# Ancala Infrastructure
Ancala Partners LLP is an independent private equity firm that invests in mid-market essential infrastructure across Europe and North America; it was founded in London in 2010 by Spence Clunie and remains active as of September 2026.[1](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-infrastructure-investment-in-the-global-clean-economy-2023/lead-infrastructure-sponsor-profiles-gigp2023/ancala-partners-gigp2023/) • [2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/) The firm raises its funds through [Luxembourg](https://www.edgepedia.org/luxembourg) special limited partnership (SCSp) vehicles such as Ancala Infrastructure Fund III SCSp, while the manager itself, Ancala Partners LLP, is UK-based.[3](https://www.northdata.com/Ancala%20Infrastructure%20Fund%20II%20GP%20S%C3%A0rl,%20Luxembourg/B224722) Its third flagship fund closed at €1.4 billion in 2024, and the firm has deployed almost €3.7 billion since its founding.[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) • [2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/)
## Key facts
| Fact | Detail |
|---|---|
| Founded | 2010, London, by Spence Clunie[1](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-infrastructure-investment-in-the-global-clean-economy-2023/lead-infrastructure-sponsor-profiles-gigp2023/ancala-partners-gigp2023/) |
| Sector | Mid-market infrastructure private equity (renewables and energy transition, transport, utilities, circular economy)[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) |
| Fund II | Final close €735m (~$814.9m), 5 February 2020, vintage 2020[1](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-infrastructure-investment-in-the-global-clean-economy-2023/lead-infrastructure-sponsor-profiles-gigp2023/ancala-partners-gigp2023/) |
| Fund III | Final close €1.4bn vs €1.2bn target, February 2024; USD 1.56bn reported sold on Form D[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) • [5](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1906975&type=D) |
| Assets under management | More than €4bn at the Fund III close[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) |
| Cumulative deployment | Almost €3.7bn since 2010; almost €800m deployed in 2025[2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/) |
| Portfolio | 23 critical infrastructure companies across 18 countries, more than 7,250 employees[2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/) |
## History and people
Spence Clunie founded the firm in 2010 and is its Managing Partner; at the time of a 2023 industry profile, Mei Niu was Chief Operating Officer and Karen Dolenec was Partner.[1](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-infrastructure-investment-in-the-global-clean-economy-2023/lead-infrastructure-sponsor-profiles-gigp2023/ancala-partners-gigp2023/) • [4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/)
Luxembourg registry records confirm the fund structure and some personnel moves. Ancala Infrastructure Fund II GP Sàrl was registered in Luxembourg on 24 May 2018 with €12,000 of capital, wholly owned by Ancala Partners LLP, with Spence Clunie and Malcolm Wilson as its managing directors at registration; the GP acts as manager and general partner of the limited partnerships.[3](https://www.northdata.com/Ancala%20Infrastructure%20Fund%20II%20GP%20S%C3%A0rl,%20Luxembourg/B224722) The registry later recorded Hemanshu Doshi becoming a Managing Director and Mei Niu ceasing to be one.[3](https://www.northdata.com/Ancala%20Infrastructure%20Fund%20II%20GP%20S%C3%A0rl,%20Luxembourg/B224722) In early 2026 the firm appointed two new Industry Partners, Heike Bergmann and Tore Land, who joined its Investment Committee.[2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/)
## Strategy
Ancala targets essential mid-market infrastructure with regulated or contracted revenue characteristics, investing across renewable energy and energy transition, transport, utilities, and the circular economy in Europe and North America.[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) • [2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/) The firm describes its strategy as consistent since 2010, pairing active asset management with follow-on acquisitions: in 2025 alone it made four new fund investments, six bolt-on acquisitions, and five co-investments.[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) • [2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/) Its deal list shows a mix of control and significant minority positions, including a 49% stake in Ence Energía and 50% holdings in HS Orka and Dragon LNG.[1](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-infrastructure-investment-in-the-global-clean-economy-2023/lead-infrastructure-sponsor-profiles-gigp2023/ancala-partners-gigp2023/)
## Funds by the numbers
The fund lineage runs from Ancala Renewables (2015 vintage) and Ancala Renewables II (2016 vintage) through Ancala Infrastructure Fund II, which held its final close at €735m (about $814.9m) on 5 February 2020 and focused on mid-sized European infrastructure businesses.[1](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-infrastructure-investment-in-the-global-clean-economy-2023/lead-infrastructure-sponsor-profiles-gigp2023/ancala-partners-gigp2023/) In the year before its Fund III close, the firm also raised a £551m Growth Fund and completed six investments with a total enterprise value above €700m.[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/)
**Fund III** closed at €1.4bn in commitments in February 2024, surpassing its €1.2bn target and drawing institutional investors from Europe, North America, and Asia, according to the firm's announcement; Loyens & Loeff's Luxembourg team, which advised on the fund's legal, regulatory, fund finance, and tax structuring, independently corroborates the €1.4bn close and the SCSp structure.[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) • [6](https://www.loyensloeff.com/insights/news--events/news/we-assisted-ancala-in-closing-third-flagship-infrastructure-fund-at-eur-1.4-billion/) A Form D filing for Ancala Infrastructure Fund III SCSp (first filed 27 January 2022) reports USD 1,560,918,808 sold; the filing figure and the announced €1.4bn of commitments differ, and the sources do not reconcile them.[5](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1906975&type=D) • [4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) A weakly sourced report states that the firm has launched a fourth flagship fund targeting €2bn, a 43% step-up from Fund III; no primary source confirms this.[7](https://vessel.co/resources/news/ancala-fund-iv-launch)
## Portfolio and exits
Representative transactions from the firm's reported deal record include:[1](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-infrastructure-investment-in-the-global-clean-economy-2023/lead-infrastructure-sponsor-profiles-gigp2023/ancala-partners-gigp2023/)
- **Augean Plc**: in October 2021 Ancala, together with a Fiera Capital consortium, acquired the UK waste-management company at £341.2m.
