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Year Founded: 2005

AUM: £6.5B | Dry Powder: $2.90B
10 Fenchurch Avenue, London EC3M 5AG, England, UK
Infracapital is an infrastructure equity investment arm of M&G Investments. The firm was founded in 2005 and is based in London, United Kingdom. The firm seeks to invest in companies operating in the utility, transportation, communication, renewable and social sectors

Key Contacts

  • Christophe Bordes
    Transaction Managing Director
  • Edward Clarke
    Co-Founder & Managing Director
  • Milton Fernandes
    Finance Managing Director

Investment Preferences

  • Preferred Industries
    Communications and Networking, Energy Services, Other Financial Services, Utilities
  • Geographical Preference
  • Preferred Deal Types
    Buyout/LBO, PE Growth/Expansion
  • Other Investment Preferences
    • Long-Term Investor
    • Prefers majority stake
    • Seeks ESG investments
    • Will syndicate

Investments By Year

Source: Pitchbook

Funds Closed

Infracapital Greenfield Partners II
Vintage: 2021

Size: $2.01B

Dry Powder: $1.71B

Details: It is to invest in the later stages of development, and sectors including energy, renewables, transport and 

Infracapital Partners III
Vintage: 2018

Size: $2.6B

Dry Powder: $487.7M

Details: Invests in communications & networking, energy, IT industries

Infracapital Greenfield Partners I
Vintage: 2017

Size: $1.7B

Dry Powder: $437.5M

Details: Invests in development, construction and expansion of projects and companies across energy, renewables in Europe

Investments By Industry

Investments By Region

Source: Pitchbook

Key Investments

In August 2022, Infracapital made a €237 million investment in electric vehicle infrastructure developer Gridserve. The financial package will support Gridserve’s plans to generate power for its UK charging fleet through the development of hybrid solar PV farms

In June 2022, Infracapital agreed to acquire the remaining 30% stake in Recharge, from Fortum. Infracapital acquired its original majority stake in May 2020 and upon completion this transaction will result in 100% ownership of the company. Recharge is the leading public charging point operator for electric vehicles in the Nordics with more than 4,600 connectors at 800 locations

In July 2021 Infracapital acquired EnergyNest, a developer of thermal batteries designed to offer low-cost energy storage. Infracapital acquired the firm for €110 million LBO. The funding will enable the scaling of the deployment of thermal batteries that are designed to store energy in the form of heat and help decarbonize industrial heat processes

In November 2020, Zenobe Energy, a battery storage solutions provider, secured an investment worth £150 million from Infracapital. Zenobe Energy anticipated the new funding combined with debt facilities would allow it to deploy about £450 million to expand its grid-scale battery, electric vehicles (EV), and charging infrastructure, driving the consumption of batteries to support renewable energy generation and vehicle fleets’ electrification in the UK and overseas

In January 2020, Infracapital made an investment in a Spanish energy efficiency joint venture with Italian utility Enel. Infracapital, through its Infracapital Greenfield Partners I (IGP I) fund, acquired an 80% stake in a portfolio of 200 industrial energy efficiency assets from Enel X, the energy technology-focused unit of Enel, for an undisclosed amount. Enel X, which kept the remaining 20% share would operate the existing projects and develop new ones

In November 2019, Adven via its financial sponsors AMP Capital Investors, M&G Investments and Infracapital acquired a 33MW renewables fuelled steam plant of Pankaboard for an undisclosed sum

In August 2019, Infracapital acquired two pre-construction onshore wind projects in Finland totalling 60MW from Swedish renewables developer OX2

In December 2018, Infracapital entered into a joint venture with Enel X, the advanced energy services business line of global energy corporation, Enel, to create a platform to develop energy efficiency projects for commercial and industrial companies in Italy. Initially, Infracapital Greenfield Partners I LP (‘the Fund’) were to acquire a majority stake in a portfolio of eleven Combined Heat and Power (‘CHP’) projects in Italy from Enel X for a combined capacity of 27.5MW

Other Details

The firm focuses on investments in essential core infrastructure assets across the UK and Western Europe. The innovative investment approach through both purchase and build strategies seeks to access diverse portfolio spanning a wide range of essential European infrastructure assets, and it target investments with the scope for long-term, sustainable growth

The latest closed fund is Infracapital Greenfield Partners II. The fund’s strategy is to invest in the later stages of development, construction and expansion stages of projects and companies across a variety of sectors, including communications, energy, renewables, social infrastructure, transport and utilities. Its geographical preference is Europe and its preferred investment amount ranges between £25 million to £100 million per company. The fund at successfully held its Final Close at €1.5 bn in November 2021, above Infracapital’s €1.35 bn target

Adven, Amarenco, AMP Capital Investors, Aurium Capital Markets, Bioenergy Infrastructure Holdings, Calisen, Cogenio, DWS, EIG Global Energy Partners, Enel X, Foresight Group, GGE, Goldman Sachs Asset Management, Helios Energy Investments, JP Morgan Asset Management, M&G, Woodford Investment Management are some of the institutional investors who invest along with Infracapital

Source: Pitchbook, Company Website, Bioenergy Infrastructure, Renewablesnow, SparkSpread