Global Infrastructure Partners

Last updated

Global Infrastructure Management, LLC
Company typeSubsidiary
Industry Private equity
FoundedMay 2006
Founders
  • Jonathan Bram
  • Matt Harris
  • Michael McGhee
  • Adebayo Ogunlesi
  • Raj Rao
  • Bill Woodburn
Headquarters New York City, U.S.
Key people
AUM approx. US$100 billion (2023) [2]
Parent BlackRock
Website www.global-infra.com

Global Infrastructure Partners (GIP) is an American infrastructure investment fund making equity and selected debt investments across markets worldwide. GIP's main headquarters are located in New York City and its equity investments are based on infrastructure assets in the energy, transport and water & waste sectors. GIP employs approximately 150 investment and operational professionals and has offices in New York, London, Stamford, Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. [3] [4] In total as of 2023, its portfolio companies employ approximately 100,000 people, according to the company website. BlackRock acquired the company in 2024.

Contents

History

Global Infrastructure Partners was established in May 2006. Two founding investors in its first fund, GIP I, were Credit Suisse and General Electric. Both committed approximately 9% of the US$5.64 billion of GIP I's committed capital.

The firm's first investment was announced in October 2006. It was a 50:50 joint venture between GIP and American International Group (AIG) to acquire London City Airport for an undisclosed sum. GIP announced the sale of the asset in February 2016 for a significant multiple of its acquisition price.

GIP has made two additional notable airport investments: the October 2009 acquisition of Gatwick Airport, the second largest airport in the United Kingdom by passenger traffic, for £1.5 billion from BAA [5] [6] and the 2012 acquisition of Edinburgh Airport for £807 million. [7] [8]

GIP has made a cross section of investments in other areas of the transport sector as well as the natural resource and power generation areas of the energy sector. These assets include seaports, freight rail facilities, midstream natural resources and power generation businesses.

Global Infrastructure Partners' first fund, GIP I, completed its fund raising in May 2008 with $5.64 billion in investor capital commitments. The fund became fully invested during 2012.

In September 2012, GIP's second fund, GIP II, completed fund raising with US$8.25 billion in investor capital commitments, making it the largest independent infrastructure fund in the world at that time. [9] Exceeding what it had initially projected, [10] GIP's third fund—GIP III—completed fund raising in January 2017 with approximately $15.8 billion in investor capital commitments. GIP's fourth equity Fund, GIP IV, completed fund raising in December 2019, raising $22 billion.

GIP also manages several other Funds which focus on investments in infrastructure in other asset classes or target specific regions. GIP's Credit business manages over $4 billion across three Funds: GIP Capital Solutions I and GIP Capital Solutions II and GIP Spectrum.

In January 2024, the investment management corporation BlackRock announced its acquisition of Global Infrastructure Partners for $12.5 billion with Perella Weinberg as financial advisor. This move aims to tap into the infrastructure market, forecasted to be one of the fastest-growing segments of private markets in the years ahead. [11] [12] [13] On October 1, 2024, it was announced that BlackRock had completed the purchase of GIP. [14]

Current investments

As of January 2023 Global Infrastructure Partners had aggregate assets under management of approximately US$100 billion, such investments being concentrated in OECD countries, generating revenues of approximately US$80 billion. Its portfolio specifically included investment in the following assets: [15]

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References

  1. ↑ "Company Overview of Global Infrastructure Partners". Bloomberg Businessweek. Archived from the original on 29 November 2009. Retrieved 15 October 2012.
  2. ↑ "Global Infrastructure Partners". Global Infrastructure Partners. Retrieved 23 September 2020.
  3. ↑ "GLOBAL INFRASTRUCTURE PARTNERS ANNOUNCES THE ELECTION OF SIX NEW PARTNERS". www.prnewswire.com. 2 February 2023. Retrieved 29 November 2023.
  4. ↑ "Global Infrastructure Partners | Our Offices". Global Infrastructure Partners. Retrieved 29 November 2023.
  5. ↑ "Gatwick airport sold for £1.5bn". The Telegraph. 21 October 2009. Retrieved 15 October 2012.
  6. ↑ "BAA agrees Gatwick airport sale". BBC News. 21 October 2009. Retrieved 15 October 2012.
  7. ↑ "Edinburgh Airport sold to Global Infrastructure Partners for £807m". BBC News. 23 April 2012. Retrieved 15 October 2012.
  8. ↑ "Edinburgh Airport changes hands to Global Infrastructure Partners". BBC News. 1 June 2012. Retrieved 15 October 2012.
  9. ↑ "Global Infrastructure Partners raises record $8.25 billion". Reuters. 3 October 2012. Retrieved 15 October 2012.
  10. ↑ Krouse, Sarah, and Ryan Dezember, "BlackRock Goes $3.7 Billion Deeper Into Pipelines and Power", The Wall Street Journal, 1 February 2017. Retrieved 2017-02-01.
  11. ↑ "BlackRock Agrees to Acquire GIP, Creating a World Leading Infrastructure Private Markets Investment Platform". Global Infrastructure Partners. 12 January 2024. Archived from the original on 12 January 2024. Retrieved 12 January 2024.
  12. ↑ "BlackRock strikes $12.5 bln deal for Global Infrastructure Partners". Reuters. 12 January 2024. Archived from the original on 12 January 2024.
  13. ↑ "BlackRock CEO Larry Fink on GIP deal: The future in private markets will be infrastructure". Youtube – CNBC Television. 12 January 2024. Retrieved 12 January 2024.
  14. ↑ "BlackRock Completes Acquisition of Global Infrastructure Partners". BlackRock. Retrieved 3 October 2024.
  15. ↑ "Investments". Global Infrastructure Partners. Archived from the original on 19 December 2012. Retrieved 16 October 2012.
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