About Ancala

• Founded: 2010

• Headquarters: London, United Kingdom

• Strategy: Mid-market infrastructure equity, primarily Europe

• Thesis: Targets essential infrastructure assets in regulated or contracted sectors where stable cash flows can be enhanced through active asset management and operational improvements.

• Track record: Fund III closed at €1.4bn in February 2024, above its €1.2bn target; Fund II raised €900m in 2019

• Leadership: Founded by former Macquarie infrastructure investors including managing partners Peter Bachmann and Joaquim De Sá

Ancala has launched its fourth flagship infrastructure fund targeting €2bn, a 43% step-up from its predecessor. Fund III closed at €1.4bn in February 2024, oversubscribed against its €1.2bn initial target. The new vehicle will continue the firm's focus on mid-market European infrastructure equity, concentrating on regulated and contracted assets in sectors including energy transition, digital infrastructure, and transport.

The fund-size trajectory — €900m to €1.4bn to a €2bn target across three successive vintages — positions Ancala in a tightening segment of the European infrastructure market. Competitors including Antin Infrastructure Partners (€7bn Fund V closed in 2023) and Asterion Industrial Partners (€2.5bn Fund II closed in 2024) have pushed deeper into the large-cap end, while newer entrants like DWS Infrastructure (€1.5bn debut fund in 2023) crowd the sub-€2bn range. Ancala's track record of beating targets gives the raise credibility, but the 43% increment assumes LP appetite for a third commitment in under six years from the same GP.

The test will be deployment pace and deal sourcing at scale. Fund III's €1.4bn was raised in roughly 18 months; Fund IV's larger target implies either a longer fundraise or expanded LP base. Meanwhile, European infrastructure deal volume fell 22% year-over-year in 2024 according to Preqin, with median EBITDA multiples holding near 12x — levels that compress returns for funds deploying at €2bn scale without operational value-add. Ancala's active-management thesis will need to deliver measurably above market beta to justify the fee load on a larger pool.

Source: Infrastructure Investor