Infrastructure equity

We believe that changes in the infrastructure market, structural shifts in various sectors and investment backlogs are opening up a wide range of investment opportunities. With attractive return potential, steady regular income and a very low correlation with the capital market as a whole, infrastructure equity offers investors an interesting opportunity to improve their portfolio structure1

At AllianzGI, we can provide the necessary expertise and market access to utilize these opportunities. Through Allianz Capital Partners (“ACP”), we enable investors to access the same investment opportunities as Allianz. This ensures that investors in our strategies and Allianz are fully aligned.

Given our very long-term investment horizon, we seek returns for Allianz and additional institutional clients through cash yield and not through exits. As a long-term, buy-and-hold investor, we focus on investments that provide stable, preferably inflation-linked cash flows over the long term. 

We invest in assets that provide essential services to the public and are supported by regulated or contracted revenues, or a strong market position. We take construction risk under appropriate contractual or regulatory protection and development risk on a selective basis.

Investing alongside Allianz 

Allianz has been making selected infrastructure investments for decades and its expertise in this area is encapsulated in ACP. Allianz's excellent reputation, capital strength and long-term buy-and-hold investment philosophy frequently results in differentiated deal origination opportunities. Our infrastructure equity strategies offer investors the opportunity to invest jointly with Allianz into these opportunities.

Leveraging Allianz’s deep global networks, technical expertise and a strong understanding of local dynamics, as well as access to and credibility with corporate executives, regulators and policy makers, ensures rigorous execution and asset management. 

Diversified investment portfolio

A stable power grid for Finland, an attractive fibre rollout to the home network in Germany and a modern underground network in Spain – these are three examples of long-term infrastructure investments by ACP. The infrastructure team has been building a broadly diversified portfolio since 2007.

Investment examples





Affinity
Water

Affinity Water
Affinity Water
  • Water-only supply company
  • United Kingdom




Porterbrook

Porterbrook
Porterbrook
  • Rolling stock leasing company
  • United Kingdom



colchester garrison

Colchester Garrison
colchester garrison
  • Garrison
  • United Kingdom




cadent

Cadent
cadent
  • Gas network
  • United Kingdom



XpFibre

SFR FTTH
SFR ftth (altice)
  • Fibre-to-the-home infrastructure
  • France




GASSLED

GASSLED
GASSLED
  • Gas pipeline system
  • Norway



Energy
Elenia

Energy Finland
Energy Elenia
  • Electricity distribution
  • Finland




Tank & Rast

Tank & Rast
Tank & Rast
  • Network of motorway service areas
  • Germany




NET4GAS

net4Gas
NET4GAS
  • Gas pipeline system
  • Czech Republic




GASNET

GasNet
GASNET
  • Gas distribution network
  • Czech Republic




GGND

GGND
GGND
  • Gas distrbutor
  • Portugal




UGG

UGG
UGG
  • Broadband rollout
  • Germany
Worldmap
Chicago Parking Meters
  • Parking meters
  • Chicago – USA
Chicago Parking Meters



Chicago Parking Meters

Thames Tideway Tunnel
  • New sewage tunnel
  • London – United Kingdom
Thames Tideway Tunnel



Thames Tideway Tunnel

Queenspoint
  • Metro infrastructure
  • Madrid and Barcelona – Spain
Queenspoint



Queenspoint

nedgia
  • Gas distribution
  • Spain
Nedgia



nedgia

Autostrade per l’italia
  • Toll road network
  • Italy
Autostrade per L'italia



Autostrade per l’italia

gas connect austria (gca)
  • Gas pipeline system
  • Austria
Gas Connect Austria



gas connect austria (gca)

nöGIG*
  • Broadband rollout
  • Austria
*Closing expected at the end of 2019.
nöGIG



nöGIG

Delgaz grid
  • Electricity and gas distribution grid
  • Romania
Delgaz Grid



Delgaz grid

IndInfravit Trust
  • Toll roads and road infrastructure
  • India
Indinfravit Trust



IndInfravit Trust

ATC Europe
  • Telecommunictions towers
  • pan-European
ATC Europe



ATC Europe

ÖGIG
  • Broadband rollout
  • Austria
ÖGIG



ÖGIG

Affinity Water

Affinity Water

  • Water-only supply company
  • United Kingdom
Porterbrook

Porterbrook

  • Rolling stock leasing company
  • United Kingdom
Colchester Garrison

colchester garrison

  • Garrison
  • United Kingdom
Cadent

cadent

  • Gas network
  • United Kingdom
SFR FTTH

SFR ftth (altice)

  • Fibre-to-the-home infrastructure
  • France
GASSLED

GASSLED

  • Gas pipeline system
  • Norway
GasNet

GASNET

  • Gas distribution network
  • Czech Republic
Energy Finland

Energy Elenia

  • Electricity distribution
  • Finland
Tank & Rast

Tank & Rast

  • Network of motorway service areas
  • Germany
net4Gas

NET4GAS

  • Gas pipeline system
  • Czech Republic
GGND

GGND

  • Gas distrbutor
  • Portugal
UGG

UGG

  • Broadband rollout
  • Germany
Chicago Parking Meters

Chicago Parking Meters

  • Parking meters
  • Chicago – USA
Thames Tideway Tunnel

Thames Tideway Tunnel

  • New sewage tunnel
  • London – United Kingdom
Queenspoint

Queenspoint

  • Metro infrastructure
  • Madrid and Barcelona – Spain
Nedgia

nedgia

  • Gas distribution
  • Spain
Autostrade per L'italia

Autostrade per l’italia

  • Toll road network
  • Italy
Gas Connect Austria

gas connect austria (gca)

