Macfarlanes advises Ancala on the closing of its third flagship infrastructure fund at €1.4bn

08 February 2024

Macfarlanes has advised Ancala, the leading independent infrastructure manager, on the successful fundraising of its third flagship infrastructure fund which has closed with total commitments of €1.4bn.

Its largest ever individual fundraise, Ancala Infrastructure Fund III surpassed its €1.2bn target. The fund contains commitments from new and existing investors to Ancala. It comprises funds from institutional investors across Europe, North America and Asia.

The fund has completed three investments to date: Europe’s largest aerial emergency services provider Avincis; leading Norwegian supply base Fjord Base; and decarbonised heating and cooling specialist Noventa.

Ancala has total AuM of more than €4bn and manages 18 assets operating in essential infrastructure sectors including renewable energy and energy transition, transport, utilities and the circular economy. Its proactive approach to value creation is delivered by an experienced asset management team which includes Industry Partners – former CEOs and chairs of major infrastructure businesses.

Earlier in 2023, Macfarlanes also advised Ancala on the transfer of three existing investments (Portsmouth Water, Biogen and Leep Utilities) to a new £551m Growth Infrastructure Fund.

The Macfarlanes team was led by private funds partner Stephen Robinson with assistance from senior associate Sweta Tandle and senior counsel Henry Stewart-Brown. Tax advice was provided by senior advisor Mark Baldwin with assistance from associate Jack Slater

Stephen Robinson comments: “We were delighted to assist Ancala on this impressive fundraise for its third flagship infrastructure fund. Alongside helping Ancala with its main fundraise, we assisted Ancala with a number of other complex transactions last year including the launch of the Growth Fund to support the expansion plans of Ancala’s three existing portfolio businesses”.