Ancala has deployed a consistent strategy since it was founded in 2010, delivering enhanced returns from investments with traditional infrastructure characteristics. The infrastructure manager’s differentiated approach focuses on sourcing bilateral investment opportunities, providing downside protection, inflation-linkage and cash yield, and delivering a unique approach to creating sustainable value within its portfolio companies.
Ancala has total AUM of more than €4bn and manages 18 assets operating in essential infrastructure sectors including renewable energy and energy transition, transport, utilities and the circular economy. Its proactive approach to value creation is delivered by an experienced asset management team which includes Industry Partners – former CEOs and chairs of major infrastructure businesses.
Vontobel is a global investment firm with Swiss roots. It specialises in wealth management, active asset management and investment solutions. As of December 31, 2023, Vontobel held CHF 264.9 billion (€281.3 billion) of total client assets.
The investment will help Ancala to continue its proven strategy of delivering enhanced returns from critical infrastructure assets.
Ancala will continue to be run independently by its management team, led by Managing Partner Spence Clunie, and will retain full independence over its investment and governance processes.
Ancala recently completed the final close of its third flagship co-mingled fund, its largest ever individual fundraise. The fund closed with a total of €1.4bn in commitments, surpassing its €1.2bn target. Over the past year, Ancala has also raised £551m for its Growth Fund, completed six investments with a total enterprise value of more than €700m and grew its headcount by more than 20%.
On average, Ancala’s portfolio firms have grown revenues by 40% since Ancala invested1. The infrastructure manager has also provided, on average, more than 35% of the initial investment capital in follow-on funding to grow its portfolio companies organically and through acquisitions2.
The transaction is subject to regulatory approval and is expected to close by the third quarter of 2024.
Spence Clunie, Managing Partner, Ancala, commented:
“Ancala is committed to a differentiated infrastructure investment strategy which delivers enhanced returns for investors looking for exposure to high-performing infrastructure investments. Vontobel’s minority investment provides us with additional capital to deploy our proven strategy while also retaining our independence and autonomy.
“I’m looking forward to working with Vontobel as we expand our business and aim to create more value within infrastructure companies that will support communities today and in the future.”
Christel Rendu de Lint, Co-CEO, Vontobel, said:
“This stake in Ancala is an important milestone in the execution of our strategy. Providing access to the highly attractive private infrastructure market means clients can benefit from stable, uncorrelated and inflation-protected cash yields, and long-term value creation through Ancala’s active asset management and proprietary origination capabilities.
“The company’s expertise, high-performance culture, and consistent organic growth, combined with its strong reputation in the industry, are a perfect fit for Vontobel.”
Georg Schubiger, Co-CEO, Vontobel, added:
“With this transaction we are diversifying our business with an asset class that has significant long-term potential, thus attractively enhancing our offering for clients. We are fully aligned with the Ancala team to further develop the business and accelerate our international ambitions.”
1 – Data as of end of 2022.
2 – Data as of end of 2023.
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