The Swiss asset management bank has completed the acquisition of a significant minority stake in Ancala Partners LLP, an independent private infrastructure manager based in London.
The acquisition of a significant minority stake in Ancala Partners LLP (Ancala), which was announced on February 8, 2024, marks Vontobel’s entry into private markets, providing Vontobel with investment capabilities in the fast-growing private infrastructure segment. This offering will enable clients to benefit from the diversification potential of this asset, supported by a low correlation to GDP and other major asset classes, as well as attractive risk-adjusted returns.
Ancala is a leading infrastructure manager with total assets under management of over €4.1 billion, managing 18 assets operating in key infrastructure sectors such as renewables and energy transition, transport, utilities and the circular economy. Since its inception in 2010, Ancala has deployed a coherent strategy that delivers higher returns on investments with traditional infrastructure characteristics.
Ancala has a differentiated approach focused on finding two-sided investment opportunities, protecting against downside risks, linking to inflation and liquidity performance, and applying a unique approach to creating sustainable value in its portfolio companies. Ancala is led by a team of partners with deep experience in investing and creating value in infrastructure across a variety of economic cycles and key sectors.
This transaction strengthens Vontobel’s position to offer its clients diversified and active strategies with long-term growth potential. As the global infrastructure market grows rapidly, driven by the need to replace aging infrastructure and increasing public investments, the transaction enables Vontobel to take advantage of the opportunities arising from these favorable factors and offer greater diversification to its clients.
Ancala’s management team, led by Managing Partner Spence Clunie, will continue to independently manage the day-to-day management of the company and will maintain the independence of its investment and governance processes. Ancala and Vontobel are well aligned to deliver future growth and success and have agreed terms that will allow Vontobel to acquire the remaining stake over the longer term. Ancala’s management team remains fully committed to its future.
The transaction was financed by Vontobel’s own funds. Vontobel continues to comfortably exceed its own CET1 ratio target of 12%.
