Persistenctly strong institutional demand
The first closing of BRIDGE II (Benjamin de Rothschild Infrastructure Debt Generation) at the beginning of December involved new investors based in Italy, Germany and France and should enable an interim closing at the beginning of 2017 as investors are currently at an advanced due diligence stage. BRIDGE II is expected to complete its fundraising in the course of Q2 2017 and for a similar amount as FCT BRIDGE I (BRIDGE I).
For institutions looking for yield in today’s low interest rates environment and amid ongoing banking disintermediation, high asset quality along with low volatility and stable cash flows over long maturities represent very solid fundamentals.
As with BRIDGE I, this second generation fund, which is managed by the same London-based team of 11 experts, seeks to broaden the platform's range and capture new opportunities among the vast universe of available infrastructure assets.
At the end of 2016, The BRIDGE platform comprises three funds representing an aggregate amount of close to EUR 1bn under management.
Strong momentum in commitments
The commitments from BRIDGE II’s initial investors also mark the beginning of the fund’s investment period. Three investments have already been structured and closed just before the Christmas break.
These first crystallised opportunities see the BRIDGE platform reinforce its position in the social and telecoms infrastructure, the latter via a first investment in a fibre optic PPP (Public Private Partnership) in France. A new opportunity in the renewable energy sector is being structured and should close soon, confirming BRIDGE’s focus on this sector.
In a very active year for the platform, these newly closed opportunities take the number of investments in 2016 to 10. BRIDGE I, 94% invested, is also finalising its investment period -one year ahead of schedule-.
The investment team’s strong relations with sponsors give it access to a wealth of diversified opportunities and enable it to act as lead arranger in major infrastructure projects financings. As the team invests only on behalf of its clients, this allows it to select high-quality assets with attractive credit margins and maximise investor protection in line with investment mandates.
Both fund vintages can act in concert through co-investments to access
The BRIDGE platform: key figures
- 3 funds including a dedicated fund, for close to EUR 1bn under management - 10 investments in 2016 for a total of EUR 385m invested.
The first vintage in the BRIDGE range is already 94% invested 2 years after its fundraising. It has close to EUR 550m invested and is diversified geographically (France, Austria, Germany, Belgium and the UK), by sector (conventional and renewable energy, road, rail and air transport, social infrastructure and storage), funding situations (project, refinancing and acquisition) and maturity.
“Edmond de Rothschild Asset Management (EdRAM)” is the commercial name of the asset management entities (including branches and subsidiaries) of the Edmond de Rothschild Group. It also refers to the Asset Management division of the Edmond de Rothschild Group.”
Investments in BRIDGE entail exposure to risks from holding debt securities, most notably: counterparty risk, risk of non-reimbursement at maturity, deferred or early reimbursement, credit risk, liquidity risk, interest rate risk, exchange rate risk and concentration risk.
This is a non-binding document which is for information purposes only. It shall not be construed as a solicitation to buy or sell, or an offer of, financial securities to its addressees or the general public.
BRIDGE’s investment vehicles are reserved exclusively for professional investors or their equivalent and might come with restrictions for certain persons and in certain countries. We advise any interested persons first to consult their usual advisors to ensure that they are legally entitled to subscribe to the above mentioned products and/or services. The funds herein may not be offered, sold or delivered directly or indirectly to the United States or for the account of, or in the interest of, any person living in the United States. The funds are offered outside the United States in compliance with the exemption from registration under the S regulation of the 1933 Act. In any case, any investment in Bridge can only be made based on the documents and information that comply with prevailing regulations and which the Edmond de Rothschild Group will provide to investors free of charge before any investment is made.
The data, comments and analysis in this document reflect the opinion of Edmond de Rothschild Asset Management (France) and its affiliates with respect to the markets, their trends, regulation and tax issues, on the basis of its own expertise, economic analysis and information currently known to it. However, they shall not under any circumstances be construed as comprising any sort of undertaking or guarantee whatsoever on the part of Edmond de Rothschild Asset Management (France).
All potential investors must take prior measures and specialist advice in order to analyse the risks and establish his or her own opinion independent of Edmond de Rothschild Asset Management (France) in order to determine the relevance of such an investment to his or her own financial situation.
The investment company for the Bridge Fonds Commun de Titrisation is France Titrisation. Edmond de Rothschild Asset Management (UK) is the investment advisor and Edmond de Rothschild Asset Management (France) is in charge of marketing.
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
47, rue du Faubourg Saint-Honoré
75401 Paris Cedex 08
Société anonyme governed by an executive board and a supervisory board with capital of 11.033.769 euros
AMF Registration number GP 04000015
332.652.536 R.C.S. Paris