Meridiam

Meridiam is a global investor and asset manager based in Paris specialized in developing, financing and managing long-term public infrastructure projects. Founded in 2005, Meridiam invests in public infrastructure in Europe, North America and Africa.

Meridiam
Société par Actions Simplifiée (SAS)
Founded2005
FounderThierry Déau
Headquarters
Paris
,
France
Owner
Number of employees
150 (2015)
Websitewww.meridiam.com

Meridiam, with offices in eight countries (France, Luxembourg, United States, Canada, Turkey, Senegal, Austria and Ethiopia), manages €6.2 billion of assets and has to date invested in over 62 transport, building and public services projects.[1]

History

2005-2009: First fund and first investments

Meridiam was established in 2005 by Thierry Déau, formerly Chief Executive of Egis Projects, a subsidiary of France’s Caisse des Dépôts et Consignations specialized in developing, financing and managing infrastructure projects.

Set up to finance public infrastructure and to create a secure investment framework for long-term savings, Meridiam received the financial and operational support from the Crédit Agricole Group and AECOM Technology.[2]

In 2006, while achieving the first closing of its fund Meridiam I, the company secured its first two projects: the Limerick Tunnel in Ireland,[3] which began operating in July 2010, and the A5 highway in Austria, which opened to traffic in January 2010.[4]

In 2007, Meridiam acquired the Fulcrum LIFT project covering local healthcare facilities in the United Kingdom,[5] as part of large-scale program sponsored by the British Health Ministry.

In 2008, the company proceeded to a new fund-raising round for Meridiam I, which brought the fund size to €548 million.[6] In the same year, Meridiam secured a stake in the A2 Motorway phase I project in Poland.[7]

In 2009, Meridiam won four new projects in Europe: the A5 Motorway in Germany,[8] the A2 Motorway phase II in Poland,[9] the R1 Motorway in Slovakia[10] and the velodrome in Saint-Quentin-en-Yvelines, France.[11] In the same year, Meridiam also secured two projects in the United States: the port of Miami Tunnel, inaugurated in May 2014[12] and the North Tarrant Express Highway in Texas, which began operating in October 2014.[13]

Also in 2009, Infrastructure Investor selected Meridiam as European Fund of the Year.[14]

2010-2011: Continuation of investments in Europe and North America

While engaging a fund-raising process on both sides of the Atlantic (Meridiam Infrastructure Europe II[15] and Meridiam Infrastructure North America II[16]), Meridiam signed 6 new contracts between 2010 and 2011, including the new Montreal University Hospital Research Center (which opened in the fall of 2013),[17] the Long Beach Courthouse (which opened in the fall of 2013) in California,[18] the Nottingham Express Transit phase II (which began operating in May 2015),[19] as well as the South-Europe Atlantique High-Speed rail line in France (which began operating in July 2017).[20]

In 2011, Meridiam received the Fund of the Year award for its global achievements by Infrastructure Journal.[21]

2012-2013: Greater independence

In 2012, Meridiam set up a new supervisory board.[22] The ownership structure was modified and resulted in the majority of shares being held by partners and employees. As of 2013, AECOM maintained thirty percent ownership in Meridiam.[23]

In the same year, the closing of the funds Meridiam Infrastructure Europe II [24] and Meridiam Infrastructure North America II [16] increased the investment capacity of the company to $2.3 billion.

In order to finance the student housing facilities of the University of Hertfordshire (scheduled to open in September 2016),[25] the company launched in 2013 the first project bond without credit enhancement in Europe.[26] Simultaneously, Meridiam launched a partnership with the EDHEC Risk-Institute to support academic research. A new chair was established, dedicated to infrastructure equity investments, as well as to the recognition of infrastructure as a separate asset class.[27]

This position was recently adopted by the European regulator EIOPA following a consultation.[28]

2014-2016: Development in Africa and new investments in Europe

In the first half of 2014, the company announced the fund-raising round of the first fund dedicated to the African continent, the Meridiam Infrastructure Africa Fund, targeting €300 million over a period of 15 years.[29] In September 2015, the European Investment Bank announced its participation in this fund with an investment of €30 million.[30]

In the same year, Meridiam opened an office in Istanbul and invested in four hospital projects in the country.[31]

In February 2015, the company signed a concession contract reuniting the ports of Calais and Boulogne-sur-Mer and comprising the project Calais Port 2015. It is the first French public infrastructure project carried by France as part of the Juncker Plan.[32]

Finally, in the context of the 2015 Paris Climate Conference organized in late 2015, Meridiam announced the launch of a new fund dedicated to infrastructure projects relating to energy transition.[33]

At the beginning of 2016, Meridiam opened an office in Dakar.

