Antin Infrastructure Partners Posts Strong Performance Following Successful IPO
12 Novembre 2021 - 08:44AM
Business Wire
Regulatory News:
Alain Rauscher and Mark Crosbie, co-founders of Antin
Infrastructure Partners (Paris:ANTIN), declared:
“Antin Infrastructure Partners begins its life as a
publicly-traded company with a strong performance in Q3 and over
the last twelve months. This illustrates the strength of our
revenue and business model and the growth prospects in
infrastructure investing globally. It also rewards the work of all
our highly experienced teams worldwide and the trust of our
diversified investor base, as reflected by the ongoing acceleration
of fundraising and deployment. The success of our initial public
offering on Euronext in Paris is a major step that gives Antin the
resources to continue its successful expansion journey and
accelerate its growth, based on its strong corporate culture,
dedicated teams and a pioneering approach in infrastructure
investment. We are confident in our ability to generate continued
strong growth.”
Highlights
- AUM increased to €20.3bn, up +30.7% over the last twelve months
driven by strong performance, Fund III-B and the launch of our Mid
Cap strategy
- Investment activity over the last twelve months is in-line with
expectations, with €3.6bn invested across our flagship and mid cap
strategies including co-investments
- Strong investment performance, with all of our funds either
ahead of plan or on plan
- Continued strong momentum in fundraising; NextGen now in the
market with a target fund size of €1.2bn
- Implementation of the Free Share Plan incentivising the next
generation of partners
- Successful listing on Euronext Paris, with a total offering
size of €632m of which €402m are primary proceeds to support our
future growth
Very good fundraising dynamic
- AUM increased to €20.3bn as of 30 September 2021, up +30.7%
from 30 September 2020
- Fee-Paying AUM increased to €13.5bn as of 30 September 2021, up
+23.9% from 30 September 2020
- Continued strong momentum in fundraising of NextGen Fund I with
a target fund size of €1.2bn and hard cap of €1.5bn. Expected to be
on track for first closing in autumn 2021
- This follows successful closing of Mid Cap Fund I earlier in
the year
Good momentum in our investment activity
- Total investments of €3.6bn over the last twelve months
including co-investments
- Total investments of €2.2bn over the last twelve months
excluding co-investments
- Investments announced during the quarter include the ERR
European Rail Rent partnership (Mid Cap Fund I) and Pulsant (Mid
Cap Fund I)
- Flagship Fund IV was ~50% invested as of 30 September 2021 and
~59% invested including investments announced after close of the
quarter
Exit activity
- Total exits of €1.5bn over the last twelve months including
co-investments
- Total exits of €1.0bn over the last twelve months excluding
co-investments
- Announced exits during the quarter include the sale of Amedes
(Fund II) and Almaviva (Fund III), both expected to close prior to
year-end
Strong investment performance
- Investment performance across our funds continues to be strong
with all of our funds performing either ahead of plan or on
plan
- Flagship Funds II and III are well ahead of plan with a Gross
Multiple of 2.4x and 1.6x respectively, improvements of +0.2x and
+0.3x over the last twelve months
- Flagship Fund IV is on plan with a Gross Multiple of 1.1x
Incentivising the next generation of partners
- As announced at the time of the IPO, we have implemented the
Free Share Plan for a total amount of 7,447,629 shares to ensure
comprehensive long-term incentive alignment between our partners,
shareholders and fund investors
- This will provide access to the firm’s share capital to
partners who are currently not or only small shareholders of the
firm. None of the Senior Equity Partners are participating in the
plan
- The free shares are subject to a 2-year vesting period and
lock-up arrangements as for the other partners after
acquisition
- Assuming vesting of the entire plan, the share capital dilution
would be approximately 4.1% in September 2023
- Implementation of the plan will have a non-recurring impact on
our pre-tax profit as under IFRS, the issuance of shares to
employees is qualified as a compensation expense. The expected
impact is ~€28m in 2021, ~€106m in 2022 and ~€78m in 2023. No
impact in 2024 and thereafter
- No cash impact in 2021 and 2022. A cash outflow of ~€29m in
2023 related to social charges levied on the distribution of the
shares
- No impact on our dividend distribution
Recruitments progressing according to plan
- 44 additional net FTEs since the beginning of the year and 20
during the quarter to support the launch of our NextGen strategy
and anticipated fundraising of our Flagship Fund V, and strengthen
the central functions in the context of the IPO
- 4 new partners hired since the beginning of the year including
1 senior partner for our flagship strategy and 3 for the launch of
our NextGen strategy, of which 2 senior partners
- Significant progress made towards the launch of our Singapore
office, expected to open before year-end and substantially
strengthen our fundraising capacity in the Asia-Pacific region
ESG remains central in our investment approach
Continued ESG effort, including:
- For our investments: (i) reinforcement of responsible
investment approach, developing new internal tools and frameworks
aimed at helping better address ESG risks and opportunities at each
stage of the investment cycle; (ii) launch of new sustainability
training course for investment team members
- For our corporate activities: (i) launch of a firm-wide women's
networking group to provide all our women employees with a platform
to discuss issues of mutual concern, share experiences, and help
each other navigate their careers; (ii) measurement and assessment
of CO2 emissions associated with our business activities
Post-closing events
- Antin announced on 18 October 2021 an investment in Origis
Energy (Fund IV), a major vertically integrated renewable energy
platform in the United States. This is Antin’s third investment in
the US market and an important milestone as the firm continues to
expand its investment capabilities following the opening of its New
York office in 2019
- Appointment of Patrice Schuetz as Group CFO and partner,
effective 1 October 2021
Outlook confirmed
- Business outlook remains strong with good momentum across
fundraising, capital deployment and exits
- On an underlying basis and excluding the IFRS effects of the
Free Share Plan, Antin expects to achieve the financial guidance
announced at the time of the IPO
About Antin Infrastructure Partners
Antin Infrastructure Partners is a leading independent private
equity firm focused on infrastructure investments. Based in Paris,
London and New York, and majority owned by its partners, the firm
employs over 150 professionals. Antin targets majority stakes in
infrastructure businesses in the energy and environment, telecom,
transport and social infrastructure sectors. Antin has €20.3
billion in Assets under Management and since its founding has made
investments in 30 companies. Antin is listed on compartment A of
the regulated market of Euronext Paris (Ticker: ANTIN – ISIN:
FR0014005AL0)
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Shareholder Relations Email:
shareholderrelations@antin-ip.com
Patrice Schuetz Group Chief Financial Officer &
Partner Email: patrice.schuetz@antin-ip.com
Media Nicolle Graugnard Communication Director
Email: Nicolle.graugnard@antin-ip.com
Brunswick Email: antinip@brunswickgroup.com
Tristan Roquet Montegon +33 (0) 6 37 00 52 57
Gabriel Jabès +33 (0) 6 40 87 08 14
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