Company type | Société par Actions Simplifiée (SAS) |
---|---|
Founded | 2005 |
Founder | Thierry Déau |
Headquarters | , |
Number of locations | 10 |
AUM | US$20 billion (April 2023) |
Owner |
|
Number of employees | 380 (April 2023) |
Website | meridiam |
Meridiam is a global investor and asset manager based in Paris specialized in developing, financing and managing long-term public infrastructure projects. Founded in 2005, Meridiam invests in public infrastructure in Europe, North America and Africa.
Meridiam has offices in ten countries (France, Luxembourg, United States, Turkey, Senegal, Austria, Ethiopia, Jordan, Gabon, South Africa [1] ), manages $18 billion of assets and has to date invested in over a hundred transport, building and public services projects.
Meridiam was established in 2005 by Thierry Déau, formerly Chief Executive of Egis Projects, a subsidiary of France’s Caisse des Dépôts et Consignations specialized in developing, financing and managing infrastructure projects.
Set up to finance public infrastructure and to create a secure investment framework for long-term savings, Meridiam received the financial and operational support from the Crédit Agricole Group and AECOM Technology. [2]
In 2006, while achieving the first closing of its fund Meridiam I, the company secured its first two projects: the Limerick Tunnel in Ireland, [3] which began operating in July 2010, and the A5 highway in Austria, which opened to traffic in January 2010. [4]
In 2007, Meridiam acquired the Fulcrum LIFT project covering local healthcare facilities in the United Kingdom, [5] as part of large-scale program sponsored by the British Health Ministry.
In 2008, the company proceeded to a new fund-raising round for Meridiam I, which brought the fund size to €548 million. [6] In the same year, Meridiam secured a stake in the A2 Motorway phase I project in Poland. [7]
In 2009, the company won four new projects in Europe: the A5 Motorway in Germany, [8] the A2 Motorway phase II in Poland, [9] the R1 Motorway in Slovakia [10] and the velodrome in Saint-Quentin-en-Yvelines, France. [11] In the same year, Meridiam also secured two projects in the United States: the port of Miami Tunnel, inaugurated in May 2014 [12] and the North Tarrant Express Highway in Texas, which began operating in October 2014. [13]
Also in 2009, Infrastructure Investor selected Meridiam as European Fund of the Year. [14]
While engaging a fund-raising process on both sides of the Atlantic (Meridiam Infrastructure Europe II [15] and Meridiam Infrastructure North America II [16] ), Meridiam signed 6 new contracts between 2010 and 2011, including the new Montreal University Hospital Research Center (which opened in the fall of 2013), [17] the Long Beach Courthouse (which opened in the fall of 2013) in California, [18] the Nottingham Express Transit phase II (which began operating in May 2015), [19] as well as the South-Europe Atlantique High-Speed rail line in France (which began operating in July 2017). [20]
In 2011, Meridiam received the Fund of the Year award for its global achievements by Infrastructure Journal. [21]
In 2012, Meridiam set up a new supervisory board. [22] The ownership structure was modified and resulted in the majority of shares being held by partners and employees. As of 2013, AECOM maintained thirty percent ownership in Meridiam. [23]
In the same year, the closing of the funds Meridiam Infrastructure Europe II [24] and Meridiam Infrastructure North America II [16] increased the investment capacity of the company to $2.3 billion.
In order to finance the student housing facilities of the University of Hertfordshire (scheduled to open in September 2016), [25] the company launched in 2013 the first project bond without credit enhancement in Europe. [26] Simultaneously, Meridiam launched a partnership with the EDHEC Risk-Institute to support academic research. A new chair was established, dedicated to infrastructure equity investments, as well as to the recognition of infrastructure as a separate asset class. [27]
This position was recently adopted by the European regulator EIOPA following a consultation. [28]
In the first half of 2014, the company announced the fund-raising round of the first fund dedicated to the African continent, the Meridiam Infrastructure Africa Fund, targeting €300 million over a period of 15 years. [29] In September 2015, the European Investment Bank announced its participation in this fund with an investment of €30 million. [30]
In the same year, Meridiam opened an office in Istanbul and invested in four hospital projects in the country. [31]
In February 2015, the company signed a concession contract reuniting the ports of Calais and Boulogne-sur-Mer and comprising the project Calais Port 2015. It is the first French public infrastructure project carried by France as part of the Juncker Plan. [32]
Finally, in the context of the 2015 Paris Climate Conference organized in late 2015, Meridiam announced the launch of a new fund dedicated to infrastructure projects relating to energy transition. [33]
At the beginning of 2016, Meridiam opened an office in Dakar.
In 2020, Meridiam is Veolia's partner in a takeover bid for SUEZ. [34] Thierry Déau, founder CEO of Meridiam, is considered "the third man" within the framework of this project.
