INFRASTRUCTURE in BENELUX Alternative Assets

INFRASTRUCTURE IN BENELUX alternative assets. intelligent data. INFRASTRUCTURE IN BENELUX

We take a look at the latest statistics surrounding the infrastructure industry in BeNeLux (Belgium, The Netherlands and Luxembourg) using data from Preqin’s Infrastructure Online, including deals, investors, fundraising and funds in market.

€7.3bn €1.15bn €2.95bn 3.5% Aggregate capital raised DIF Infrastructure IV is the Value of KKR’s acquisition of the Average target allocation to by BeNeLux-based unlisted largest BeNeLux-based unlisted Dutch parking operator Q-Park in infrastructure of BeNeLux-based infrastructure funds closed since infrastructure fund closed since May 2017, the largest BeNeLux- investors. 2007. 2007. based infrastructure deal completed since 2007.

Fig. 1: BeNeLux-Based Infrastructure Deals Completed, Fig. 2: BeNeLux-Based Infrastructure Deals by Industry, 2009 - 2017 YTD (As at October 2017) 2009 - 2017 YTD (As at October 2017) 50 48 30 100% 45 4% 9% 45 14% 11% 13% Aggregate Deal Value (€bn) 90% 18% 18% Other 25 12% 5% 20% 40 5% 2% 80% 8% 9% 9% 6% 8% 37% 35 33 34 9% 11% 20 11% Telecoms 70% 14% 30 20% 12% 25 21% 23% 25 15 60% 13% 5% Utilities 22 22 36% 38% 19 19 20 18%

No. of Deals No. 50% 16% 10.1 10 16% 18% 32% 15 21% Transport 40% 26% 10 12% 3%

5 of DealsProportion 18% 9% 5 3.2 30% 26% Energy (Excl. 14% Renewables) 0 0 20% 40% 35% 33% 2009 2010 2011 2012 2013 2014 2015 2016 2017 29% 30% 26% Renewable 10% 23% 11% YTD 18% Energy No. of Deals 0% 5% Reported Aggregate Deal Value (€bn) 2009 2010 2011 2012 2013 2014 2015 2016 2017 Estimated Aggregate Deal Value (€bn) YTD Source: Preqin Infrastructure Online Source: Preqin Infrastructure Online

Fig. 3: BeNeLux-Based Infrastructure Deals by Project Stage, Fig. 4: BeNeLux-Based Institutional Investors in Infrastructure 2012 - 2017 YTD (As at October 2017) by Type

Private Sector Pension Fund Asset Manager 13% 15% Public Pension Fund 4% Brownfield 36% Bank/Investment Bank 5% Insurance Company Greenfield 5% 25% Investment Company Secondary Stage 62% 5% Government Agency

6% Corporate Investor 8% 8% Fund of Funds Manager 8% Other

Source: Preqin Infrastructure Online Source: Preqin Infrastructure Online

Fig. 5: Five Notable BeNeLux-Based Infrastructure Deals Completed, 2012 - 2017 YTD (As at October 2017) Asset Location Industry Investor(s) Deal Size (mn) Stake (%) Deal Date Q-Park Netherlands Parking Lots KKR 2,950 EUR 100 May-17 Alaska Permanent Fund Terminal Investment Limited Netherlands Seaports Corporation, Global Infrastructure 1,929 USD 35 Apr-13 Partners, Unidentified Investor(s) DIF, HOCHTIEF Concessions, Royal Highway A1/A6 PPP Netherlands Roads 1,369 EUR 100 Dec-12 Boskalis Westminster, VolkerWessels Claus Power Plant Netherlands Power Plants RWE Group 1,100 EUR 100 Jun-12 Natural VTTI Netherlands Buckeye Partners, Vitol 1,150 USD 50 Oct-16 Resources

Source: Preqin Infrastructure Online

Fig. 6: Five Largest BeNeLux-Based Investors by Current Allocation to Infrastructure (As at October 2017) Current Allocation Investor Type Location to Infrastructure (€bn) APG - All Pensions Group Asset Manager Heerlen, Netherlands 8.9 PGGM Asset Manager Zeist, Netherlands 8.2 Stichting Bedrijfstakpensioenfonds voor de Zuivel en Public Pension Fund Abcoude, Netherlands 3.9 aanverwante industrie Kempen Capital Management Asset Manager Amsterdam, Netherlands 1.5 MN Asset Manager Den Haag, Netherlands 1.3

Source: Preqin Infrastructure Online

Fig. 7: Five Largest BeNeLux-Based Unlisted Infrastructure Funds Closed, 2007 - 2017 YTD (As at October 2017) Fund Firm Fund Size (mn) Geographic Focus Final Close Date DIF Infrastructure IV DIF 1,150 EUR Europe, North America Sep-15 Cube Infrastructure Fund Cube Infrastructure Managers 1,080 EUR West Europe, Nordic Jul-10 DIF Infrastructure III DIF 800 EUR Europe, North America Mar-13 NovEnergia II Energy & Environment NovEnergia 620 EUR Europe, OECD Dec-08 DIF Infrastructure II DIF 571 EUR West Europe, Nordic Jun-10

Source: Preqin Infrastructure Online

Fig. 8: Five Largest BeNeLux-Based Unlisted Infrastructure Funds Currently in Market (As at October 2017) Fund Firm Target Size (mn) Geographic Focus Status DIF Infrastructure V DIF 1,500 EUR Europe, North America First Close Cube Infrastructure Fund II Cube Infrastructure Managers 1,200 EUR Europe First Close Climate Investor One Climate Fund Managers 1,030 USD Africa, Asia, Rest of World First Close Conquest Renewable Yield (Europe) Fund Conquest 500 EUR West Europe First Close Rabo Bouwfonds Communication Bouwfonds Investment 500 EUR West Europe First Close Infrastructure Fund II Management

Source: Preqin Infrastructure Online

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Preqin’s Infrastructure Online provides information, data and research on the infrastructure industry, including detailed coverage on fundraising, deals and investor activity in the BeNeLux region.

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