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Year Founded: 2005

AUM: $15.60B | Dry Powder: $5.07B

Schiphol Boulevard 269, 1118 BH Schiphol, Netherlands
AXA Investment Managers is a multi-expert asset management company within the AXA Group. The firm is based in Puteaux, France and was founded in 1994. Its traditional core assets cover Equities, Fixed Income, and Multi-Asset investments

Key Contacts

  • Robert Doekes
    Partner & Chief Financial Officer
  • Wim Blaasse
    Managing Partner
  • Paul Nash
    Partner & Head of PPP/Infrastructure Activities

Investment Preferences

  • Preferred Industries
    Energy Infrastructure, Commercial Transportation, Energy Production, Energy Storage, Energy Transportation, Logistics, Other Energy, Utilities
  • Geographical Preference
    Aruba, Australia, Canada, Chile, Colombia, Europe, New Zealand, North America, United States, Uruguay
  • Preferred Deal Types
    Asset Acquisition, Debt – PPP, PE Growth/Expansion
  • Other Investment Preferences
    • Prefers majority stake
    • Prefers minority stake
    • Seeks ESG investments

Investments By Year

Source: Pitchbook

Funds Closed

DIF Infrastructure VI
Vintage: 2020

Size: $3.6B

Dry Powder: $2.26B

Details: The fund held a final close of €3B on October 26, 2020. It invests in business products and services & energy sector

VLC Infrastructure Fund II
Vintage: 2020

Size: $3.6B

Dry Powder: $2.26B

Details: The fund held a final close of €3B on October 26, 2020. It invests in business products and services & energy sector

DIF Core Infrastructure Fund II
Vintage: 2019

Size: $1.23B

Dry Powder: $384.7M

Details: The fund targets transportation, energy services, energy storage, and energy sectors

Investments By Industry

Investments By Region

Source: Pitchbook

Key Investments

In December 2022, DIF Capital Partners through its fund DIF Infrastructure VI acquired Bernhard LLC, a privately-owned Energy-as-a-Service solutions company in the US for an undisclosed amount. Bernhard delivers distributed energy through EaaS model, which provides clients access to fully integrated and efficient energy solutions, thereby helps in reducing the carbon footprint

In November 2022, DIF Capital Partners agreed to acquire a majority stake in Swedish solar firm Alight in a deal valued at €150 million. The investment will accelerate the buildout of the company’s near-term pipeline of solar projects. Alight has over 1GW of projects under development in the Nordics, a large part of which will be built out within the next 24 months. It also has a further 170MW under development across Europe

In October 2022, DIF Capital through its DIF Infrastructure VII fund entered into a definitive agreement to invest in French renewable energy platform Qair. Qair is an IPP that develops, owns and operates multi-technology renewable energy projects. It currently has a 1GW operational portfolio that includes onshore wind and solar projects, as well as a development pipeline with 25GW of capacity

In June 2022, DIF Capital Partners through its fund DIF Infrastructure VI and Virya Energy acquired majority stake in  VoltH2  a subsidiary of Vision Hydrogen for an undisclosed amount. The transaction will enable the company to accelerate the development of European green hydrogen production capacity. VoltH2 focuses on the design, development, construction and operation of green hydrogen facilities in Europe

In August 2022, a consortium of DIF Capital Partners, through its DIF Infrastructure VI fund, and PGGM Infrastructure Fund acquired Fudura B.V., a subsidiary of Enexis Groep for an estimated EUR146 million. PGGM and DIF both acquired 50% of the shares. Fudura is the market leading B2B provider of medium-voltage electricity infrastructure, metering devices and related data services in the Netherlands

In February 2022, DIF Capital Partners acquired 80% stake in French waste-to-energy project Dombasle Énergie which has a capex of €225 million. The investment is made through DIF Infrastructure VI, alongside Belgium-based Solvay (10%) and Veolia (10%). The project will combust 344kt per annum and has a capacity of 181MW thermal power and 17.5MW electrical power from a steam turbine, which will be reused for the industrial process

In October 2021, DIF Capital Partners through its fund DIF Infrastructure VI agreed to acquire 51% stake in ib vogt GmbH, a utility-scale solar PV developer. It has over 2.2GWp of total capacity and over 40GWp of Project in development pipeline. ib vogt is headquartered in Berlin, Germany and has established 27 offices across Europe, North America, Asia-Pacific and Africa as part of its presence in over 40 countries 

Other Details

DIF manages funds with two investment strategies, traditional DIF funds and CIF funds. The funds target greenfield and operational infrastructure projects in Europe, North America, South America and Australasia. DIF operates worldwide through a network of over 200 professionals located in 11 offices

One of its latest open fund is DIF Infrastructure VII. It  is a 2022 vintage infrastructure opportunities fund managed by DIF Capital Partners. The fund is located in Schiphol, Netherlands and will invest in Europe, North America, and Australasia. The fund targets infrastructure, utilities and renewable energy sectors. The fund prefers to invest EUR50 million to 400 million per company

Aberdeen Standard Investment, Allianz Capital Partners, Allianz Group, Amber Infrastructure Group, Aximum, Axium Infrastructure, Blue Forrest Solar Holdings, BluEarth Renewables, Colas, Dalmore Capital, EDF Invest, Enel Green Power, PGGM, Silk Road Fund Company are some of the institutional investors who invest along with DIF

Source: Pitchbook, Company Website, SparksSpread, realassets.ipe