In October 2020, Meridiam becomes the majority shareholder of Voltalis, the European leader in active management and reduction of electricity consumption for individuals.
In December, Meridiam and Vinci concluded their public-private partnership contract for the D4 highway in the Czech Republic. This 28-year partnership represented an investment of around 600 million euros. The new highway improves the connection between South Bohemia and Prague, and helps improving traffic conditions on the country's main trade routes, especially to neighboring Germany and Austria.
In May 2021, Calais port's extension project was completed, marking the end of the works on one of the largest construction sites in Europe. Meridiam, the Caisse des Dépôts, the Hauts-de-France Region CCI and the Grand Port Maritime de Dunkirk, as well as the Société des Ports du Détroit participated in this project.
In June 2021, the executive board of SUEZ and Veolia approved the promise to purchase filed by Meridiam, GIP and Groupe Caisse des Dépôts with CNP Assurances for the acquisition of the "new Suez". [35] The Consortium of Investors is made up of Meridiam and GIP, each one holfing 40% of the capital, and the Caisse des Dépôts Group with CNP Assurances, holding 20% of the capital. The promise to purchase is subject to the waiver of certain precedent conditions, in particular to the approval of SUEZ shareholders and to obtaining the required regulatory authorizations. [36]
Beginning of September 2021, Meridiam takes a 40% stake in Setrag, the concessionaire which operates "the Transgabonais"(Gabon's main railway line), alongside Comilog (a subsidiary of Eramet and the Gabonese State). Setrag is a vital infrastructure for the country's economy, which connects over approximately 650 km, from Franceville (3rd largest city of the country) to Libreville (capital city), to the port of Owendo.
At the end of September 2021, Meridiam, alongside its partners, Hydrogen de France (HDF) and SARA (limited company of the Antilles refinery, Rubis Group), launches the project for the West Guyana Power Plant (CEOG). [37] This is currently the largest power plant project in the world, storing intermittent renewable energies using hydrogen. [38]
Also in September 2021, Meridiam raises more than 5 billion euros for its future sustainable and impact investments. Its assets under management now stand at nearly €15 billion, an increase of around 80%. [39] All new funds are classified under Article 9 of the European regulation on the disclosure of information relating to sustainable finance (SFDR), the highest standard for sustainable development. [40]
Meridiam develops, finances, builds and manages various types of projects:
Meridiam is present in 25 countries with offices located in 10 cities: Paris, New York, Istanbul, Dakar, Luxembourg, Addis Ababa, Vienna, Amman, Libreville and Johannesburg.
Signatory of the United Nations’ Principles for Responsible Investment (PRI) since 2010, [50] the company adopted since its inception an Ethics Charter focusing on environmental, social and governance issues. [51]
In January 2012, Meridiam was the first investor and asset manager to receive ISO 9001 certification for its activity including it sustainable investment process. [52]
Méridiam is certified by international standards and development banks which are integrated into the investment process and management of its portfolio.
The company has also included in its investments the United Nations Principles of Responsible Investment and the Equator Principles. [55]
In December 2023, Meridiam obtains the international label of companies with a B Corp mission. [56]
Meridiam received the following awards :
The economy of Djibouti is derived in large part from its strategic location on the Red Sea. Djibouti is mostly barren, with little development in the agricultural and industrial sectors. The country has a harsh climate, a largely unskilled labour force, and limited natural resources. The country's most important economic asset is its strategic location, connecting the Red Sea and the Gulf of Aden. As such, Djibouti's economy is commanded by the services sector, providing services as both a transit port for the region and as an international transshipment and refueling centre.
The French Development Agency is a public financial institution that implements the policy defined by the French Government. It works to fight poverty and promote sustainable development. This public institution is active in Africa, Asia, the Middle East, Latin America, the Caribbean and the French overseas territories, where it finances and supports projects that improve living conditions for populations, promote economic growth and protect the planet.
The Caisse de dépôt et placement du Québec is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. It was established in 1965 by an act of the National Assembly, under the government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec. It is the second-largest pension fund in Canada, after the Canada Pension Plan Investment Board. It was created to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably, while also contributing to Quebec’s economic development. As of December 31, 2023, CDPQ managed assets of C$434 billion, invested in Canada and elsewhere. CDPQ is headquartered in Quebec City at the Price building and has its main business office in Montreal at Édifice Jacques-Parizeau.
Banque Cantonale de Genève (BCGE) is a limited company established under Swiss public law, resulting from the merger of the Caisse d'Épargne de la République et Canton de Genève and the Banque Hypothécaire du Canton de Genève. It is one of the 24 cantonal banks.
Engie SA is a French multinational utility company, with its headquarters in La Défense, Courbevoie, which operates in the fields of electricity generation and distribution, natural gas, nuclear, renewable energy and petroleum. It is active in both upstream and downstream activities.
