Paris-based investment firm Ardian has raised US$20 billion for its latest and largest flagship infrastructure platform, which will invest predominantly in Europe.  

The fund comprises Ardian Infrastructure Fund VI ( AIF VI ), which reached its hard cap of US$13.5 billion, and co-investments.  AIF VI is 90% larger than its predecessor, Ardian Infrastructure Fund V ( AIF V ).

According to Ardian, the successful fundraise cements Ardian’s position as an international leader in essential infrastructure. The fund follows Ardian’s strategy, developed over two decades, of combining an industrial approach with investment expertise across three verticals – energy, transport, and digital infrastructure – which are supporting Europe’s competitiveness.

Despite a challenging fundraising environment, where infrastructure funds are taking longer to reach their targets than in prior years, AIF VI was raised in two years.

The fund attracted strong interest from both existing and new investors across the globe, with commitments from 229 limited partners ( LPs ) in Europe, North America, Asia-Pacific, and the Middle East. It saw the biggest increase in commitments from investors in the United States, with the number of US investors more than doubling and accounting for 14% of capital raised, up from US$1 billion in AIF V. This comes amid growing US appetite for investing in Europe. Asian investors also showed strong interest, accounting for 32% of the capital raised, including many key Australian investors for the first time.

The number of investors in AIF VI doubled compared to AIF V. Investors having re-upped into AIF VI increased their commitments by 40% on average.

Landmark assets

Ardian has US$47 billion in assets under management ( AUM ) for its infrastructure strategy covering the European and American essential infrastructure market as well as thematic funds related to the energy transition.  

The team counts 80 investment professionals who work with a strong network of operating partners. It boasts a market-leading data science capability, which has led to the development of proprietary Ardian tools including Opta, which uses data to optimize the performance of wind assets, and Ardian AirCarbon, a proprietary emission quantification and reduction tool for the aviation industry.

AIF VI has already successfully deployed more than 40% of its capital, including in landmark infrastructure assets such as London Heathrow Airport – Europe’s largest airport – where Ardian is the largest shareholder. Building on Ardian’s expertise in airports, the team and Italian asset manager Finint Infrastrutture have agreed to jointly acquire Venice Airport.

Other AIF VI investments include:   

• Verne, A UK-headquartered data centre platform, powered entirely by decarbonized energy; 
• Attero, a leading European waste management and circular economy platform, which is currently developing a 640 kilotonnes per annum of carbon capture and storage project on its Moerdijk plant;
• Akuo, a pioneer in the renewable energy sector, specializing in wind power, photovoltaics and storage, with 1.9 gigawatts of installed capacity across Europe; and
• Energia Group: one of the largest energy utilities in Ireland, serving almost 900,000 homes and businesses.

Mathias Burghardt, executive vice-president, chief executive officer of Ardian France, and head of infrastructure at Ardian, comments: “Our asset management approach is precise: value creation must come from operational improvement, not market cycles. In a market that rewards clarity and conviction, our approach has stood the test of time, and our strategy remains consistent, differentiated and rooted in a long-term view to create value.”