Fundraising - MARCH 18, 2015

Infrastructure fund holds $1b final close

by Andrea Waitrovich

British private equity firm Pantheon has held a final close for its Pantheon Global Infrastructure Fund II, raising more than $1 billion, exceeding its equity fundraising target at more than double the size of its inaugural program from 2009.

Pantheon’s second global infrastructure commingled program has a focus on secondaries where Pantheon has been an early mover and where the firm continues to see compelling investment opportunities. In addition, Pantheon will be active in primaries and co-investments, and expects to continue to support and partner with infrastructure general partners, including several with which the firm has invested since their first fund.

Since the 2014 vintage program was developed, Pantheon has committed capital to seven transactions. As of March 16, Pantheon’s 2014 commingled fund program has committed 19 percent of its capital and has three additional transactions currently being finalized.

Pantheon Global Infrastructure Fund I closed with $507 million.

Pantheon Global Infrastructure Fund II is the fourth-largest global infrastructure fund to close this year, according to IREI’s FundTracker database. The fund is one of six funds that have closed during first quarter 2015 raising a total of $13.8 billion in equity.

The largest infrastructure fund to close so far in the first quarter is NGP Natural Resources XI, managed by NGP Energy Capital Management, which closed in January with $5.33 billion in equity commitments. The second-largest fund was Blackstone Energy Partners II with $4.5 billion. Colonial First State Global Asset Management held a $2.2 billion close for an infrastructure fund.

In the past three years, 65 global infrastructure funds have closed with more than $100 billion in committed equity. The largest fund to close was Riverstone Global Energy & Power Fund V, managed by Riverstone Holdings, which held a $7.7 billion close in June 2013, exceeding its $7.5 billion equity fundraising target.

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