- **Ence Energía**: a 49% stake in the Spanish biomass generator (eight plants, 266MW installed, 405MW pipeline) for €223m in December 2020.
- **HS Orka**: 50% of the Icelandic geothermal operator, whose Svartsengi and Reykjanes plants have a combined 174MW capacity, in May 2019.
- **Dragon LNG**: 50% of the regasification terminal in Wales, July 2019.
- **Orites wind farm**: the 82MW Cyprus asset, March 2020.
- **Portsmouth Water**: the company's £120m Havant Thicket Reservoir investment, April 2021.
In 2025 the firm's new fund investments were Irish telecom tower platform TorLoc Towers, German modular infrastructure specialist MUCH Gruppe and US-based chemical pipeline infrastructure company Valentra, alongside an increased stake in [Liverpool John Lennon Airport](https://www.edgepedia.org/liverpool-john-lennon-airport).[2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/) Bolt-ons included Hausheld's acquisitions of Mako 365 and GreenPocket, which the firm says made it Germany's largest independent smart metering platform, and Avincis' acquisition of KN Helicopters.[2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/) The resulting portfolio of 23 companies spans 18 countries, employs more than 7,250 people, and grew revenue by an average of 9% and headcount by 8% in 2025, according to the firm.[2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/)
## Recent developments (2024–2026)
The €1.4bn Fund III close in February 2024 capped a year that included the £551m Growth Fund raise and headcount growth above 20%.[4](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/) The firm deployed almost €800m in 2025, taking cumulative deployment to almost €3.7bn since 2010, and appointed Heike Bergmann and Tore Land as Industry Partners in early 2026.[2](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/) It was active and fundraising, per one report, as of the record's end in September 2026.[7](https://vessel.co/resources/news/ancala-fund-iv-launch)
## References
1. [CleanBridge: Ancala Partners sponsor profile](https://www.cleanbridge.co/insights/energy-transition/cleanbridge-infrastructure-investment-in-the-global-clean-economy-2023/lead-infrastructure-sponsor-profiles-gigp2023/ancala-partners-gigp2023/)
2. [Ancala press release: deploys nearly €800m into critical mid-market infrastructure in 2025](https://ancala.com/ancala-deploys-nearly-e800m-into-critical-mid-market-infrastructure-in-2025/)
3. [North Data, Ancala Infrastructure Fund II GP Sàrl, Luxembourg RCS B224722](https://www.northdata.com/Ancala%20Infrastructure%20Fund%20II%20GP%20S%C3%A0rl,%20Luxembourg/B224722)
4. [Ancala press release: final close of third flagship infrastructure fund at €1.4bn](https://ancala.com/ancala-announces-final-close-of-third-flagship-infrastructure-fund/)
5. [SEC EDGAR, Form D filings, Ancala Infrastructure Fund III SCSp (CIK 1906975)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1906975&type=D)
6. [Loyens & Loeff: advised Ancala on closing third flagship infrastructure fund at EUR 1.4 billion](https://www.loyensloeff.com/insights/news--events/news/we-assisted-ancala-in-closing-third-flagship-infrastructure-fund-at-eur-1.4-billion/)
7. [Vessel: Ancala launches €2bn fourth flagship fund (unverified report)](https://vessel.co/resources/news/ancala-fund-iv-launch)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Infrastructure and real assets*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license