Regulatory News:
Antin Infrastructure Partners S.A. (Paris:ANTIN):
AUM
€31.4bn
+1.3% over the LTM
Fee-Paying AUM
€20.3bn
+4.8% over the LTM
HIGHLIGHTS
- AUM at €31.4bn, up +1.3% over the last twelve months Fee-Paying
AUM at €20.3bn, up +4.8% over the last twelve months
- Fundraising continued with Flagship Fund V reaching commitments
of €9.1bn at the end of 1Q 2024
- Investment activity remained robust with one investment
announced for Mid Cap Fund I in 1Q 2024 and one investment
announced for Flagship Fund V after the end of the reporting
period
- All funds continued to perform on or ahead of plan. Increases
in Gross Multiples registered across several funds driven by the
implementation of growth and value creation plans
- 2024 outlook confirmed
ALAIN RAUSCHER, chairman and CEO, declared:
“With two new investments since the start of the year, Antin
continues to show good momentum in its capital deployment, fuelled
by a strong pipeline of opportunities in all of our investment
strategies. All our funds continue to perform in line with or ahead
of plan, and we are progressing well on implementing our value
creation plans jointly with the management of our portfolio
companies. The outlook for infrastructure and for Antin remains
promising supported by megatrends such as the energy transition and
digitalisation of infrastructure, where we have significant
experience and see attractive investment opportunities.”
Fundraising
Mar-2024 LTM
€1.7bn
€1.9bn
incl. co-investment
Investments
Mar-2024 LTM
€2.1bn
€2.2bn
incl. co-investment
Gross Exits
Mar-2024 LTM
-
FUNDRAISING
- Fundraising amounted to €1.7bn (€1.9bn including
co-investment) over the last twelve months and €0.1bn in 1Q
2024
- Flagship Fund V raised €1.5bn over the last twelve
months including €0.1bn in 1Q 2024. Commitments for the fund
increased to €9.1bn, representing ~91% of the fund’s target size
and an upsizing of ~41% compared with Flagship Fund IV. With
fundraising generally taking longer in the current environment, the
expectation remains for Flagship Fund V to pass the €10.0bn target
fund size, with fundraising expected to be completed in 2024
INVESTMENT ACTIVITY
- Investments totalled €2.1bn over the last twelve months
(€2.2bn including co-investment) of which €0.3bn (€0.4bn including
co-investment) announced in 1Q 2024
- Antin announced its partnership with Excellence
Imagerie, a leading French independent medical imaging group,
in 1Q 2024. This partnership marks the sixth investment for Antin’s
Mid Cap platform and supports the increasing need for accessible
quality care by relying on expert radiologists and state-of-the-art
medical imaging equipment
- Flagship Fund V remained ~26% committed in 1Q 2024 based on the
fund’s target size of €10bn. NextGen Fund I remained ~48%
committed. Mid Cap Fund I was ~58% committed after the investment
in Excellence Imagerie
EXIT ACTIVITY
- No exit announced in 1Q 2024
- Flagship Fund III and Fund III-B were 38% and 27% realised
