DIF invests in a wide range of international, high-quality infrastructure projects that generate stable, long-term cash-flows. We currently manage around €5.6 billion of assets across seven investment funds.
To date we have invested in and managed over 200 infrastructure and renewable energy projects, with a total asset value in the tens of billions of euros. Have a look through some examples of our current projects.
Our funds
We manage two kinds of investment strategy, both targeting greenfield and operational infrastructure projects across Europe, North America, South America and Australasia. Each strategy has a well-defined and differentiated investment remit.
Since the start of DIF in 2005, our traditional DIF funds have invested in public private partnerships (PPP/PFI/P3), regulated utilities, renewable energy projects and other infrastructure that shares similar characteristics and risk/return profiles.
Our CIF funds focus on small- and mid-sized, economic infrastructure assets in telecom, transportation and energy. The investment focus is on assets, buy-and-build of portfolios and companies with an asset heavy business model.
| Job title | Status | Number of investments | Committed capital | |
|---|---|---|---|---|
DIF Core Infrastructure Fund I (DIF CIF I)DIF CIF I invests in small- and mid-sized economic infrastructure assets around the world, targeting mid-term contracted cash flows with a modest risk profile, that offer attractive returns for our investors. Final close: November 2017 Capital: €450 million (Target: €350 million) Target: Small / mid-sized infrastructure assets, buy-and-build of portfolios and companies Locations: Europe | North America | Australasia Sectors: Telecom | Transportation | Energy | 2017 | Investing | 11 No. of investments | €450m Committed capital |
DIF Infrastructure V (DIF V)DIF V is currently investing in both greenfield and operational assets around Europe, North America and Australia with a strong pipeline of investments offering long-term contracted or regulated income streams, stable and predictable cash flows, and attractive risk-adjusted returns. Final close: May 2018 Capital: €1.9 billion (Target: €1.5 billion) Target: PPP (PFI/P3) | Concessions | Regulated utilities | Renewable energy Locations: Europe | North America | Australasia Projects: Greenfield | Operational | 2017 | Investing | 18 No. of investments | €1.9bn Committed capital |
DIF Infrastructure IV (DIF IV)DIF IV has made 29 investments including both greenfield and operational assets around Europe, North America and Australia. It is now fully focused on management and optimisation.
Final close: September 2015 Capital: €1.15 billion (Target: €1.0 billion) Target: PPP (PFI/P3) | Concessions | Regulated utilities | Renewable Energy Locations: Europe | North America | Australasia Projects: Greenfield | Operational | 2015 | Fully invested | 29 No. of investments | €1.15bn Committed capital |
DIF Infrastructure III (DIF III)DIF III has made 56 investments around Europe and North America. The fund is focused on actively monitoring and optimising projects, and divesting (portfolios of) assets selectively. In September 2017, the fund sold its share of 12 investments that were jointly held with DIF II as part of the sale of the entire DIF II portfolio. In 2018 the fund sold 11 solar assets in Canada, UK and France and its stake in the A63 toll road in France. It is targeting to realize further investments in the coming years. Final close: March 2013 Capital: €800 million (Target: €600 million) Target: PPP (PFI/P3) | Concessions | Regulated utilities | Renewable Energy Locations: Europe | North America Projects: Greenfield | Operational | 2012 | Fully invested | 56 No. of investments | €800m Committed capital |
DIF Infrastructure II (DIF II)DIF II has made 58 investments around Europe. After selling three onshore wind assets and seven PPP projects, the remaining 48 investments were divested to a single institutional buyer and are now held by DIF Yield I. Final close: October 2010 Capital: €572 million (Target: €500 million) Target: PPP (PFI) | Renewable Energy Locations: Europe Projects: Greenfield | Operational | 2008 | Fully realised | 58 No. of investments | €572m Committed capital |
DIF Renewable Energy (DIF RE)DIF RE has made 26 investments in onshore wind and solar energy projects across Europe. Following a number of sales beginning in 2011, the fund divested all remaining holdings in 2018.
Final close: September 2008 Capital: €134 million Target: Renewable energy (onshore wind and solar) Locations: Europe Projects: Greenfield | Operational | 2007 | Fully realised | 26 No. of investments | €134m Committed capital |
DIF PPPDIF PPP invested in a wide range of PPP/PFI projects offering long-term stable cash-flows with minimal commercial risk. The fund was fully realised in November 2014 via its sale to Aberdeen Asset Management. Final close: March 2005 Capital: €121 million Target: PPP / PFI Locations: Europe Projects: Greenfield | Operational | 2005 | Fully realised | 16 No. of investments | €121m Committed capital |
DIF Infrastructure Yield I (DIF YIELD I)DIF Yield I manages and optimises PPP/PFI and renewable energy projects that generate long-term, stable cash-flows with minimal commercial risk. The fund manages these assets on behalf of a single institutional investor who acquired the whole DIF II portfolio and 12 cross shareholdings with DIF III, and is a newly established continuation fund. Final close: September 2017 Capital: €750 million Target: PPP (PFI) | Renewable Energy (onshore wind and solar) Locations: Western Europe Projects: Operational | 2017 | Fully invested | 48 No. of investments | €750m Committed capital |
Ampere Equity FundDIF took over the fund management of Ampere Equity Fund on 1 January 2014. With a diversified portfolio of renewable energy assets, the fund has invested in projects using proven technology to deliver stable and predictable long-term returns. The fund has sold 6 investments and is targeting to realize further investments. Final close: December 2008 Capital: €350 million Target: Renewable energy (wind and solar) Locations: UK | Netherlands | Germany | Italy | Spain | France Projects: Operational | 2007 | Fully invested | 18 No. of investments | €350m Committed capital |
DIF Co-investmentsAlongside our main funds, we also offer co-investments. We are currently managing four co-investment funds and direct co-investments for a total amount of around €332 million. | Fully invested | 11 No. of investments | €332m Committed capital |