real assets...

REAL ASSETS

SPOTLIGHT

VOLUME 3, ISSUE 2 ■ FEBRUARY 2018

All data in this newsletter can be downloaded to Excel for free

SIGN UP

Sign up to Spotlight, our free monthly newsletter, providing insights into performance, investors, deals and

fundraising, powered by Preqin data:

Alt Credit Intelligence European and US Fund Services Awards: Best Data and Information Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s

Award for Enterprise: International Trade | HedgeWeek Global Awards: Best Global Hedge Fund Research Provider | CAIA Corporate Recognition Award

www.preqin.com/contact info@preqin.com|

IN THIS ISSUE

FEATURE Infrastructure in the Year Ahead

FEATUREInfrastructure Exits in 2017

INDUSTRY NEWS 6

THE FACTS■ Energy-Focused Fundraising■ In Focus: Regional

Fundraising■ Sample Investors to

Watch in 2018

CONFERENCES 11

INFRASTRUCTURE IN THE YEAR AHEAD

80%of investors are looking to commit the same amount or more capital to infrastructure over 2018. Here, we examine the challenges and opportunities for both investors and fund managers.

Find out more on page 2

INFRASTRUCTURE EXITS IN 2017

With exit activity continuing to rise, we take a look at the final figures for 2017 and feature the largest exits of the year.

Find out more on page 5

JUST RELEASED: 2018 PREQIN GLOBAL INFRASTRUCTURE REPORT

Order Your Copy Download Sample Pages

Using data from Preqin’s online infrastructure platform as well as recent fund manager and investor interviews, we examine the challenges and opportunities for the asset class in 2018.

INFRASTRUCTURE IN THE YEAR AHEAD2017 saw the infrastructure asset class continue to grow and reach new heights. Assets under management reached a record $418bn as at June 2017, bolstered by another successful year of fundraising. Sixty-nine funds secured an aggregate $65bn, with this figure expected to exceed the 2016 fundraising total as more data becomes available. Capital concentration among a small number of managers continued in 2017: 42% of aggregate capital raised in 2017 was secured by the five largest funds closed in the year, compared to 45% in 2016. Notably, Global Infrastructure Partners III secured a record $15.8bn at its final close in January 2017, accounting for 24% of aggregate capital raised in the year.

INVESTOR SENTIMENTThe asset class continues to generate positive sentiment among the investor community: 93% of investors surveyed felt that their infrastructure fund investments had met or exceeded their expectations over the past 12 months, up from 77% and 89% of respondents to Preqin’s December 2015 and 2016 surveys respectively. Consequently, more than half (53%) of investors interviewed in December 2017 had a positive perception of the asset class, an increase from 44% of those surveyed in 2016.

The large amounts of capital distributed to investors in the past two years mean investors have more capital to re-invest and, with a high level of satisfaction in the asset class, investors are likely to make further commitments to infrastructure funds in 2018. Thirty-nine percent of investors surveyed by Preqin in December 2017 expect to invest more capital in the infrastructure asset class over the next 12 months compared to the previous year (Fig. 1).

While the number of funds in market (166) is at a similar level to previous years, these vehicles are targeting a record $122bn in institutional capital. Competition for capital is likely to be higher than ever in 2018, with growing pressure on GPs to differentiate themselves from other managers. The provision of co-investment opportunities is often an attractive draw for LPs, which have significant amounts of capital to deploy and must work hard to reach their target allocations to the asset class. Furthermore, the capital-intensive nature of infrastructure investing lends

26%12% 10%

26% 50% 51%

48%38% 39%

Dec-15 Dec-16 Dec-17

More Capital

Same Amount

Less Capital

Source: Preqin Investor Interviews, December 2015 - 2017

Fig. 1: Investors’ Expected Capital Commitments to Infrastructure Funds in the Next 12 Months Compared to the Previous 12 Months, 2015 - 2017

0% 20% 40% 60% 80%

Performance

Interest Rates

Deal Flow

Regulation

Valuations

Investors Fund Managers

Source: Preqin Fund Manager Survey and Investor Interviews, November and December 2017

