Ancala, the leading independent infrastructure manager, has announced 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.

Ancala Infrastructure Fund III contains commitments from new and existing investors to Ancala. It comprises funds from institutional investors across Europe, North America and Asia.

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’s Fund III has completed three investments to date: Europe’s largest aerial emergency services provider Avincis; leading Norwegian supply base Fjord Base; and decarbonised heating and cooling specialist Noventa.

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.

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 close of Fund III follows a busy period for the infrastructure manager. In the past year, Ancala has also raised its £551m Growth Fund, completed six investments with a total enterprise value of more than €700m and grown its headcount by more than 20%.

Spence Clunie, Managing Partner, Ancala, commented:

“I would like to thank all the investors who have supported Ancala in this fundraise. Our investors are looking for enhanced returns from critical infrastructure investments. Ancala has an unwavering commitment to investing in and growing assets with traditional infrastructure characteristics.

“This latest fundraise, our largest ever, is further evidence of the trust international investors place in our proven and differentiated approach to infrastructure investment. We look forward to continuing to deliver on our successful strategy for our investors.”

Karen Dolenec, Partner, Ancala, added:

“Ancala takes an entrepreneurial and collaborative approach to consistently deliver results for our investors, the companies we invest in and the communities they serve.

“We are grateful to all of the investors that contributed to our third flagship fund. This latest fundraise will allow us to increase our role in creating sustainable value within critical infrastructure businesses across different sectors and geographies.”

 

References

1 – Data as of end of 2022.

2 – Data as of end of 2023.

 

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