HQ: Paris
Capital Raised: $2.46bn
Total AUM: $562.13bn
Two years ago, BNP Paribas Asset Management made its debut in the ranking in the 16th position, but this year the Paris-based firm dropped three places after fundraising totals fell 19 percent. In December, the French manager launched its Climate Infrastructure Debt fund targeting €500 million to €750 million and aims to support energy transition projects across continental Europe.
Earlier last year, the manager also closed the European Infrastructure Debt Fund II. BNP Paribas’ European Junior Infrastructure Debt Fund I is reported to be halfway to achieving its €500 million target size.
HQ: Minneapolis
Capital Raised: $2.29bn
Total AUM: $16bn
US-based manager AB CarVal Investors is a new entrant to the Infrastructure Investor Debt 30 ranking this year after closing the CVI Clean Energy Fund II on $1.5 billion in mid-2023, coming in $500 million above initial target.
Second in its clean energy series, the fund will focus mostly on low-carbon credit investments in North America and Europe. The first vehicle in the clean energy series closed in 2021 and successfully raised $490 million, easily exceeding its $250 million initial target. It focuses on renewable energy projects in the North American market.
HQ: London
Capital Raised: $2.27bn
Total AUM: $2.61bn
Sequoia Investment Management Company fell four places this year after capital raised declined by 17 percent and no new funds were announced.
In November, the firm announced a £56 million ($70.5 billion; €60.5 billion) private loan facility to finance the acquisition of UK biomass firm Esken Renewables by Pioneer Point Partners. The facility was provided by Sequoia Economic Infrastructure Income Fund in support of the value-add strategy of Pioneer Point Partners. The SEQI fund has made at least 58 investments to date, including US hydropower firm Great River Hydro and UK renewable energy platform Infinis.
HQ: Paris
Capital Raised: $2.1bn
Total AUM: $6.44bn
Eiffel Investment Group moved up two spots this year, posting a substantial 36 percent increase in raised capital, via new investment in the Eiffel Impact Debt II fund. In July, the France-based firm announced that it had already raised almost €650 million for the fund and was targeting €800 million at final close.
In 2022, Eiffel Investment Group raised €500 million on first close of its second impact private debt vintage after raising €576 million for its first impact debt fund. In October, the debt team also announced a €60 million financing for industrial engineering firm Fives Group.
HQ: Madrid
Capital Raised: $2.06bn
Total AUM: $3.47bn
Another new entrant to this year’s Infrastructure Investor Debt 30 ranking, and the only Spain-based manager on the list, Incus Capital announced the second close of its second energy transition credit fund in October 2023 on €300 million. The European Renewables Credit Fund is targeting €500 million and is the direct successor to the firm’s €300 million European Real Assets Senior Credit Fund.
The latest dedicated energy transition fund will focus on senior financing for greenfield and brownfield renewables projects across Europe to help transition away from fossil fuels. In December 2022, Incus also reached a hard-cap of €650 million for its fourth European credit fund. The close coincided with the firm’s 10th anniversary.
HQ: Boston
Capital Raised: $2bn
Total AUM: $12bn
Denham Capital launched its private credit strategy at the end of 2021 after securing a significant commitment from a US insurance company. The private credit strategy complements its nearly 20-year equity strategy, which focuses on private, clean energy infrastructure investments across the globe.
The team, led by partner Jorge Camiña, has deployed over $800 million of capital across 16 transactions, both investment grade and high yield, and spanning the US, Latin America and Europe since inception. Denham claimed the 24th spot in last year’s ranking.
HQ: Tokyo
Capital Raised: $1.99bn
Total AUM: $1.97trn
Last year marked the debut appearance of Tokyo-based MUFG to the debt ranking, and this year the bank is again the sole Japanese participant after increasing capital raised by
13 percent.
In January 2024, the firm announced a $1.9 billion debt financing for EdgeCore Digital Infrastructure to help scale the company’s data centre campus in Mesa, Arizona. In May, the Japanese mega-bank also closed the senior debt financing of two offshore windfarms in France for around €5 billion. The offshore windfarms will provide electricity to more than 1.6 million people each year and help France move towards carbon neutrality.
HQ: London
Capital Raised: $1.95bn
Total AUM: $3.9bn
Vantage Infrastructure slipped five spots in the debt ranking this year as the firm’s debut credit fund moved closer to final close. Vantage told Infrastructure Investor in October 2023 that the fund will focus on sub-investment grade senior debt in the US mid-market, investing in operating infrastructure companies.
In January 2024, Vantage and Nuveen jointly announced a $400 million senior debt investment in US energy management firm Budderfly, aimed at supporting clean energy growth in the mid-market sector.
HQ: Zurich
Capital Raised: $1.71bn
Total AUM: $285.77bn
Zurich-based Swiss Life Asset Managers is another debutant in the ranking this year, and the only representative on the Infrastructure Investor Debt 30 list from Switzerland.
The manager holds just one infrastructure debt fund, the Swiss Life Loan Fund ESG Infrastructure Debt vehicle, which launched in mid-2022 with the ambition of raising €2.5 billion in capital. The fund has already deployed at least €700 million in 20 investments across telecoms, transportation, industrial storage and renewables in Western Europe.
HQ: Paris
Capital Raised: $1.53bn
Total AUM: $22.82bn
Dropping two places in the ranking this year, SCOR Investment Partners posted an 11 percent rise in capital raised. In December, the Paris-headquartered firm moved closer to its hard-cap target of €1 billion after announcing a second close for the SCOR Infrastructure Loans IV fund.
The fourth senior debt vehicle in the series is focused on digital infrastructure and reached a second close of €501 million, following on from the intermediary close of €320 million in 2022. The vehicle has already made investments in fibre networks, data centres and green transport in France, Germany, Spain, Italy and the Netherlands.
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