The Qatar Investment Authority is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In October 2023, the QIA has an estimated $475 billion of assets under management.
The Caisse des dépôts et consignations is an idiosyncratic French public financial institution created in 1816, often referred to as the investment arm of the French State. It is defined in the French Monetary and Financial Code as a "public group serving the public interest" and a "long-term investor". Its governance framework places it under the control of the Parliament.
Icade SA is a multinational real estate investment trust (REIT) that is headquartered in Issy-les-Moulineaux, Paris, France and is a subsidiary of Caisse des dépôts et consignations. The name is an abbreviation of Immobilière Caisse des Dépôts. It invests in various types of properties including health care, offices, business parks, housing and public facilities. It is one of the largest property businesses of France. Icade became the leading commercial real-estate company for offices and business parks in the Ile-de-France region, is the largest REIT in healthcare sector of France and a key partner of major French cities. The main shareholders are the parent organization and Crédit Agricole.
The Russian Direct Investment Fund is Russia's sovereign wealth fund established in 2011 by the Russian government to make investments in companies of high-growth sectors of the Russian economy. Its mandate is to co-invest alongside the world's largest institutional investors, direct investment funds, sovereign wealth funds and leading companies.
The World Pensions Forum, also called World Pensions & Investments Forum, is a research and policy oriented conference organised by M. Nicolas Firzli, founder of the World Pensions Council (WPC), in partnership with regional and supranational organisations, large public and private institutional investors from G10 countries, the emerging nations of Eastern Europe, Latin America, Asia and the MENA area.
The French Pension Reserve Fund is a public entity created by law n°2001-624 dated 17 July 2001. Its mission is to invest monies entrusted to it by the public authorities on behalf of the community with the aim of financing the French pension system. Its investment policy is to optimize returns on the investments it makes as prudently as possible. Its policy must be consistent with those collective values that are designed to promote balanced economic, social and environmental development.
The Caisse de dépot et de gestion is a state-owned financial institution which manages long-term savings in Morocco. Given its substantial assets it also acts as a large investor in the country, especially in the tourism sector. It possesses many subsidiaries operating in various sectors of the Economy.
Avril is an international agro-industrial group based in France, specialising in food, animal feed, energy and sustainable chemistry. It was founded in 1983, on the initiative of a collective group of leaders in the French farming sector, and was structured as a subsidiary to ensure outlets for French oilseeds and protein crops.
Thierry Déau is the founder, chairman and chief executive officer of Meridiam, a leading independent global investor and asset manager specialized in developing, financing and managing long-term public infrastructure projects. In 2023, Challenges magazine estimated his professional fortune at €550 million, placing him 240th among France's 500 richest people. Between 2018 and 2023, his fortune will jump by almost 34% per year, from 125 million to 550 million.
Africa Finance Corporation (AFC) is a pan-African Multilateral Development Financial Institution established in 2007 by sovereign African states to provide pragmatic solutions to Africa's infrastructure deficit and challenging operating environment. The Corporation bridges the infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.
The Sustainable Development Investment Partnership (SDIP) is an international public-private partnership which aims to use blended finance to support sustainable infrastructure investments in developing countries. The SDIP thus brings together public, private and philanthropic entities to work towards the Sustainable Development Goals (SDGs) set out by the United Nations. The SDIP was launched at the United Nations Conference on Financing for Development in Addis Ababa in July 2015 with 20 founding members, which has since risen to 42. The World Economic Forum and OECD were founding partners and provide institutional support. SDIP's inaugural meeting took place in Geneva, Switzerland on 15 September 2015.
Aster is a venture capital company specialised in the energy, manufacturing, and mobility sectors. Founded in 2010, it has operations in Paris, San Francisco, Beijing, and Tel Aviv. Aster manages more than €500 million in assets and investments in Europe, North America, and China. The company is headed by Jean-Marc Bally.
Yves Perrier is a French financial manager. He served as chief executive officer (CEO) of Amundi from the creation of the company in 2010 to 2021.
The African Solidarity Fund (ASF), also known by its French name and acronym (Fonds de Solidarité Africain, FSA), is a multilateral, financial guarantee institution based in Niamey, Niger. Currently it has 21 member states. The purpose of the ASF is to contribute to the economic and social development of its regional member states by facilitating access to credit for states and public and private enterprises in its area of operation, to finance productive investment projects, and to mobilize local and external savings, in particular by providing loan guarantees on the financial markets.
Mirova is a global asset management company dedicated to sustainable investment and an affiliate of Natixis Investment Managers. As of September 30, 2023, Mirova and its affiliates manage €28.4 billion. The company is a mission-driven company, labeled B Corp.