Proportion of Respondents

Fig. 2: Investor and Fund Manager Views on the Key Issues for the Infrastructure Market in 2018

53%62% 62% 63% 63% 67%

27% 26% 27% 26% 23%

19%11% 12% 10% 11% 10%

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Above TargetAllocation

At TargetAllocation

Below TargetAllocation

Source: Preqin Infrastructure Online

Fig. 3: Proportion of Investors At, Above or Below Their Target Allocation to Infrastructure, 2013 - 2018

itself to the co-investment model and can lead to outsized returns for investors and fund managers alike. For this reason, 74% of investors with AUM of $50bn or more either make or are considering making co-investments.

The conventional and renewable energy sectors are likely to attract the greatest proportion of this capital in 2018, with 49% and 46% of investors respectively believing these sectors present the best opportunities. Despite the high level of competition for mature assets, 47% and 36% of investors respectively believe core and core-plus strategies currently present the best opportunities in the asset class.

However, higher-risk opportunities such as opportunistic (36%) and value added (28%) strategies are also favoured by some institutions. We could see valuations for these assets increase in 2018 if competition intensifies in these higher-risk areas of the market. Sixty percent of surveyed investors believe that the current prices of infrastructure assets are expensive, pushing fund managers to find value in a competitive market. This could lead infrastructure investors to look towards less developed regions: 40% of respondents expect to increase their allocations to emerging markets in the longer term.

KEY CHALLENGES IN 2018The concerns of surveyed infrastructure fund managers and investors mirror each other: 59% of managers and 60% of investors view valuations as the key challenge in the industry at present, while around a third of each identified deal flow as a significant concern (Fig. 2). It is little surprise, therefore, that 46% of managers found it more difficult to source attractive investment opportunities in 2017 than in 2016.

While there is currently more competition for assets in the industry, almost three-quarters (74%) of fund managers expect to put more capital to work in the next 12 months than in 2017, including 41% expecting significantly more. The elevated levels of dry powder are a key driver of this, as well as the increasing availability of debt financing for transactions. Thirty percent of managers believe that the terms of financing for infrastructure assets have improved from 12 months ago, which will possibly provide a tailwind for GPs looking to complete deals in 2018.

Fund managers are recognizing banks as the key source of leverage, with 69% expecting these institutions to provide the majority – if not all – of debt financing for infrastructure transactions in 2018. However, in this evolving infrastructure debt market, institutional investors are playing an increasing role as providers of debt, both directly and through infrastructure debt funds. While the infrastructure debt market is still developing, 79% of surveyed managers expect infrastructure debt funds to provide financing in 2018, significantly more than

the 59% of those surveyed in November 2016.

The elevated levels of capital distributions in recent years may feed back into strong fundraising in 2018. As at the start of the year, 67% of infrastructure investors are below their target allocation to the asset class, up significantly from 53% in January 2013 and indicative of the potential for another period of strong fundraising (Fig. 3). With a record $150bn of dry powder in the industry, investors will be hoping that fund managers are able to successfully deploy their capital and source attractive opportunities in the current market.However,the ratio of year-end unlisted infrastructure dry powder levels to prior year total capital called fell from 2.9 in 2015 to 2.5 in 2016 (Fig. 4). This suggests that managers are putting more capital to work in an already expensive market. A key challenge for fund managers in 2018 will be finding value in this environment and may lead many to move up the risk/return spectrum and to less penetrated emerging markets in search of more affordable assets.

3.83.4

2.92.5

Fig. 4: Ratio of Year-End Unlisted Infrastructure Dry Powder Levels to Prior-Year Total Capital Called, 2008 - 2016

The 2018 Preqin Global Infrastructure Report is the most complete and in-depth review of the industry available today. It covers a wide range of topics, with expert commentary, key trends from recent years, historical statistics, league tables and survey results.

To order a copy of the report, please visit: www.preqin.com/gir

2018 PREQIN GLOBAL INFRASTRUCTURE REPORT

Rubicon Technology Partners

We congratulate the Rubicon team on the successful closing of Rubicon Technology Partners II at its hard cap.