respectively as of 31 March 2024. Flagship Fund II was 92%
realised, with one remaining portfolio company
FUND PERFORMANCE
- All funds continued to perform either on plan or above
plan with increases in Gross Multiples registered across
several funds
- Gross Multiple for Flagship Fund II was stable at 2.6x. Gross
Multiples for Flagship Fund III, Fund III-B and Flagship Fund IV
were marked up by +0.1x to 1.9x, 1.7x and 1.4x respectively,
reflecting continued progress in the implementation of growth and
value creation plans across the portfolio of these funds. Mid Cap
Fund I, NextGen Fund I and Flagship Fund V are in the investment
period. They continue to deploy capital and build their respective
portfolios, with Gross Multiples of 1.2x, 1.0x and 1.1x
respectively
POST-CLOSING EVENTS
- Antin announced its investment in Portakabin through
Flagship Fund V on 15 April 2024. Portakabin is a leading modular
infrastructure provider with a fleet of over 100,000 modular units,
which it leases to more than 4,000 customers across the UK and
Continental Europe. Following this investment, Flagship Fund V is
~33% committed based on the fund’s target size of €10.0bn
APPENDIX
DEVELOPMENT OF AUM AND FEE-PAYING AUM OVER THE LAST TWELVE
MONTHS
(€bn)
AUM
Fee-Paying AUM
Beginning of period, 31 March
2023
31.0
19.4
Gross inflows
1.9
1.9
Step-downs
-
-
Realisations (1)
(1.6)
(1.0)
Revaluations
0.1
-
End of period, 31 March 2024
31.4
20.3
Change in %
+1.3%
+4.8%
QUARTERLY DEVELOPMENT OF AUM AND FEE-PAYING AUM
(€bn)
AUM
Fee-Paying AUM
Beginning of period, 31 December
2023
31.1
20.2
Gross inflows
0.1
0.1
Step-downs
-
-
Realisations (1)
-
-
Revaluations
0.2
-
End of period, 31 March 2024
31.4
20.3
Change in %
+1.1%
+0.7%
ACTIVITY REPORT
(€bn)
Mar-2024
last twelve months
Mar-2023
last twelve months
AUM
31.4
31.0
Fee-Paying AUM
20.3
19.4
Fundraising
1.7
8.0
Fundraising incl. co-investments
1.9
8.4
Investments
2.1
2.8
Investments incl. co-investments
2.2
3.4
Gross exits
-
1.4
Gross exits incl. co-investments
-
1.6
KEY STATS BY FUND
Fund
Vintage
AUM €bn
FPAUM €bn
Committed Capital €bn
% Committed
% Realised
Gross Multiple
Expectation
Flagship
Fund II
2013
0.6
0.3
1.8
87%
92%
2.6x
Above plan
Fund III (2)
2016
5.7
2.0
3.6
89%
38%
1.9x
Above plan
Fund IV
2019
11.0
4.6
6.5
87%
-
1.4x
On plan
Fund III-B
2020
1.5
0.8
1.2
88%
27%
1.7x
On plan
Fund V (3)
2022
9.0
9.1
9.1
26%
-
1.1x
On plan
Mid Cap
Fund I
2021
2.3
2.2
2.2
58%
-
1.2x
On plan
NextGen
Fund I
2021
1.4
1.2
1.2
48%
-
1.0x
On plan
(€bn)
COST OF INVESTMENTS
VALUE OF INVESTMENTS
Fund
Vintage
FPAUM
Committed Capital
Total
Realised
Remaining
Total
Realised
Remaining
Flagship
Fund II
2013
0.3
1.8
1.6
1.3
0.3
4.1
3.8
0.3
Fund III (2)
2016
2.0
3.6
2.9
0.7
2.3
6.0
2.0
4.0
Fund IV
2019
4.6
6.5
4.6
-
4.6
6.3
-
6.3
Fund III-B
2020
0.8
1.2
1.1
0.3
0.8
1.8
0.5
1.3
Fund V (3)
2022
9.1
9.1
1.7
-
1.7
1.9
-
1.9
Mid Cap
Fund I
2021
2.2
2.2
0.9
-
0.9
1.1
-
1.1
NextGen
Fund I
2021
1.2
1.2
0.3
-
0.3
0.3
-
0.3
DEFINITIONS
Antin: Umbrella term for Antin Infrastructure Partners
S.A.
