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Ardian raises €2.7b for European infrastructure fund

by Andrea Waitrovich

Ardian has raised €2.65 billion ($2.89 billion) for its fourth infrastructure fund, Ardian Infrastructure Fund IV. Like its predecessor, the fund will target infrastructure assets that are essential for the community across Europe, working alongside major industrial partners.

Approximately €1 billion ($1.1 billion) of the new fund’s capital was committed in 2015. The portfolio consists of 2i Aeroporti, the largest airport holding in Italy, purchased in April; the second-largest Portuguese toll-road network operator alongside Ascendi, acquired in July; Repsol’s stake in CLH, the largest Spanish and U.K. oil and storage transportation company, purchased in September; and Géosel, the French strategic oil transportation and storage company, which was acquired from Total in September.

The fund has attracted a diversified investor base of institutional investors, comprising European, North American and Asian pension funds, insurance companies and sovereign wealth funds. In particular, the fund had a significant fundraise from U.S. investors, which Ardian points to as an illustration the attractiveness of the mature European infrastructure market.

Ardian Infrastructure Fund III closed in 2013 at €1.75 billion ($1.91 billion).

It is the largest infrastructure fund ever raised by a European firm, according to IREI’s FundTracker database.

 

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