Global private equity fundraisingCapstone Partners (www.csplp.com) is a leading independent placement agent focused on raising capital for private equity, credit, real assets and infrastructure firms. The Capstone team includes 35 experienced professionals in North America, Europe and Asia.

www.csplp.com

Americas — Europe — Middle East — Asia Pacific

Securities placed through CSP Securities, LPMember FINRA/SIPCAuthorised by FINMA CMS license holder from the MAS

INFRASTRUCTURE EXITS IN 2017

5 Real Assets Spotlight | February 2018

Exit activity in the infrastructure market has increased markedly in recent years,

with 1,347 exits in 2017, representing an 83% increase from 2013 (Fig. 1). Aggregate exit value has also seen notable growth, reaching a high of $180bn in 2016, before dropping slightly to $166bn in 2017. Average exit sizes have also increased each year, except for 2016, almost doubling from $345mn in 2013 to $620mn in 2017. With valuations of infrastructure assets remaining high, managers likely viewed 2017 as an opportune time to exit their investments.

The majority (52%) of exits over the past five years have been for renewable energy

assets, although they account for only 16% of aggregate exit value in the same period (Fig. 2). Notably, the sixth largest exit and largest sale-to-GP transaction in 2017 involved a portfolio of renewable energy assets; in May, Copenhagen Infrastructure Partners (CIP), through CIP Infrastructure II & III, acquired a 100% stake in three wind assets in the Taiwan Strait for TWD 180bn ($6bn).

The energy sector (excluding renewables) accounts for 36% of aggregate exit value in the past five years, and represents 44% of the figure in 2017. The largest exit of the year was in this sector, when Energy Future Holdings, in bankruptcy since 2014,

agreed to the sale of its majority stake in the power distribution company Oncor to Sempra Energy for a total consideration of $18.8bn, made up of $9.45bn in equity and $9.35bn in assumed debt (Fig. 3).

The largest recorded exit in 2017 by an infrastructure fund manager occurred in the transportation sector, which represents 6% of the aggregate exit value for 2017. Fortress Investment Group sold its entire stake in Florida East Coast Railway to Grupo Mexico for a total consideration of $2.1bn in March, with the transaction accounting for 20% of the aggregate value of transportation exits in 2017.

Fig. 3: Largest Infrastructure Exits in 2017

Asset Exit Type Investors (Firms) Sellers (Firms) Exit Value (mn) Date

Oncor Trade Sale Sempra Energy Energy Future Holdings 18,800 USD Aug-17

Rosneft Trade Sale CEFC China Energy Company Glencore, Qatar Investment Authority 9,100 USD Sep-17

Canadian Oil Sands Portfolio Trade Sale Canadian Natural Royal Dutch Shell 11,100 CAD Nov-17

Maersk Oil Trade Sale Total SA A.P. Møller - Mærsk Group 7,450 USD Aug-17

WGL Holdings Trade Sale AltaGas WGL Holdings 6,400 USD Jan-17

Taiwan Strait Wind Assets Sale to GP Copenhagen Infrastructure Partners Taiwan Generation Corporation 180,000 TWD May-17

DUET Group Trade Sale CK Infrastructure Holdings Spark Infrastructure, Unidentified Seller(s) 7,400 AUD May-17

Avista Corporation Merger Hydro One Avista Corporation 6,700 CAD Jul-17

GE Water & Process Technologies Trade Sale CDPQ, Suez Environnement General Electric 3,200 EUR Mar-17

Engie US Power Generation Portfolio Trade Sale Dynegy, Energy Capital Partners Engie 3,300 USD Feb-17

876 872

180166

2013 2014 2015 2016 2017

No. of Exits Aggregate Exit Value ($bn)

Aggregate Exit Value ($bn)

Fig. 1: Infrastructure Exits Globally, 2013 - 2017

24% 19%

35%44% 44%

18% 25%

24% 24%15% 14%

21%12%

20% 15%

16% 12%6%

11% 22%

2%4% 4%7%

3% 1%4% 3% 1% 1%

2013 2014 2015 2016 2017

Social

Telecoms

Transport

Renewable Energy

Utilities

Energy(Excl. Renewables)

Fig. 2: Proportion of Aggregate Value of Infrastructure Exits by Asset Type, 2013 - 2017

INFRASTRUCTURE EXITS IN 2017This extract from the 2018 Preqin Global Infrastructure Report explores exit activity in the infrastructure industry over 2017, and features the largest exits of the year.

