The Pipeline: CIP’s ‘anchor close’, ECP’s valuation tailwind, I Squared hires new MD

Copenhagen Infrastructure Partners (CIP) has secured commitments from two major Scandinavian investors for its sixth flagship fund, which is targeting €16 billion. Norges Bank Investment Management committed €1.2 billion, while Folksam Group pledged SKr4.5 billion ($451 million; €401 million). Both investors previously backed CIP’s fifth flagship fund and were invited as part of an “anchor close” to facilitate early dialogue on structure and terms.

ECP is benefiting from a valuation tailwind in its predecessor fund ECP V, driven by portfolio company Pro Energy, a gas turbine business. Bridgepoint Group reported a 3.1x MOIC at the end of June, expected to increase to over four times following a material valuation increase. The Q3 Pro Energy valuation includes a substantial discount for execution risk and uncertainty in timing of realization.

Despite infrastructure equity being rated the most attractive asset class among institutional investors, Goldman Sachs found that high-net-worth investors showed limited interest in private infrastructure. Only 20% of baby boomers, 24% of Gen X, and 33% of Millennials named infrastructure as an alternative discussed with advisers, compared to 56%-79% favoring private equity.

I Squared Capital also announced the hiring of a new managing director, though details were not disclosed.

Copenhagen Infrastructure Partners (CIP) 已从两家主要斯堪的纳维亚投资者处获得其第六只旗舰基金的承诺，该基金目标规模为 160 亿欧元。Norges Bank Investment Management 认捐 12 亿欧元，Folksam Group 认捐 45 亿瑞典克朗（4.51 亿美元；4.01 亿欧元）。这两家投资者此前曾支持 CIP 的第五只旗舰基金，并作为“锚定关闭”的一部分被邀请，以促进关于结构和条款的早期对话。

ECP 从其前一基金 ECP V 的估值增长中受益，这是由投资组合公司 Pro Energy（一家燃气轮机企业）推动的。Bridgepoint Group 报告称，截至 6 月底，MOIC 为 3.1 倍，预计将随着 Pro Energy 估值的实质性增长而超过四倍。第三季度 Pro Energy 的估值包括对执行风险和实现时间不确定性的重大折扣。

尽管基础设施股权被机构投资者评为最具吸引力的资产类别，但高净值投资者对私募基础设施兴趣有限。Goldman Sachs 的研究发现，只有 20% 的婴儿潮一代、24% 的 X 世代和 33% 的千禧一代将基础设施列为与顾问讨论的另类投资，而 56%-79% 的投资者则青睐私募股权。

I Squared Capital 也宣布聘用了新任董事总经理，但具体细节尚未公布。

关键实体：公司：Copenhagen Infrastructure Partners、Norges Bank Investment Management、Folksam Group、ECP、Bridgepoint Group、Pro Energy、Goldman Sachs、I Squared Capital、PEI Group | 人物：Doug Kimmelman | 地点：挪威、瑞典、丹麦、美国

FAQ：ECP V 的估值增长是什么原因？

A 重大估值增长是由投资组合公司 Pro Energy（一家燃气轮机企业）推动的，这促使 ECP V 的 3.1 倍 MOIC 预计将超过四倍。

FAQ 问：ECP V 的估值增长是什么原因？

FAQ 答：重大估值增长是由投资组合公司 Pro Energy（一家燃气轮机企业）推动的，这促使 ECP V 的 3.1 倍 MOIC 预计将超过四倍。