Spence Clunie

Spence founded Ancala in 2010 with the objective to deliver infrastructure investment differently.  

Spence is involved in all aspects of Ancala’s business including overall business management, originating and executing investments, asset management, investor relations, operations and on-going business development and strategy. He sits on Ancala’s management, investment, valuation and risk committees. 

He has over 30 years’ experience in the infrastructure industry. Prior to founding Ancala Partners, he was a Senior Managing Director at Macquarie. 

Ancala

Ancala Partners is an independent infrastructure investment manager focused on delivering enhanced risk-adjusted returns by investing in and actively managing critical mid-market infrastructure assets.

Established in 2010 by Managing Partner Spence Clunie, Ancala was founded to address a clear gap in the infrastructure investment market: to provide superior risk-adjusted returns from the underexploited mid-market. The firm has total AuM of more than €5bn and manages 24 assets operating in essential infrastructure sectors including renewable energy and energy transition, transport, utilities and the circular economy.

Ancala’s strategy is built on three core tenets: i) sourcing bilateral investment opportunities, ii) an unwavering commitment to downside protection and iii) creating value through proactive asset management. This combination is applied consistently. It differentiates Ancala and underpins the firm’s track record across market cycles.