PREQIN GLOBAL DATA COVERAGE

Comprehensive coverage of:

+ Placement Agents + Dry Powder+ Fund Administrators + Compensation+ Law Firms + Plus much more...+ Debt Providers

THE PREQIN DIFFERENCE+ Over 390 research, support and development staff+ Global presence - New York, London, Singapore, San Francisco, Hong Kong, Manila and Guangzhou+ Depth and quality of data from direct contact methods+ Unlimited data downloads+ The most trusted name in alternative assets

*Private equity includes buyout, growth, venture capital, turnaround, private equity fund of funds, private equity secondaries, direct secondaries, balanced, hybrid, hybrid fund of funds, PIPE, co-investment and co-investment multi-manager funds.

PRIVATE EQUITY* HEDGE FUNDS REAL ESTATE INFRASTRUCTURE PRIVATE DEBT NATURAL

RESOURCES

INVESTORCOVERAGE

6,968Active

Private Equity LPs

5,297Active

Hedge Fund Investors

6,178Active

Real Estate LPs

3,293Active

InfrastructureLPs

3,174Active

Private Debt Investors

3,189Active

Natural Resources Investors

FUNDCOVERAGE

18,979Private Equity

25,485Hedge Funds

6,957PE Real Estate

1,266Infrastructure

2,490Private Debt

1,939Natural Resources

FIRMCOVERAGE

13,068Private Equity Firms

9,372Hedge Fund

4,628PE Real Estate

541Infrastructure

1,589Private Debt

1,034Natural Resources

PERFORMANCECOVERAGE

6,058Private Equity

18,056Hedge Funds

1,797PE Real

Estate Funds

261Infrastructure

858Private Debt

549Natural Resources

FUNDRAISINGCOVERAGE

2,398Private Equity

16,002Hedge Funds

1,214PE Real

Estate Funds

171Infrastructure

337Private Debt

255Natural Resources

Alternatives Investment Consultants Coverage:

551Consultants Tracked

Funds Terms Coverage: Analysis Based on Data for Around

17,284Funds

Best Contacts: Carefully Selected from our Database of over

443,676Contacts

2015 Annual CAIA CorporateRecognition Award Winner

As at 30th January 2018

ALTERNATIVES COVERAGE

FIRMS FUNDS FUNDS OPEN TO INVESTMENT

INVESTORSMONITORED

FUNDS WITH PERFORMANCE DEALS & EXITS

30,232 52,888 19,617 15,642 27,321 321,703

DEALS & EXITSCOVERAGE

BUYOUT VENTURE CAPITAL REAL ESTATE INFRASTRUCTURE PRIVATE DEBT

85,714Buyout Deals and Exits

152,561Venture Capital Deals

and Exits

49,931Real Estate Deals

26,337Infrastructure Deals

7,160Private Debt Deals

INDUSTRY NEWS

INDUSTRY NEWSUsing information from Preqin’s online platform, we round up the latest news in the unlisted infrastructure fund market, as well as profiling future activity from pension funds in the infrastructure and natural resources industries.

Preqin profiles 466 public pension funds actively investing in natural resources. Stonepeak Infrastructure Partners III, which primarily targets the energy sector in the US and Canada, held a third close on $6.5bn in December 2017; managed by New York-based Stonepeak Infrastructure Partners, the fund has attracted 14 known commitments from public pension funds alone, including $600mn from Washington State Investment Board.

PUBLIC PENSION FUND ACTIVITY IN UNLISTED NATURAL RESOURCES

Do you have any news you would like to share with the readers of Spotlight? Perhaps you’re about to launch a new fund, have implemented a new investment strategy, or are considering investments beyond your usual geographic focus?

Send your updates to spotlight@preqin.com and we will endeavour to publish them in the next issue.