Antin Funds: Investment vehicles managed by Antin
Infrastructure Partners SAS or Antin Infrastructure Partners UK
Assets Under Management (AUM): Operational performance
measure representing the assets managed by Antin from which it is
entitled to receive management fees, undrawn commitments, the
assets from co-investment vehicles which do not generate management
fees or Carried Interest, and the net value appreciation on current
investments
Carried Interest: A form of investment income that Antin
and other carried interest investors are contractually entitled to
receive directly or indirectly from the Antin Funds, which is
inherently variable and fully dependent on the performance of the
relevant Antin Fund(s) and its/their underlying investments
% Committed: Measures the share of a Fund’s total
commitments that has been deployed. Calculated as the sum of (i)
closed and/or signed investments (ii) any earn-outs and/or purchase
price adjustments, (iii) funds approved by the Investment Committee
for add-on transactions, (iv) less any expected syndication, as a %
of a Fund’s committed capital at a given time
Committed Capital: The total amounts that fund investors
agree to make available to a Fund during a specified time
period
Fee-Paying Assets Under Management (FPAUM): The portion
of AUM from which Antin is entitled to receive management fees
across all of the Antin Funds at a given time
Gross Exits: Value amount of realisation of investments
through a sale or write-off of an investment made by an Antin Fund.
Refers to signed realisations in a given period
Gross Inflow: New commitments through fundraising
activities or increased investment in Funds charging fees after the
investment period
Gross Multiple: Calculated by dividing (i) the sum of (a)
the total cash distributed to the Antin Fund from the portfolio
company and (b) the total residual value (excluding provision for
carried interest) of the Fund’s investments by (ii) the capital
invested by the Fund (including fees and expenses but excluding
carried interest). Total residual value of an investment is defined
as the fair market value together with any proceeds from the
investment that have not yet been realised. Gross Multiple is used
to evaluate the return on an Antin Fund in relation to the initial
amount invested.
Investments: Signed investments by an Antin Fund
Realisations: Cost amount of realisation of investments
through a sale or write-off of an investment made by an Antin Fund.
Refers to signed realisations in a given period
% Realised: Measures the share of a Fund’s total value
creation that has been realised. Calculated as realised value over
the sum of realised value and remaining value at a given time
Realised Value / (Realised Cost): Value (cost) of an
investment, or parts of an investment, that at the time has been
realised
Remaining Value / (Remaining Costs): Value (cost) of an
investment, or parts of an investment, currently owned by Antin
Funds (including investments for which an exit has been announced
but not yet completed)
Step-Downs: Normally resulting from the end of the
investment period in an existing Fund, or when a subsequent Fund
begins to invest
Underlying EBITDA: Earnings before interest, taxes,
depreciation, and amortisation, excluding any non-recurring
effects
Underlying Profit: Net profit excluding post-tax
non-recurring effects
ABOUT ANTIN INFRASTRUCTURE PARTNERS
Antin Infrastructure Partners is a leading private equity firm
focused on infrastructure. With over €30bn in Assets under
Management across its Flagship, Mid Cap and NextGen investment
strategies, Antin targets investments in the energy and
environment, digital, transport and social infrastructure sectors.
With offices in Paris, London, New York, Singapore, Seoul and
Luxembourg, Antin employs over 220 professionals dedicated to
growing, improving and transforming infrastructure businesses while
delivering long-term value to portfolio companies and investors.
Majority owned by its partners, Antin is listed on compartment A of
the regulated market of Euronext Paris (Ticker: ANTIN – ISIN:
FR0014005AL0)
https://shareholders.antin-ip.com/
Financial Calendar
2024 Annual Shareholders’
Meeting
13 June 2024
Half-Year 2024 Results
11 September 2024
3Q 2024 Activity Update
30 October 2024
___________________________ (1) Gross exits for AUM and exits at
cost for Fee-Paying AUM (2) % realised and Value of investments
include the partial sale of portfolio companies from Flagship Fund
III to Fund III-B (3) Fundraising ongoing. % invested calculated
based on the Fund’s target commitments of €10bn
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240429807459/en/
SHAREHOLDER RELATIONS Ludmilla Binet Head of
Shareholder Relations shareholders@antin-ip.com
MEDIA Nicolle Graugnard Communication Director
media@antin-ip.com
BRUNSWICK antinip@brunswickgroup.com
Tristan Roquet Montegon +33 (0) 6 37 00 52 57
Gabriel Jabès +33 (0) 6 40 87 08 14
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