People Moves EMEA H1 2023 – IR / Fundraising


As we approach the conclusion of the first half of 2023, the fundraising landscape for infrastructure funds presents an array of challenges. Seasoned general partners (GPs) in this sector are diligently bolstering their teams to tap into untapped geographies and attract a fresh wave of limited partners (LPs), as allocators continue to grapple with the lingering effects of the denominator effect. Amidst the backdrop of global economic challenges and geopolitical uncertainties, the allure of the asset class remains strong within select pockets of the market, albeit with a notable bias towards larger, wellestablished brands. LPs continue to be enticed by the asset class’s reputation for delivering stable, long-term returns, coupled with the increasing necessity for investments in critical infrastructure and global energy transition projects.

Significantly, several exceptional GPs have achieved success in fundraising during this period, underscoring the resilience of the infrastructure fundraising market. One noteworthy example is Global Infrastructure Partners (GIP), which reportedly secured an impressive sum of nearly $15 billion for GIP V, with an anticipated target of $25 billion expected to be reached by year-end. In a similar vein, Brookfield Asset Management’s premier infrastructure fund, BIF V, has experienced growth, ballooning to the $24 billion mark following its initial close last year. Furthermore, KKR & Co is poised to launch Fund V in Q3, with a target of $20 billion, building upon the successful closure of Fund IV last year. The accomplishments of these funds can be attributed to a variety of factors, whether it’s their strategic focus on specific assets, their expertise in infrastructure asset management or their proven track record of generating risk-adjusted returns amidst economic uncertainties – Undoubtedly, their substantial size has played an instrumental role in their resounding achievements in the current market.

The prevailing trend within the realm of successful fundraising has been the conspicuous prominence of larger GPs, exerting a noticeable influence on the hiring landscape for both these industry titans and their smaller counterparts. As a consequence of the denominator effect, smaller general partners have experienced the ripple effects of LPs allocating their diminished funds to larger firms and well-established brands. Consequently, these smaller players have been actively seeking fundraising talent capable of exploring uncharted geographies. Within Europe, the spotlight has particularly focused on the German and Nordic markets, leading numerous GPs to strategically recruit seasoned senior distribution professionals with the ability to operate independently in these regions. Outside of Europe, GPs have taken the strategic step of establishing satellite offices in the Middle East, which has inadvertently created a scarcity of talent among fundraisers boasting a proven track record of raising assets within the region. Professionals with relevant LP connections and a deep understanding of the cultural nuances inherent in fundraising efforts within the region have emerged as highly sought-after assets, instrumental in securing capital from these LPs.

Jake O’Donovan
Consultant, IR

Jake joined One Search in January 2023 to focus on searches across EMEA within the Investor Relations and Distribution practice. Prior to joining One Search, Jake worked for a boutique Executive Search firm where he worked across Private Equity, Private Credit, Infrastructure and Real Assets for GP’s and Private Capital Advisory teams, placing senior professional into a combination of Investor Relations, Investment and Product Specialist positions.

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