SHARE YOUR NEWS

9% 11%4%

39% 37%41%

52% 53% 55%

Dec-15 Dec-16 Dec-17

Increase Allocation

Maintain Allocation

Decrease Allocation

Source: Preqin Investors Interviews, 2015 - 2017

Investors’ Intentions for Their Infrastructure Allocations over the Longer Term, 2015 - 2017

Preqin interviewed institutional investors in December 2017 about their satisfaction and concerns with the asset class, as well as their plans for 2018.

Over the longer term, institutions remain committed to the asset class: 55% of surveyed investors are looking to increase their exposure, and 41% are planning to maintain their allocation to infrastructure. The increase is closely aligned with pension funds historically accounting for the largest proportion of investors in the asset class, and is also reflective of their size and the long-term nature of their liabilities.

Only 4% of respondents are likely to reduce allocations in the long term, which is indicative of investors’ confidence in the asset class to meet portfolio objectives.

CHART OF THE MONTH

GPIF AWARDS INVESTMENT MANDATE TO STEPSTONE GROUP

In January 2018, Government Pension Investment Fund, Japan (GPIF) appointed StepStone Group to manage its mandate focusing on unlisted infrastructure fund of funds investments after launching an RFP in April 2017. Through this mandate, GPIF looks to pursue fund of funds as well as co-investment opportunities, targeting brownfield assets and focusing on more developed markets overseas. The Tokyo-based public pension fund has also hired Sumitomo Mitsui Asset Management as its gatekeeper.

Preqin tracks 427 public pension funds that actively invest in the infrastructure asset class, including 85 with investment plans for the next 12 months. Among these is Ohio Police & Fire Pension Fund, which is looking to commit $320mn to unlisted infrastructure funds opportunistically as part of its real assets mandate for 2018. The US-based institution will look to utilize separate accounts, and will consider co-investment opportunities and first-time funds.

Public Officials Benefit Association is also looking to invest in infrastructure in the next 12 months. The South Korea-based institution will look to invest KRW 200-300bn ($190-280mn) across 3-6 unlisted infrastructure funds, and will target the renewable energy, utilities and water industries, focusing on North America, Europe and its domestic market. It will consider utilizing co-investment and separate account structures.

PUBLIC PENSION FUND ACTIVITY IN UNLISTED INFRASTRUCTURE

THE 2018 PREQINGLOBAL ALTERNATIVES

REPORTSThe Reports analyze our market-leading global data and recent survey results

to provide you with a deeper understanding of the industry.

Featuring extensive data and insights on fundraising, investor appetite, performance, deals, fund terms and more, the Reports provide a valuable indication of activity in 2018.

The series of six covers the following asset classes:Private Equity & Venture Capital ■ Hedge Funds ■ Real Estate ■ Infrastructure

Private Debt ■ Natural Resources

In 2017, over 60,000 Reports provided individuals with an up-to-date understanding of alternatives, and 95% of readers surveyed rated the quality as good or excellent.

For more information or to order your copies, please visit:www.preqin.com/reports

2018PREQIN GLOBALREAL ESTATEREPORT

ISBN: 978-1-907012-97-6$175 / £125 / €150www.preqin.com

2018PREQIN GLOBALINFRASTRUCTUREREPORT

2018PREQIN GLOBALPRIVATE DEBTREPORT

2018PREQIN GLOBALNATURAL RESOURCESREPORT

2018PREQIN GLOBALHEDGE FUNDREPORT

2018PREQIN GLOBALPRIVATE EQUITY &VENTURE CAPITALREPORT

THE FACTS

ENERGY-FOCUSED FUNDRAISING

90 8984 87

6862 61

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

No. of FundsClosed

AggregateCapitalRaised ($bn)

Source: Preqin Natural Resources OnlineYear of Final Close

Fig. 1: Annual Unlisted Energy Fundraising, 2008 - 2017

69%64%

69% 67% 69%

75%73% 73%

89%93%

84%75%

87% 88% 88%

No. of FundsClosed

AggregateCapital Raised

Source: Preqin Natural Resources Online

Year of Final Close

Fig. 2: Unlisted Energy Fundraising as a Proportion of All Natural Resources Fundraising, 2008 - 2017