Activities

Meridiam develops, finances, builds and manages various types of projects:

  • Transport infrastructure (high-speed rail lines,[34] highways,[35] tunnels,[12] ports,[36] tramways,[19] etc.)
  • Social infrastructure (schools, universities,[37] healthcare centers,[38] stadiums,[39] etc.)
  • Public buildings (courthouses,[18] government offices,[40] ministries, etc.)
  • Utility networks and services (water, waste management, energy,[41] etc.)

Ethics and governance

Signatory of the United Nations’ Principles for Responsible Investment (PRI) since 2010,[42] the company adopted since its inception an Ethics Charter focusing on environmental, social and governance issues.[43]

In January 2012, Meridiam was the first investor and asset manager to receive ISO 9001 certification for its activity including it sustainable investment process.[44]

Awards

Meridiam received the following awards :

  • ”Infrastructure Fund of the year” (2015), ”European Ports Award” with the Calais Port 2015 project and the ”European Refinancing Award” with the B66 Benavente-Zamora project (2015) by the Infrastructure Journal.[45]
  • ”Global Infrastructure Fund of the Year” (2013),[46] “Overall Infrastructure Fund of the Year” (2012),[47] “Fund Manager of the Year – Global” (2011)[21] and “Sponsor of the Year” (2009)[48] by the Infrastructure Journal
  • ”European Infrastructure Fund Manager of the Year” by Infrastructure Investor (2012, 2011, 2010 and 2009[14])
  • ”Global Financial Sponsor of the Year” by Project Finance (2009)[49]

