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Executive Summary - Sample Pages
Fig. A: Unlisted Infrastructure Fundraising, 2004 - H1 2010
Testing Times In terms of fundraising, 2009 proved to be a difﬁcult year for the unlisted infrastructure industry. Whether as a niche sector within private equity, or more recently as a stand-alone asset class, the infrastructure fundraising market has never experienced such a dramatic downturn before. After a record-breaking year in 2007, the annual capital raised by unlisted infrastructure funds declined dramatically for two successive years, as Fig. A shows. The 2009 aggregate fundraising total of $7.8bn represents an 83% reduction on the $44.8bn raised two years previously. Fundraising conditions are expected to remain challenging in 2010, but recent fundraising ﬁgures and positive investor sentiment towards the asset class suggest that commitments from investors will continue to strengthen in the near future.
Proportion of Funds
37 35 31 30 25 20 15 11 10 5 0 2005
35% 32% 30% 25%
No. of Funds
22.4 18 17 12.6
Aggregate Capital Raised ($bn)
Fig. B: Final Close as a Percentage of Target Value, 2007 - H1 2010
2007 24% 20% 18% 15% 14% 11% 15% 15% 2008 2009/2010
Of the funds that have been able to close, the proportion closing below their initial fundraising target has steadily increased over recent years. As shown in Fig. B, only 32% of funds that closed in 2009/H1 2010 achieved or exceeded their original targeted amount, compared with 79% and 70% for funds closed in 2007 and 2008 respectively. Although infrastructure fundraising has declined in recent years, the number of funds on the road has continued to increase. There are currently 105 infrastructure funds seeking an aggregate $80.8bn.
8% 5% 4%
5% 0% Below 50% 50-79% 80-99% 100% 101-120%
0% 121-150% Above 150%
© 2010 Preqin Ltd
offering an alternative to other more volatile investment types. However.Sample Pages This is 21 more funds than were fundraising in January 2009. of Deals Fig. However. Additionally. The global economic downturn had a negative impact on fundraising across all alternative investment funds. suggesting that fund managers have lowered their fundraising targets as a result of the decline in investor commitments to the asset class. No. C shows. the aggregate capital sought as of June 2010 represents a 10% drop on last year’s ﬁgure. implying that poor fundraising ﬁgures have not deterred fund managers from launching infrastructure funds. The defensive characteristics of infrastructure assets should make them appealing in a downturn. The amount of capital being called by recently closed infrastructure funds has fallen.June 2010 100% 90% 80% Proportion of Total Deals 17% 6% 24% 12% 14% 12% 12% $1bn or More 70% 19% 34% $500-999mn $100-499mn Less than $100mn 60% 50% 40% 30% 20% 10% 0% 2008 2009 53% 55% 42% H1 2010 © 2010 Preqin Ltd 2 . D: Breakdown of Deals by Transaction Value. over the last 18 months it has transpired that while investor interest in the asset class has continued to grow. they are reluctant to make further commitments to new funds.H1 2010 250 217 200 192 197 155 150 The signiﬁcant decrease in infrastructure fundraising since the onset of the global economic downturn may have come as a surprise given the attributes of infrastructure investments. the ﬂow of commitments to funds ebbed away. C: Annual Number of Deals Made by Unlisted Infrastructure Fund Managers. but infrastructure was one of the sectors most severely hit. 2008 . Executive Summary . 100 61 50 27 0 2002 2003 2004 89 57 57 2005 2006 2007 2008 2009 H1 2010 Fig. While investors wait for this capital to be called. As Fig.1. the slowdown in distributions means that investors do not need to make new fund commitments to maintain their infrastructure allocations. 2002 . the number of deals completed fell in 2009 for the ﬁrst time since 2004. and these funds are therefore not yet making signiﬁcant distributions. Deal Flow The decline in capital call-ups made by unlisted infrastructure funds is reﬂected in the fall in the number of infrastructure deals being made by the managers of these funds.
