Allianz European Infrastructure Fund managed by Allianz Capital Partners reaches final close at EUR 860mn being heavily oversubscribed / Final close achieved within nine months of fundraising / First investment made in Elenia, a leading electricity distribution company in Finland
Allianz Global Investors (AllianzGI) today announced the final close of the Allianz European Infrastruc-ture Fund S.A. RAIF* (AEIF) after only nine months. The demand from institutional investors across Europe for the AEIF, which is managed by Allianz Capital Partners, significantly exceeded the expectations. The total fund size reached EUR 860mn for equity investments in European infrastructure projects.
Backed by strong demand from investors, the fund’s target size was increased from EUR 500mn to 750mn. The AEIF reached first close above EUR 600mn in September 2019 and its final close also exceeding the new increased target size at EUR 860mn in November 2019. The fund was heavily oversubscribed.
Through the AEIF institutional clients will for the first time be able to make equity investments alongside Allianz insurance companies in a multi-billion euro program to invest in infrastructure across Europe. As its first investment, AEIF holds a stake in Elenia, Finland’s second largest electricity distribution company, next to Allianz.
Future transactions in Europe will be funded by both the AEIF and Allianz insurance companies, the latter contributing at least 50% of the invested capital, thereby creating strong alignment. The investment focus will be on energy, transportation and communication infrastructure that provide essential services for the public.
“This successful fundraise demonstrates the trust our clients put in Allianz and our team. We are thrilled by the market’s positive response, which will accelerate the development of our client offering in infrastructure equity. The market offers interesting investment opportunities and we look forward to seizing them in partnership with our investors who share our mindset of investing for the long term in a sustainable manner”, says Christian Fingerle, Chief Investment Officer at Allianz Capital Partners.
Allianz Capital Partners (ACP) is a major international financial investor with more than EUR 12bn Assets under Manage-ment in infrastructure equity that have been invested on behalf of Allianz insurance companies for more than a decade. In total ACP manages over EUR 32bn of alternative equity assets in private equity, infrastructure and renewable energy. ACP and AllianzGI together manage more than EUR 80bn of alternative assets.
*Allianz European Infrastructure Fund S.A. is a reserved alternative investment fund (RAIF).