3640.3

1515.1

41.0111

No. of Funds Closed

Aggregate CapitalRaised ($bn)

DiversifiedMulti-Regional

Latin America

Australasia

Africa

Europe

North America

Fig. 3: Unlisted Energy Fundraising in 2017 by Primary Geographic Focus

7155.9

115.47

2.21 0.232.79

3.17 4.2

No. of Funds Raising

Aggregate CapitalTargeted ($bn)

DiversifiedMulti-RegionalLatin America

Middle East &IsraelAustralasia

Africa

Europe

North America

Fig. 4: Unlisted Energy Funds in Market by Primary Geographic Focus (As at January 2018)

We take a look at the unlisted energy-focused fundraising landscape and how it fits within the wider natural resources market, as well as institutional investors that are interested in these vehicles, their investment preferences and future plans.

$99bnAggregate capital targeted by 156 unlisted energy funds in market (as at January 2018).

65%of unlisted natural resources funds in market are primarily energy focused (as at January

2018).

88%of institutional investors in natural resources have a

preference for energy funds.

44%of investors see energy and renewable energy as presenting the best

opportunities.

THE FACTS

Fig. 6: Largest Unlisted Natural Resources Funds in Market (As at January 2018)

Fund Firm Headquarters Target Size (mn) Geographic Focus Status

Energy Capital Partners IV Energy Capital Partners Short Hills, US 6,000 USD North America Raising

NGP Natural Resources XII NGP Energy Capital Management Irving, US 5,300 USD US Raising

Alinda Infrastructure Fund III Alinda Capital Partners Greenwich, US 5,000 USD US First Close

EIG Energy Fund XVII EIG Global Energy Partners Washington DC, US 5,000 USD US First Close

ISQ Global Infrastructure Fund II I Squared Capital New York, US 5,000 USD US First Close

Fig. 5: Largest Unlisted Energy Funds Closed in 2017

Fund Firm Headquarters Fund Size (mn) Geographic Focus Final Close Date

Global Infrastructure Partners III Global Infrastructure Partners New York, US 15,800 USD Global Jan-17

EnCap Energy Capital Fund XI EnCap Investments Houston, US 7,000 USD US Nov-17

EQT Infrastructure III EQT Funds Management St Peter Port, Guernsey 4,000 EUR Europe,

North America Feb-17

Actis Energy Infrastructure Fund IV Actis London, UK 2,750 USD Emerging Markets Mar-17

AMP Capital Infrastructure Debt Fund III AMP Capital Investors Sydney, Australia 2,500 USD OECD Aug-17

Foundation

Public Pension Fund

Private Sector Pension Fund

Endowment Plan

Insurance Company

Asset Manager

Bank/Investment Bank

Investment Company

Wealth Manager

Source: Preqin Fund Manager Survey, November 2017

Fig. 9: Institutional Investors with a Preference for Energy by Type

4%3% 4%

North America

Europe

Australasia

Fig. 10: Institutional Investors with a Preference for Energy by Region

21% 21% 22%7%

79%68%

11%19%

0%10%20%30%40%50%60%70%80%90%

Significantly Easier

Easier

No Change

More Difficult

Significantly MoreDifficult

Strategy

Fig. 7: Fund Manager Views on the Difficulty of Finding Attractive Investment Opportunities Compared to 12 Months Ago by Strategy

33%25%

47% 56%

9%20% 19%

0%10%20%30%40%50%60%70%80%90%

LessCompetition

No Change

MoreCompetition

Strategy

Fig. 8: Fund Manager Views on the Level of Competition for Assets Compared to 12 Months Ago by Strategy

THE FACTS

3% 6% 10% 9% 9% 6%

29%40%

42%35%

44% 53%

37%33%

38% 28% 25%

34%17% 15% 18% 16% 17%

0%10%20%30%40%50%60%70%80%90%

Very Cheap

About Right

Expensive

Very Expensive

Source: Preqin Investor Interviews, December 2017

Strategy

Fig. 12: Investor Views on the Pricing of Natural Resources Assets by Strategy

19%22%

44% 44%

16%13%

10%15%20%25%30%35%40%45%50%

Dec-16

Dec-17

Source: Preqin Investor Interviews, December 2016 -2017

Sector

Fig. 11: Sectors that Investors View as Presenting the Best Opportunities, 2016 vs. 2017

Fig. 13: Sample Institutional Investors Targeting Unlisted Energy-Focused Funds in the Next 12 Months

Investor Type Location Investment Plans for the Next 12 Months

CID Group Private Equity Firm Taipei, Taiwan Will look to invest in unlisted natural resources funds, focusing on the energy sector across Asia and Greater China.