  • Gas pipeline system
  • Austria
nöGIG

NÖGIG*

  • Broadband rollout
  • Austria
  • * Closing expected at the end of 2019

Delgaz Grid

Delgaz grid

  • Electricity and gas distribution grid
  • Romania
Indinfravit Trust

IndInfravit Trust

  • Toll roads and road infrastructure
  • India
ATC Europe

ATC Europe

  • Telecommunications towers
  • pan-European
ÖGIG

ÖGIG

  • Broadband rollout
  • Austria




Our investment strategies

European Infrastructure Direct Investments

The European Infrastructure strategy seeks to deliver attractive and resilient risk-adjusted long-term returns and cash yields through direct investments in core and core+ infrastructure equity assets across Europe, with limited additional commitments in OECD2 countries outside of Europe. This is a buy-and-hold strategy offering the opportunity to invest alongside Allianz. 

The target portfolio will be characterised by long-term cash flow visibility and stability, while providing a degree of inflation linkage and ensuring strong downside protection. Investments will include brownfield and selected greenfield assets. 

Global Diversified Infrastructure Equity

The Global Diversified Infrastructure Equity strategy aims to deliver attractive risk-adjusted returns with equity investments in infrastructure globally. It invests alongside Allianz in a diversified global portfolio of core, core+ and selectively value-add infrastructure consisting of primary commitments to infrastructure funds, secondary transactions and co-investments. 

The investment portfolio aims to benefit from diversification across sectors and regions, providing access to a large number of underlying investments. 

 

Investing in renewable energy infrastructure

Since 2005, Allianz Capital Partners has been dedicated to renewables and is one of the world's largest financial investors in this asset class. Investments in wind and solar projects offer an attractive annual income stream at an acceptable risk-return profile.

The advantages of the asset class are predictable, long-term cash yields in comparison to investments alternatives with similar risk, a large and growing investment universe, and no correlation with capital markets, providing excellent possibilities for portfolio diversification.

The knowledge and experience of our Renewables team makes ACP a particularly educated investor, greatly facilitating rapid progress through the due diligence and contractual negotiation process. The carefully selected team combines long term experience in project development, financing, construction and operation of both on- and offshore wind and solar parks.

Benefiting from Allianz Capital Partners‘ expertise

Allianz Capital Partners (“ACP”) is one of the Allianz Group's asset managers for private equity and infrastructure equity investments and is part of AllianzGI. ACP focuses on investing into private equity, infrastructure and renewable energy.

ACP’s infrastructure equity investment managers are based in Munich, London and Luxembourg. While each office has a regional focus, the global team also works together on a variety of transactions, running a global deal list and investment process.

Broad geographic diversification, the local expertise of an investment management team with many years of experience in areas such as consulting, direct investments, M&A, due diligence and structuring, along with a specialized in-house legal team, all help to guarantee the highest possible level of relevant expertise and process reliability.

ACP is committed to the United Nations Principles for Responsible Investment (UN PRI). AllianzGI as the parent company is a signatory to the UN PRI. Thus, in addition to integrating ESG principles in the investment process, ACP also incorporate these into the ownership policies and practices and aim for appropriate disclosure on ESG issues by the entities in which it invest. Moreover, ACP strives to enhance the implementation effectiveness of the Principles and regularly reports on activities and the progress of implementation. The commitment covers all assets ACP invests in.

ACP, investing on behalf of Allianz insurance companies, holds 4th place among the Top 50 Global Investors, according to the ranking of the world’s largest infrastructure equity investors produced by the magazine Infrastructure Investor. They are also the #1 insurance company and #1 in Europe in this ranking.3

In this article of the "Update Magazine", we focus on the relatively new asset class ‘digital infrastructure’ that is increasingly popular with investors. We discuss how to take advantage of the opportunities within this asset class and how to find your way in this steadily growing market.

READ MORE

What other strategies are available?

 
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  1. The performance of the strategy is not guaranteed and losses remain possible.
  2. Organisation for Economic Co-operation and Development (OECD).
  3. A recent study of the Infrastructure Investor in June 2021 put AllianzGI/ACP at no. 4 within the “TOP 50 Global Investors” of the 50 biggest institutional investors based on the market value of their private infrastructure portfolio, both though third-party managed vehicles and direct investments.
     

For professional investors only, strictly private and confidential solely for the intended recipient 
Infrastructure equity investments are highly illiquid and designed for professional investors pursuing a long-term investment strategy only.

Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors might not get back the full amount invested. Investing in fixed income instruments may expose investors to various risks, including but not limited to creditworthiness, interest rate, liquidity and restricted flexibility risks. Changes to the economic environment and market conditions may affect these risks, resulting in an adverse effect to the value of the investment. During periods of rising nominal interest rates, the values of fixed income instruments (including positions with respect to short-term fixed income instruments) are generally expected to decline. Conversely, during periods of declining interest rates, the values of these instruments are generally expected to rise. Liquidity risk may possibly delay or prevent account withdrawals or redemptions. Past performance does not predict future returns. If the currency in which the past performance is displayed differs from the currency of the country in which the investor resides, then the investor should be aware that due to the exchange rate fluctuations the performance shown may be higher or lower if converted into the investor’s local currency. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable at the time of publication. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail. The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted; except for the case of explicit permission by Allianz Global Investors GmbH.

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