Ancala Partners is an independent investment manager with a proven long-term track record in creating value through proactive sourcing and active asset management of mid-market European infrastructure assets.
Ancala's team has significant industrial, investment, asset management and operational experience. We focus on a single consistent and successful strategy.
Ancala sources bespoke investment opportunities that can benefit from its granular asset management particularly through its industry expertise. Recent investments reflecting the breadth of Ancala’s asset base include HS Orka, the leading private power (geothermal and hydro) producer in Iceland; Fore Freedom, an independent owner of fibre to the office networks in the Netherlands; and Leep Utilities a leading last mile water, electricity, gas and district heating utility network owner.
Ancala has a trusted reputation as a responsible owner of infrastructure assets.
Strategy & Products
Ancala focuses on European mid-market equity investments. Through proactive sourcing and hands-on asset management we provide enhanced returns from a low risk, cash yielding portfolio. We focus on operating businesses that can act as growth platforms and/or provide opportunities to improve cost structures and operations to enhance value. We achieve this while pursuing a diversified sector approach and applying a conservative capital structure to our portfolio companies. We focus on a single and successful strategy.
Investment Process & Research
Detailed proprietary research
The Ancala team uses in-depth proprietary research to identify opportunities which others are not targeting.
This in-depth research allows Ancala to identify potential vendors and
- Proactively approach them with detailed proposals and solutions
- Engage them in ongoing dialogue
- Build relationships with them over time
- Identify “trigger points” for potential investments
Recognised sector expertise
Proven industry expertise and a successful track record has made us a go-to partner for corporates and other potential vendors.
Persistence and patience
Ancala is willing to devote time to establishing relationships with potential vendors and to working with vendors on complex carve-outs.
Active asset management approach
The asset management team led by Industry Partners focuses on key business improvement objectives to create value and/or reduce risk.
Our Vision & Beliefs
- A better risk-adjusted return is available in the mid-market because we are able to bring a level of focus, operational skills, capital and alignment to businesses which may not have had the same attention from their previous owners.
- Infrastructure investments can benefit from active asset management. We actively seek to grow and de-risk our investments. We focus on operational efficiencies, developments, acquisitions, de-risking, diversification of revenue streams, improvements to policies and procedures and business expansion.
- Industry expertise is key to delivering value added asset management.
- We deliver value for all stakeholders. This group includes our direct employees, customers, business partners and counterparties, the communities, the regulators and the environment.
- We always act in the best interests of our investors.
- A conservative capital structure is essential to protecting returns throughout the business cycle.
News from IPE Real Assets
Deal takes Danish pension fund’s infrastructure allocation to 10%
Dee Valley Water sold to independent firm with £650m in AUM
Company aims to raise £400m over coming months
Fund manager acquires stake in LNG regasification terminal in the UK from Petronas
The AIP funds bought the portfolios for an undisclosed sum
Analysis from IPE Real Assets
One of the appeals of mid-market strategies is the ability to avoid competition at the large end of the market. Christopher O’Dea asks whether this space is becoming too crowded as well
With the continued growth of infrastructure mega-funds, is it inevitable that investors will overpay for assets and returns disappoint? Not necessarily, writes Christopher O’Dea
Open-ended structures are in vogue in real estate, but not in infrastructure. Why the divergence? asks Richard Lowe
Yields and return expectations are being squeezed, but investors are still seeing value