Spelman College Endowment Plan Atlanta, USWill look to invest in unlisted energy funds opportunistically using new managers. The endowment plan will look to commit $1-5mn per fund, focusing on North America.

Capital Dynamics Private Equity Fund of Funds Manager Baar-Zug, Switzerland Will make commitments to unlisted natural resources funds, targeting

energy sectors across OECD countries globally.

Woori Bank Bank Seoul, South Korea

Plans to invest in natural resources via its infrastructure allocation, focusing on the renewable energy industry. The bank will look to commit KRW 66bn ($60mn) across one US-focused, one Europe-focused and one Asia-focused fund using both new and existing managers in its portfolio.

Venture Investment Associates

Private Equity Fund of Funds Manager New Jersey, US Will target unlisted energy funds on an opportunistic basis, focusing on

North America and Europe.

Assembled by our dedicated team of multilingual analysts based around the world, the 84-page 2018 Preqin Global Natural Resources Report has comprehensive global coverage across strategies including agriculture/farmland, energy, metals & mining, timberland and water.

To order a copy of the report, please visit:

www.preqin.com/gnrr

2018 PREQIN GLOBAL NATURAL RESOURCES REPORT

2018PREQIN GLOBALNATURAL RESOURCESREPORT

THE FACTS

IN FOCUS: REGIONAL FUNDRAISING

72% 73% 70%80%

15% 13% 15%10%

5% 5% 2%1% 2%

8% 9% 13% 8% 8%

2013 2014 2015 2016 2017

Rest of World

Europe

North America

Year of Final Close

Fig. 2: Proportion of Aggregate Capital Raised by Unlisted Natural Resources Funds by Primary Geographic Focus, 2013 - 2017

NorthAmerica

Europe Asia Rest of World

No. of FundsRaising

AggregateCapitalTargeted ($bn)

Source: Preqin Natural Resources OnlinePrimary Geographic Focus

Fig. 3: Unlisted Natural Resources Funds in Market by Primary Geographic Focus (As at January 2018)

Fig. 1: Natural Resources Fundraising in 2017 by Primary Geographic Focus

NORTH AMERICA

47 46.7

EUROPE

2116.1

REST OF WORLD

No. of Funds ClosedAggregate Capital Raised ($bn)

We provide an overview of unlisted natural resources funds in 2017, breaking down their fundraising statistics by region.

THE FACTS

SAMPLE INVESTORS TO WATCH IN 2018

CITY OF PHOENIX EMPLOYEES’ RETIREMENT SYSTEMType: Public Pension FundLocation: Phoenix, USAUM: $2.3bnPlan: Recently established a 4% target allocation to natural resources, and began a search for managers in late 2017. The number of managers to be hired and the specific mandates have not been determined.

FTLIFE INSURANCE COMPANYType: Insurance CompanyLocation: Hong KongAUM: $3bnPlan: Will invest solely via unlisted funds over the next 12 months on a global basis. Is interested in the energy and metals & mining industries, including the oil, renewable energy, base and precious metals sectors.

AEVWLType: Public Pension FundLocation: Munster, GermanyAUM: €12.5bnPlan: Will make new investments over the next 12 months, specifically in unlisted energy and timberland funds targeting Europe and North America. Typically commits €30mn per fund.

NORTH SKY CAPITALType: Private Equity Fund of Funds ManagerLocation: Minneapolis, USAUM: $1.2bnPlan: Will commit to four or five new natural resources funds over the next 12 months. Will look to deploy up to $100mn and will continue to target North America-focused energy and water opportunities.