Notes
  1. http://www.meridiam.com/en/about/company
  2. Description of Meridiam on the European Investment Bank's website
  3. Website of the Limerick Tunnel
  4. Website of the A5 highway Archived 2015-11-15 at the Wayback Machine
  5. "How Meridiam's medicine worked at Fulcrum". Infrastructure Investor. 28 July 2015. Retrieved 25 November 2015.
  6. "Meridiam Infrastructure raises EUR600m for public-private partnership investment". Privateequitywire.co.uk. 24 April 2008. Retrieved 20 November 2015.
  7. "Meridiam reste optimiste pour le financement des infrastructures". Le Moniteur. 12 December 2011. Retrieved 20 November 2015.
  8. "Vinci closes funding for Malsch-Offenburg section of A5 Autobahn in Germany". Vinci's website. 31 March 2009. Retrieved 20 November 2015.
  9. "L'autoroute reliant Berlin à Varsovie sera prête à temps pour l'Euro 2012". Les Echos. 2 December 2011.
  10. Project's description on the EBRD's website
  11. "Le chantier du vélodrome de Saint-Quentin-en-Yvelines tourne rond". Le Moniteur. 7 June 2012. Retrieved 20 November 2015.
  12. "Decades after conception Miami has a port tunnel". Miami Herald. 17 May 2014. Retrieved 20 November 2015.
  13. "Sooner than later, 'new LBJ' freeway construction will take its toll". Dallas Observer. 26 February 2009. Retrieved 20 November 2015.
  14. Source: Infrastructure Investor Awards 2009
  15. "Meridiam lève deux fonds pour les infrastructures". L'Agefi. 14 April 2012. Retrieved 25 November 2015.
  16. "Meridiam lève 1,05 milliard de dollars pour l'Amérique du Nord". L'Agefi. 25 October 2012. Retrieved 25 November 2015.
  17. "Meridiam Eyes US, Canadian Infrastructure With New $1B Fund". Law 360. 19 October 2012. Retrieved 20 November 2015.
  18. "Meridiam closes miniperm for Long Beach Courthouse". Project Finance. 21 December 2010. Retrieved 20 November 2015.
  19. "La ville de Nottingham choisit le consortium Tramlink pour l'extension de son réseau de tramway". Businesswire.com. 15 December 2011. Retrieved 25 November 2015.
  20. "Coût d'envoi pour la LGV de Nîmes à Montpellier". Les Echos. 29 June 2013. Retrieved 25 November 2015.
  21. "Meridiam awarded Infrastructure fund of the year – global". Infrastructure Journal. 30 March 2012. Retrieved 20 November 2015.
  22. "Infrastructures : le fonds Meridiam quitte Crédit Agricole". Les Echos. 5 April 2012. Retrieved 20 November 2015.
  23. The Planning Report (December 4, 2013). "AECOM Forges New Approach to Construction and Financing in Downtown LA".
  24. "Meridiam lève deux fonds pour les infrastructures". L'Agefi. 14 April 2012. Retrieved 20 November 2015.
  25. "Les project bonds font une percée en Europe". L'Agefi. 31 May 2013. Retrieved 20 November 2015.
  26. "Meridiam boucle le premier project bond en Europe". Les Echos. 31 May 2013. Retrieved 20 November 2015.
  27. "Meridiam soutient la recherche sur le financement des infrastructures". Boursier.com. 17 January 2013. Retrieved 25 November 2015.
  28. "EIOPA advises to set up a new asset class for high-quality infrastructure investments". EIOPA's website. 29 September 2015. Retrieved 20 November 2015.
  29. "Meridiam signe ses premiers pas dans les infrastructures africaines". L'Agefi. 4 August 2015. Retrieved 20 November 2015.
  30. "Meridiam annonce la participation de la BEI à son fonds africain". European Investment Bank's website. 28 September 2015. Retrieved 25 November 2015.
  31. "Meridiam investit dans le futur complexe hospitalier d'Adana, dans le sud de la Turquie". Next Finance. 19 December 2014. Retrieved 25 November 2015.
  32. "L'extension du Port de Calais, un avant-goût du plan Juncker". Le Moniteur. 6 March 2015. Retrieved 25 November 2015.
  33. "CNP Assurances et Meridiam lancent Meridiam Transition pour financer la transition énergétique". zonebourse.com. 24 November 2015. Retrieved 25 November 2015.
  34. "RFF signe avec Bouygues le contrat du contournement LGV Nîmes-Montpellier". Midi Libre. 28 June 2012. Retrieved 20 November 2015.
  35. "Varsovie sera prête à temps pour l'Euro 2012". Les Echos. 2 December 2011. Retrieved 25 November 2015.
  36. "Meridiam investit dans le projet Calais Port 2015". L'Agefi. 20 February 2015. Retrieved 20 November 2015.
  37. "En Angleterre, un project bond au service du financement des logements étudiants". Localtis.info. 3 June 2013. Archived from the original on 18 May 2013. Retrieved 25 November 2015.
  38. "Three firms acquire £30m LIFT PPP companies in UK". Infrastructure Journal. 15 June 2007. Retrieved 25 November 2015.
  39. "Bouygues va construire le vélodrome de Saint-Quentin-en-Yvelines". Le Parisien. 17 December 2009. Retrieved 25 November 2015.
  40. "Eiffage cède deux sociétés à Meridiam Infrastructure". Option Finance. 23 December 2013. Retrieved 25 November 2015.
  41. "Le fonds Meridiam compte financer un important projet au Maroc". Le Matin. 2 July 2014. Retrieved 25 November 2015.
  42. List Archived 2013-09-21 at the Wayback Machine of the signatories of the United Nations's Principles for Responsible Investment's. Retrieved 25 November 2015.
  43. Source: Meridiam Sustainable Development Charter on Meridiam's website. Retrieved 25 November 2015.
  44. "Meridiam announces EIB participation in its Africa fund". PR Newswire. 25 September 2015. Retrieved 25 November 2015.
  45. "IJGlobal Awards 2015 | Overview | IJGlobal". ijglobal.com. Retrieved 2016-04-01.
  46. "IJ Awards 2013 : The Winners". ipfa.org. 19 April 2013. Retrieved 25 November 2015.
  47. "Not only long overdue but vital for successful investment". Edhec Risk-Institute. 30 April 2015. Retrieved 20 November 2015.
  48. Source: OECD's website
  49. Source: PFI Awards 2009. Retrieved 25 November 2015
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