INFRASTRUCTURE SECONDARIES Alternative Assets

INFRASTRUCTURE SECONDARIES alternative assets. intelligent data. INFRASTRUCTURE SECONDARIES Using data from Preqin’s Secondary Market Monitor, we take a look at the infrastructure secondary market, including potential buyers and sellers of fund interests, funds in market and sample transactions.

KEY FACTS Fig. 1: Expected Buyers* of Infrastructure Fund Interests on the Secondary Market in the Next 12-24 Months by Type

57 Asset Manager 21% Number of potential buyers* of infrastructure fund interests on the secondary market in the next 12-24 months. Public Pension Fund 19% 48 Insurance Company 11% Number of potential sellers of infrastructure Private Sector 11% fund interests on the secondary market in Pension Fund the next 12-24 months. Wealth Manager 7%

$1.5bn Investment Company 5% Amount targeted by Ardian’s ASF VII Infrastructure, the largest amount ever 0% 5% 10% 15% 20% 25% targeted by an infrastructure secondaries fund. Proportion of Expected Buyers Source: Preqin Secondary Market Monitor

Fig. 2: Five Largest Expected Buyers* of Infrastructure Fund Interests on the Secondary Market in the Next 12-24 Months by AUM Assets under Buyer Firm Location Firm Type Likelihood of Buying Management (bn) APG - All Pensions Group Netherlands Asset Manager Highly Likely 451 EUR Asset Management One Japan Asset Manager Opportunistically 54,000 JPY MN Netherlands Asset Manager Opportunistically 125 EUR Korea Investment Corporation South Korea Sovereign Wealth Fund Highly Likely 111 USD Suncorp Group Australia Insurance Company Opportunistically 97 AUD

Source: Preqin Secondary Market Monitor

Fig. 3: Expected Sellers of Infrastructure Fund Interests on the Fig. 4: Expected Sellers of Infrastructure Fund Interests on the Secondary Market in the Next 12-24 Months by Type Secondary Market in the Next 12-24 Months by Location

Public Pension Fund 15%

Private Sector Pension Fund 15% 6%

Insurance Company 13% 13% 29% Asset Manager 10% North America

Bank/Investment Bank 8% Europe Infrastructure Fund of Funds Manager 8% Asia Wealth Manager 6% Rest of World Investment Company 4%

Foundation 4% 52% 0% 5% 10% 15% 20% Proportion of Expected Sellers Source: Preqin Secondary Market Monitor Source: Preqin Secondary Market Monitor

*Excludes primary and secondary funds of funds.

Fig. 5: Dedicated Infrastructure Secondaries Funds Latest Target Size Final Size Fund Final Close Geographic Fund Firm Vintage Interim Close ($mn) ($mn) Status Date Focus Size ($mn) North Ardian First Close - ASF VII Infrastructure 2016 1,500 700 - America HarbourVest Real Assets North HarbourVest Partners 2016 300 - 366 Closed Feb-17 Fund III America Macquarie Infrastructure Stafford Capital 2012 - - 91 Closed May-14 Europe Investment Partners Partners Stafford Infrastructure Stafford Capital 2016 276 194 - Third Close - Europe Secondaries Fund II Partners

Source: Preqin Secondary Market Monitor

Fig. 6: Sample Infrastructure Secondary Transactions Completed in the Past 12 Months Transaction Fund Vintage Seller(s) Buyer(s) Date London Borough of Enfield Pension Fund; BMW (UK) Operations Pension Arcus European Infrastructure Fund I 2007 Scheme; London Borough of APG - All Pensions Group Sep-16 Newham Pension Fund Macquarie European Infrastructure Fund III 2008 SCOR Partners Group Oct-16 Sampension Renewables 2008 Brancor Capital Partners Sampension Oct-16 BlackRock Private Infrastructure II 2011 Rolex Pension Fund Partners Group Jan-17 Pan-European Infrastructure Fund II 2016 SCOR Stafford Capital Partners Mar-17 Macquarie European Infrastructure Fund II 2006 AB Kelonia Placering Stafford Capital Partners Apr-17 DIF Infrastructure II 2008 DIF APG - All Pensions Group Jul-17 Equitix Fund IV 2015 Hana Asset Management NongHyup Bank Sep-17

Source: Preqin Secondary Market Monitor

PREQIN’S SECONDARY MARKET MONITOR: A VITAL TOOL

Track activity across the secondary market using Preqin’s Secondary Market Monitor.

View detailed information on investors buying and selling fund interests, details of secondaries funds in market and closed historically, secondary transactions and much more.

For more information, or to arrange a demonstration, please visit: