Infralogic Investors Forum New York 2023
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The Plaza, New York
27
Apr
LPs & fundraising: preparing for a tougher investing environment
Fundraising globally by infrastructure funds slowed dramatically in the third quarter of 2022, falling to just USD 12bn, according to Infralogic data. The drop off followed record fundraising in the first half of the year when USD 122bn was raised. The abrupt halt raises the question of whether the market is simply taking a breather or if fund managers need to prepare for a much tougher environment in 2023.
Total annual capital raised at final close reached a new record of USD 148.75bn accumulated by 59 infrastructure, renewables and energy transition funds in 2022 globally, beating the last record of USD 103bn raised by 54 funds in 2021. GPs and funds have been once again the main investors in the US and Canadian markets in 2022, by a larger margin than the previous year.
- What types of funds are LPs galivanting towards?
- How are LPs looking at energy funds compared to more general infrastructure funds?
- How much of an impact does the so-called denominator effect have on fundraising? Are some LPs willing to exceed allocation caps?
- Several GPs executed secondary deals in 2022 to hold onto assets longer. Are LPs open to more GP-led secondary transactions?
- Are there any openings for new GPs to raise inaugural funds?
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SpeakersPaul Barr Partner Pantheon
Petya Nikolova Deputy CIO and Head of Infrastructure NYC Pension PlansLars Pace Principal Hamilton Lane
Todd Lapenna Partner Stepstone
Vittorio Lacagnina Partner, Institutional Client & Product Solutions Apollo Global ManagementEugene Zhuchenko Founder ETORE Advisory
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Paul is a Partner in Pantheon’s Global Infrastructure and Real Assets Investment Team. He previously worked at GIC, from 2012, where he was Senior Vice President, Infrastructure with a global remit focussing on primary, secondary and co-investment opportunities. Paul also has expertise in infrastructure direct investing and infrastructure debt transactions. Prior to GIC, Paul worked at Challenger Infrastructure and Macquarie Capital. Paul studied Business at the University of Edinburgh. He is also a CFA Charterholder, a Chartered Accountant, and a Member of the Securities Institute. Paul is based in San Francisco.
Lars Pace is a Principal on Hamilton Lane’s Real Assets Investment Team, where he is responsible for due diligence of primary fund opportunities in infrastructure and real assets. Prior to joining Hamilton Lane in 2010, Pace was a portfolio manager at American Beacon Advisors, Inc., where he oversaw a USD 1bn portfolio of private equity investments. Previously, Pace was a Financial Analyst with American Airlines Inc. and Ford Motor Company.
Todd Lapenna is a member of the infrastructure and real assets team. Lapenna is also involved in various investment activities.
Prior to joining StepStone, Lapenna was a portfolio manager at CalPERS where he led new investments, strategy and portfolio construction for the infrastructure program. Before that he held various investment and capital markets roles at the Royal Bank of Scotland, CIT, Export Development Canada, and Westcoast Energy. Lapenna has executed numerous debt and equity investments in private market power, renewables, energy, utilities, transportation, water and industrials.
Vittorio Lacagnina is a Partner in the Institutional Client Group at Apollo where he leads product development for Sustainability & Infrastructure and serves as a member of the Infrastructure Investment Committee.
Prior to joining Apollo in 2022, Vittorio was Head of Business Development, Private Infrastructure at Partners Group. Vittorio has 26 years of industry experience across a variety of senior investment, advisory and capital formation roles.
Vittorio began his career in the Investment Banking Division of Goldman Sachs where he acquired relevant transaction and coverage expertise across the Americas and Europe.
Vittorio graduated with a first-class BA (Hons) in international business from the European Business School, London.
Vittorio is a Member of the Board of Governors of Ocean Exchange, whose mission is to accelerate the adoption of innovative solutions for a sustainable blue economy. He is also a supporter of Glasswing International involved in Youth Development, Community Empowerment and Trauma-Informed Care in Central America.
Eugene Zhuchenko has 20 years of infrastructure experience. Prior to founding ETORE Advisory, he was the CEO of Long Term Infrastructure Investors Association, managed an infrastructure portfolio at APG Asset Management, led M&A projects at APM Terminals and provided transport and energy advisory services at PricewaterhouseCoopers. Eugene has been a board member in several private equity infrastructure companies in Europe and North America. He is a Chartered Certified Accountant and holds an MBA from the University of Chicago Booth School of Business.
ETORE Advisory works with institutions, fund managers and asset companies to unlock new opportunities in infrastructure investing. With tailored solutions such as collaborative investing, we help our clients excel where markets are less efficient and success is linked to innovation.