DIF has held a €1.9 billion ($1.1 billion) final close for its DIF Infrastructure V (DIF V).
DIF V marks the firm’s sixth successful fund raising for this strategy, following the raising of DIF Infrastructure IV (2015), DIF Infrastructure III (2012), DIF Infrastructure II (2008), DIF Renewable Energy (2007) and DIF PPP (2005). Since 2005, DIF has invested in excess of 165 unique infrastructure projects within this strategy.
DIF V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects that have long-term contracted or regulated income streams that generate stable and predictable cash flows as well as attractive risk-adjusted returns. The fund targets both greenfield and brownfield projects in primarily Europe, North America and Australasia.
DIF V had an accelerated first close in June 2017, enabling the closing of certain pending investment opportunities, with final close occurring on May 15, 2018, at an increased hard-cap of €1.9 billion. DIF V has seen strong backing from both existing and new investors in the DIF platform, receiving commitments from leading institutional investors across the globe.
DIF V has committed to eight investments to date, deploying approximately 30 percent of the fund. This includes investments in Affinity Water, a U.K. regulated water asset; Autostrade per l’Italia, a large and diversified portfolio of Italian toll roads; University of Tasmania (UTAS), an Australian student housing concession; Synergy, a portfolio of utility scale wind and solar PV power projects in Australia; and American Roads, a portfolio of five U.S. toll roads. Furthermore, the fund has a strong pipeline of investments across its target sectors and geographies, including both greenfield and brownfield projects.
DIF is an independent fund management company with approximately €5.6 billion ($6.7 billion) of assets under management across seven closed-end investment funds and several co-investment vehicles. Since inception in 2005, DIF has invested in more than 175 infrastructure projects, with a total asset value of over €30 billion ($35.9 billion).