Key Takeaways
- • Antin Infrastructure Partners signed a record level of exits in Q3 2026, with estimated distributions of €2.9bn to fund investors (€3.3bn including co-investments), with the Vicinity, Idex and Sølvtrans exits each generating at or above 2.0x Gross Multiple.
- • Flagship III DPI is expected to rise to 0.9x from 0.6x in Q2 2026, and Flagship IV DPI to 0.3x from 0.1x, as the exits complete.
- • Total AUM rose 0.6% over twelve months to €33.5bn, while Fee-Paying AUM fell 2.4% to €21.3bn following the step-down of Mid Cap I.
- • Antin deployed €2.4bn over the last twelve months across six new investments, and Mid Cap II fundraising is progressing with existing and new fund investors.
- • The full-year 2026 distribution is expected to remain stable at €0.71 per share, pending approval at the 2027 Annual General Meeting.
Summary
Antin Infrastructure Partners reported a record level of exits signed in the third quarter of 2026, which it said will generate estimated distributions of €2.9bn to fund investors, or €3.3bn including co-investments, according to a Business Wire regulatory release. The firm said the three exits, across its Flagship III and Flagship IV funds, were achieved despite challenging market conditions, and that each generated or is expected to generate a Gross Multiple of 2.0x or above.
The transactions comprise the sale of a 30% stake in Sølvtrans, a provider of wellboats for aquaculture operating 48 vessels across Northern Europe, Canada, Chile and Oceania, to GLIL, which closed in Q3 2026; the full sale of Idex, a European energy infrastructure platform, to the Infrastructure Investments Fund, expected to close in Q1 2027; and the sale of a majority stake in Vicinity, a US district heating and cooling platform serving 12 major cities, to Harrison Street Asset Management, expected to close in H1 2027. Antin described the Vicinity sale as the first Flagship exit in North America and the first exit from Flagship IV. The firm expects the transactions to lift DPI for Flagship III to 0.9x from 0.6x in Q2 2026 and for Flagship IV to 0.3x from 0.1x, with further DPI gains expected as remaining Sølvtrans and Vicinity stakes are sold.
On the investment side, Antin said €2.4bn was deployed across its Flagship, Mid Cap and NextGen strategies over the last twelve months, including six new investments. As of 30 September 2026, Flagship V was 58% committed and NextGen I was 72% committed. Fundraising for Mid Cap II, launched in H1 2026, has already drawn commitments from several long-term Antin investors, with activation expected alongside the fund's first investments. Performance was described as "on plan" across the funds overall, with Flagship III's Gross Multiple rising 0.1x in the quarter to 1.8x.
Assets under management reached €33.5bn as of 30 September 2026, up 0.6% over twelve months, driven mainly by €0.3bn of co-investment raised. Fee-Paying AUM declined 2.4% to €21.3bn, mainly reflecting a €0.9bn step-down as Mid Cap I moved to its post-investment period on 2 April. Antin also noted that NextGen I will begin charging a reduced fee rate on invested capital from 2 December 2026, and Flagship III is expected to enter an extension period from 9 December at a 0.75% fee rate.
Antin also reported a share placement on 15 September that raised its free float to 17.5% from 15.8%, with 5.0m shares sold (c.2.8% of capital), and an interim dividend of €0.28 per share paid on 22 October totalling €49.8m. The full-year 2026 distribution is expected to remain stable at €0.71 per share, subject to shareholder approval at the 2027 Annual General Meeting.
The transactions comprise the sale of a 30% stake in Sølvtrans, a provider of wellboats for aquaculture operating 48 vessels across Northern Europe, Canada, Chile and Oceania, to GLIL, which closed in Q3 2026; the full sale of Idex, a European energy infrastructure platform, to the Infrastructure Investments Fund, expected to close in Q1 2027; and the sale of a majority stake in Vicinity, a US district heating and cooling platform serving 12 major cities, to Harrison Street Asset Management, expected to close in H1 2027. Antin described the Vicinity sale as the first Flagship exit in North America and the first exit from Flagship IV. The firm expects the transactions to lift DPI for Flagship III to 0.9x from 0.6x in Q2 2026 and for Flagship IV to 0.3x from 0.1x, with further DPI gains expected as remaining Sølvtrans and Vicinity stakes are sold.
On the investment side, Antin said €2.4bn was deployed across its Flagship, Mid Cap and NextGen strategies over the last twelve months, including six new investments. As of 30 September 2026, Flagship V was 58% committed and NextGen I was 72% committed. Fundraising for Mid Cap II, launched in H1 2026, has already drawn commitments from several long-term Antin investors, with activation expected alongside the fund's first investments. Performance was described as "on plan" across the funds overall, with Flagship III's Gross Multiple rising 0.1x in the quarter to 1.8x.
Assets under management reached €33.5bn as of 30 September 2026, up 0.6% over twelve months, driven mainly by €0.3bn of co-investment raised. Fee-Paying AUM declined 2.4% to €21.3bn, mainly reflecting a €0.9bn step-down as Mid Cap I moved to its post-investment period on 2 April. Antin also noted that NextGen I will begin charging a reduced fee rate on invested capital from 2 December 2026, and Flagship III is expected to enter an extension period from 9 December at a 0.75% fee rate.
Antin also reported a share placement on 15 September that raised its free float to 17.5% from 15.8%, with 5.0m shares sold (c.2.8% of capital), and an interim dividend of €0.28 per share paid on 22 October totalling €49.8m. The full-year 2026 distribution is expected to remain stable at €0.71 per share, subject to shareholder approval at the 2027 Annual General Meeting.
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