Golding Capital Partners – one of Europe’s leading independent asset managers for alternative investments – announced the first closing in December 2023 of its flagship infrastructure fund of funds, Golding Infrastructure 2022. This fifth-generation fund again met with great interest from investors and held its first close with capital commitments of €360 million in a demanding environment.
No less than 26% of the commitments are from new investors. And portfolio construction has advanced quickly, with five investments made in 2023 and some 14% of capital already called up.
With a target portfolio of around 15 carefully selected funds from the primary and secondary markets and a total of some 150 to 250 individual transactions (including around 15 co-investments), Golding will again be ensuring a broad geographic and sector diversification and focusing on resilient investments offering attractive risk-adjusted returns. This fund will continue concentrating on infrastructure markets in Europe and North America.
Golding could reflect on more than ten years of success in infrastructure fund-of-funds investing. And the product series was launched more than ten years ago with Golding Infrastructure 2013. Golding Infrastructure 2020 held its final closing in September 2022 with commitments of €943 million, making it the largest fund ever raised in the history of Golding Capital Partners and one of the biggest funds of funds on the infrastructure market.
Golding Infrastructure 2022 is a specialist AIF and it is open to institutional investors making a minimum commitment of €5 million. And the fund has a planned life of 15 years plus one optional extension. The target net IRR is 8% to 9% p.a. and its target volume is €700 million.
KEY QUOTES:
“As we have seen in recent years, secondaries and co-investments are a sensible addition to the portfolio of a broadly diversified infrastructure fund of funds. They have a positive impact on cash flow and overall performance. At the same time we are currently seeing record deal flows for both secondary transactions and co-investments. This will benefit Golding Infrastructure 2022 too. We already have several attractive opportunities in the pipeline for the ongoing portfolio construction.”
– Dr. Thilo Tecklenburg, Partner and Co-Head Infrastructure at Golding
“In view of the current market environment we expect there to be a large number of very attractive investment opportunities in the infrastructure asset class in 2024. Since transaction activity is forecast to be highly dynamic, we can be extremely choosy. So the opportunity to invest in infrastructure will be better for investors in 2024 than it has been for a long time.”
– Bernd Schumacher, Managing Director and Co-Head Infrastructure
“This strategic adjustment underlines our agility and ability to refine our proven investment strategy for the benefit of our investors. At the same time, strong investor demand is a sign of trust in our track record, our strong network and our well-established product line. Resilient infrastructure assets remain an important building block in the portfolios of banks, savings banks, pension funds and insurers.”
– Hubertus Theile-Ochel, Managing Partner at Golding
