners placed ~4.55m of their shares, representing ~2.5% of the company's capital, through an accelerated bookbuild offering. Another group of partners, including Chairman and CEO Alain Rauscher, purchased ~2.3m shares, reflecting their confidence in Antin's long-term prospects. The other half of the shares were placed to institutional investors, marking the first expansion of Antin's free float since its IPO in September 2021
• Antin appointed three Senior Partners in 1Q 2025, two internal promotions and one external hire, significantly expanding the senior ranks in its investment function, with two appointments in Antin's New York office
| (€bn) | AUM | Fee-Paying AUM |
|---|---|---|
| Beginning of period, 31 March 2024 | 31.4 | 20.3 |
| Gross inflows | 2.2 | 1.4 |
| Step-downs | - | - |
| Realisations (1) | (0.5) | (0.3) |
| Revaluations | 0.1 | - |
| End of period, 31 March 2025 | 33.3 | 21.4 |
| Change in % | +5.8% | +5.3% |
| (€bn) | AUM | Fee-Paying AUM |
|---|---|---|
| Beginning of period, 31 December 2024 | 33.3 | 21.6 |
| Gross inflows | - | 0.0 |
| Step-downs | - | - |
| Realisations (1) | (0.5) | (0.3) |
| Revaluations | 0.4 | - |
| End of period, 31 March 2025 | 33.3 | 21.4 |
| Change in % | -0.2% | -1.1% |
| (€bn) | Mar-2025 last twelve months |
Mar-2024 last twelve months |
|---|---|---|
| AUM | 33.3 | 31.4 |
| Fee-Paying AUM | 21.4 | 20.3 |
| Fundraising | 1.0 | 1.7 |
| Investments (2) | 1.5 | 1.7 |
| Gross exits | 0.4 | - |
(1) Gross exits for AUM and exits at cost for Fee-Paying AUM
(2) March 2024 LTM figure adjusted for the syndication of a portion of the investment in Opdenergy to co-investors, reducing the stake held by Flagship Fund V
| Fund | Vintage | AUM €bn |
FPAUM €bn |
Committed Capital €bn |
% Committed |
% Realised |
Gross Multiple |
Expectation |
|---|---|---|---|---|---|---|---|---|
| Flagship | ||||||||
| Fund III (3) | 2016 | 6.1 2.3 |
3.6 | 89% | 36% | 2.0x | Above plan | |
| Fund IV | 2019 | 10.4 | 4.7 | 6.5 | 86% | - | 1.3x | On plan |
| Fund III-B | 2020 | 1.6 | 0.8 | 1.2 | 88% | 25% | 1.8x | On plan |
| Fund V | 2022 | 11.4 | 10.2 | 10.2 | 38% | - | 1.1x | On plan |
| Mid Cap | ||||||||
| Fund I | 2021 | 2.3 | 2.2 | 2.2 | 50% | 1% | 1.4x | On plan |
| NextGen | ||||||||
| Fund I | 2021 | 1.4 | 1.2 | 1.2 | 58% | - | 1.2x | On plan |
| (€bn) | COST OF INVESTMENTS | VALUE OF INVESTMENTS | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Fund | Vintage | FPAUM | Committed Capital |
Total | Realised | Remaining | Total | Realised | Remaining |
| Flagship | |||||||||
| Fund III (3) | 2016 | 2.3 | 3.6 | 2.9 | 0.7 | 2.3 | 6.4 | 2.1 | 4.3 |
| Fund IV | 2019 | 4.7 | 6.5 | 4.7 | - | 4.7 | 6.3 | - | 6.3 |
| Fund III-B | 2020 | 0.8 | 1.2 | 1.1 | 0.3 | 0.8 | 1.9 | 0.5 | 1.4 |
| Fund V | 2022 | 10.2 | 10.2 | 3.0 | - | 3.0 | 3.4 | - | 3.4 |
| Mid Cap | |||||||||
| Fund I | 2021 | 2.2 | 2.2 | 0.9 | - | 0.9 | 1.3 | 0.0 | 1.2 |
| NextGen | |||||||||
| Fund I | 2021 | 1.2 | 1.2 | 0.4 | - | 0.4 | 0.5 | - | 0.5 |
(3) % realised and Value of investments include the partial sale of portfolio companies from Flagship Fund III to Fund III-B
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, 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
Catch-Up Fees: Fees charged to fund investors joining after the fund's first close to ensure equal treatment among fund investors
% Committed: 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
Committed Capital: The total amounts that fund investors agree to make available to a fund during a specified time period
Fee-Paying Assets Under Management (FPAUM): The portion of AUM from which Antin is entitled to receive management fees 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 or by an affiliate of an Antin Fund
Management Fees: Management fees are recurring revenue which Antin receives for the fund management services provided to Antin Funds. Such fees are recognised over the lifetime of each Antin Fund, which generally have ten-year initial terms with two optional extensions of one year each. The underlying investments of the Antin Funds are held on average for five to seven years
Realisations: 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
% 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
Underlying EBITDA: Earnings before interest, taxes, depreciation, and amortisation, excluding any nonrecurring effects
Underlying Profit: Net profit excluding post-tax non-recurring effects
Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €33bn in Assets Under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore, Seoul and Luxembourg, Antin employs over 240 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)
https://antin-ip.com/shareholders
| 2025 Annual Shareholders' Meeting | 11 June 2025 |
|---|---|
| Half-Year 2025 Results | 10 September 2025 |
| 3Q 2025 Activity Update | 6 November 2025 |
Ludmilla Binet Head of Shareholder Relations
Email: [email protected]
Thomas Kamm Partner - Head of Communications
Nicolle Graugnard Communication Director
Email: [email protected]
Email: [email protected]
Tristan Roquet Montegon +33 (0) 6 37 00 52 57
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