PREVAER FONDO PENSIONEType: Private Sector Pension FundLocation: Rome, ItalyAUM: €410mnPlan: Will consider making further investment in European renewable energy throughout 2018, as part of its ongoing private equity and infrastructure strategy. Invests in the region solely via unlisted funds.

AFORE PROFUTURO Type: Private Sector Pension FundLocation: Mexico City, MexicoAUM: MXN 426bnPlan: Plans to opportunistically approach fund managers in the asset class over the next 12 months, with a preference for targeting the Mexican timber and energy markets.

LIBERTY GROUPType: Insurance CompanyLocation: Johannesburg, South AfricaAUM: ZAR 688bnPlan: Will invest on an opportunistic basis in the renewable energy sector in the next 12 months. Will consider both unlisted funds and direct investments in South Africa.

AUSTRALIAN NATIONAL UNIVERSITY ENDOWMENT FUNDSType: Endowment PlanLocation: Acton, AustraliaAUM: AUD 1.5bnPlan: Open to direct investments and commitments through unlisted funds. Will focus on brownfield assets and environmentally friendly industries including renewable energy.

9CID GROUPType: Private Equity FirmLocation: Taipei, TaiwanAUM: $1bnPlan: Seeks exposure to the asset class via unlisted funds and will focus on the energy sector across Asia and Greater China over 2018.

Using data from Preqin’s online platform, we detail sample natural resources investors’ locations, current assets under management and their plans for 2018.

CONFERENCES

Conference Dates Location Organizer Preqin Speaker Discount Code

Preqin Breakfast Seminar: Alternatives in 2018 - London 20 February 2018 London Preqin Chris Elvin

Elias Latsis -

Preqin Breakfast Seminar: Alternatives in 2018 - New York 21 February 2018 New York, NY Preqin Ryan Flanders

Leopold Peavy -

European Family Office Winter Forum 26 - 27 February 2018 London Opal Financial Group - -

SuperReturn International 2018 26 February - 1 March 2018 Berlin KNect365Mark O'Hare

Oliver Senchal Ryan Flanders

10% Discount – FKR2455PRQW

FEBRUARY 2018

Private Wealth Management Summit - APAC 16 - 18 April 2018 Macao marcus evans

Summits - -

Impact Investing Forum 22 - 24 April 2018 Palm Beach, FL Opal Financial Group - -

European Pensions and Investments Summit 23 - 25 April 2018 Montreux marcus evans

Summits - -

APRIL 2018

Family Office Winter Forum 1 March 2018 New York, NY Opal Financial Group - -

AIMA Singapore Seminar: Tax Update 7 March 2018 Singapore AIMA - -

Preqin Breakfast Seminar: Alternatives in 2018 - Singapore 7 March 2018 Singapore Preqin Ee Fai Kam

Amy Bensted -

MARCH 2018

Latin Private Wealth Management Summit 3 - 4 May 2018 Cancun marcus evans

Summits - -

The Institutional Investors' Executive Sector Meeting 6 - 7 May 2018 New York, NY Connex Partners TBC -

MAY 2018

real assets...

Documents

fund terms...2015), p. 3; preqin quarterly update: private...

buyout benchmark report - preqin benchmark report.pdf ·...

preqin special report: the infrastructure market in...

preqin global - natixis

june 2018 spotlight - preqin · 2018-06-28 · the rise of...

the 2016 preqin alternative assets performance monitor ·...

2010-06 preqin newsletter

preqin special report: top performing hedge funds …...2...

preqin ranks gaw capital partners as a most consistent...

ssrn-id361280.pdfcapital struktur bank

hedge fundspotlight - preqin · know your investor 3 hedge...

2020 preqin global private equity & venture capital … ·...

preqin special report: women in alternative assets · asia...

preqin special report: alternative assets in...

preqin special report: the real estate top …...alternative...

volume 8, issue 1 hedge fund spotlight€¦ · 2016 preqin...

preqin website guidance on using preqin services...© 2013...

alternative assets. intelligent data. 2017 preqin...

preqin special report: private capital compensation … ·...

preqin private equity benchmarks