EQT Infrastructure II closes at €1.9bn

The first close was completed on June 29 2012, securing commitments of approximately 75% of the targeted fund size. Interest from both existing and new investors was strong and demand for the fund was significantly in excess of the hard cap of €1.925bn, according to EQT.

EQT Infrastructure II is the first EQT fund to be managed on-shore, with the EQT manager based in the Netherlands.

Investments
The fund will target existing infrastructure companies located primarily in Europe and North America. Its focus is on acquiring medium-sized infrastructure companies. Potential investment targets are basic infrastructure, concession-based infrastructure and infrastructure-related services. The equity investment target will typically be between €50m and €250m.

EQT Infrastructure II acquired three infrastructure companies before the end of 2012; the Norwegian offshore high capacity communication network owner and operator Tampnet, and the Nasdaq-listed Westway Group where a public bid was launched on December 31. The joint ownership of E.ON Energy from Waste with E.ON in Germany was publicized in December.

Investors
Sovereign wealth funds and pension funds account for approximately 60% of the commitments, compared to approximately 30% in EQT Infrastructure I. EQT Infrastructure II is backed by international institutional investors including the Alaska Permanent Fund, Bank of Oklahoma on behalf of its clients, Danica, DB Private Equity/Deutsche Bank, Folksam, Ilmarinen, KEVA, Lancashire County Pension Fund, New Mexico Educational Retirement Board, NTUC Income, Pantheon, Quartilium funds of funds, Quentin Ayers, SEB Gamla Trygg Liv, SEB Pension, Skandia, Varma and VER.

EQT has broadened the geographic investor base in EQT Infrastructure II compared to the preceding fund, where the investor base was predominantly Nordic and European. EQT Infrastructure II has a geographically diversified investor base with approximately 40% of investor commitments coming from the Nordic region and 20% from each of the rest of Europe, Asia Pacific and the Middle East, and North America, respectively.

People
Lennart Blecher is partner and infrastructure business line head at EQT Partners, and investment advisor to EQT Infrastructure II.

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