However. The relative youth of the asset class means that the boundaries of infrastructure investing are blurred. The proportion of deals of $1bn or more in size has fallen from 17% in 2008 to 12% in both 2009 and H1 2010. and a burgeoning market for debt funds. in many instances. This resulted in some funds paying inﬂated prices for assets. The credit crunch has resulted in the absence of the cheap debt that previously enhanced the proﬁtability of many infrastructure investments. The fall in the number of deals can in part be attributed to the lack of available debt to ﬁnance traditionally highly leveraged infrastructure deals. Factors that have contributed to the recent increase investor caution include: • The saturation of the unlisted fund market in such a short space of time resulted in too many managers chasing a limited number of suitable assets. Investor Sentiment Preqin’s research suggests that investors remain keen to invest in infrastructure funds over the long term. emerging from a niche sector within private equity to become what is widely accepted as a separate asset class. D shows the annual breakdown of all infrastructure deals completed by unlisted infrastructure fund managers since 2008 by deal size. Infrastructure assets are widely considered to be low- risk investments with stable and predictable long-term returns. Investors have raised concerns regarding the inclusion of quasi-infrastructure and infrastructurerelated companies in fund portfolios that do not meet the risk-return proﬁle of traditional infrastructure assets or reﬂect the strategy that was marketed to them at the time they made their fund commitment. The unlisted infrastructure fundraising market has experienced rapid growth over the last ﬁve years. • Conclusion The unlisted infrastructure fund industry has made impressive progress in the last decade. cash ﬂows have fallen short of investor expectations. The results from Preqin’s July 2010 infrastructure investor survey (shown in Chapter 25) reﬂect infrastructure investors’ continued optimism towards unlisted funds. while just over half believe the private equity model will still be utilized.Sample Pages decreasing by 9% from the 217 deals made in 2008. which has contributed to the difﬁcult fundraising conditions over the last 18 months. with 41% of investors planning to commit to at least one infrastructure fund during the next 12 months. • Investors have mixed feelings about the long-term viability of the private equity fund model for the infrastructure asset class: 40% of respondents believe that the private equity model will be replaced by either direct investment or evergreen structures. were more susceptible to demand risk during an economic downturn than many ﬁrst thought. the difﬁcult economic environment and the contraction of the debt markets have highlighted the fact that investments in the asset class are not infallible. however. Over 100 new institutions are considering establishing maiden allocations to infrastructure and experienced investors plan to make further infrastructure commitments. and a further 27% stating they will invest opportunistically. such as transport. with 53% of investors having established a separate allocation to the asset class.1. Infrastructure encompasses a broad range of industries that produce varied risk-return proﬁles and cash ﬂows. Many infrastructure funds were derived from the rigid private equity model and were not customized to the nature of the underlying assets. The survey also conveys the general heightening of investor caution. To compensate for the lack of debt we have seen a decrease in the debt/equity ratio of infrastructure transactions and a reduction in the overall size of deals. with 59% of all unlisted infrastructure funds ever launched seeking some degree of exposure. The current fundraising market features 105 direct funds. complemented by 11 infrastructure-speciﬁc funds of funds. unless a signiﬁcant upswing occurs in the second half of the year. It has become apparent that some infrastructure sectors. Executive Summary . The current infrastructure fund investor universe is made up of different types of institution from 68 different countries. However. Fig. both infrastructure ﬁrms and investors must play their part to overcome the key issues that still hinder the development of the asset class. • • • © 2010 Preqin Ltd 3 . and due to the intense competition for conventional assets it appears that some fund managers are resorting to nontraditional infrastructure investments. The ﬁgure for H1 2010 suggests that the annual total this year will again be lower than in the previous year. Transport infrastructure is a common investment preference amongst fund managers. if the unlisted fund industry is going to make a greater contribution to infrastructure project ﬁnance and the global infrastructure funding deﬁcit.
the orientation of fund terms has been biased towards fund managers. allowing you to understand all the latest trends. including 79 with performance data. the Preqin Infrastructure Review represents the most comprehensive edition yet. Investors will continue to invest in unlisted infrastructure funds over the coming years. plus reveal the results of our survey on investor sentiment towards infrastructure funds. and as ever we welcome any feedback and suggestions for future editions that you may have. but investors and fund managers must accept that a compromise from both parties is crucial if the capital is to generate optimal but stable returns while contributing to the socioeconomic development of a region. We feature intelligence for over 700 deals conducted by these ﬁrms and are able to analyze the terms and conditions being employed by funds based on terms data for over 50 vehicles. but investors are now in the position whereby they can redress the balance. The 2010 Preqin Infrastructure Review Now in its third year.1. comprehensive and exclusive as possible. The recent downturn in infrastructure fundraising has prompted investors to push for more favourable terms of investment. Analysis of infrastructure fund terms and conditions can be found in Chapter 14 and listings of individual fund terms (with identities disguised) in Chapter 15. In addition the Review features detailed analysis on all aspects of the sector. with details for over 270 infrastructure ﬁrms and 450 funds. © 2010 Preqin Ltd 4 . Executive Summary . Historically. an issue that has provoked continued debate is fund terms and conditions. We hope that you ﬁnd the Review to be a useful resource. On the investor side we show proﬁles for over 170 institutions investing in the asset class. All data is gathered via direct contact with our dedicated team of analysts in order to ensure that the information gathered is as accurate.Sample Pages For example.
The 2010 Preqin Infrastructure Review .Sample Pages © 2010 Preqin Ltd 5 .Sample Pages The 2010 Preqin Infrastructure Review .
3. Firm Investment Preferences Matrix showing ﬁrm preferences by location.Infrastructure ﬁrm location. Executive Summary Data Sources Unlisted Fund Market Review . Debt Fund Listings 14.Management fees. Debt Fund Market Review . manager experience 87 7. All performance shown is net to investor 18. Fund Manager Universe . infrastructure assets under management. manager 23 commitments. median net multiple returns by vintage year. carried interest. infrastructure funds of funds by vintage year. Unlisted Funds on the Road Listings Listed Fund Market Overview . manager location. breakdown of fundraising market by fund size. project stage focus of funds seeking capital.The 2010 Preqin Infrastructure Review . Fund of Funds Review . fund geographic focus trends. no-fault divorce clauses 71 77 4. project stage focus 51 20. Listed Fund Listings 41 41 19. geographic focus of funds seeking capital. key-man provisions.Key terms and conditions for 43 infrastructure funds 29 16.The growth of the unlisted infrastructure fund market. North America. industry focus trends. manager experience. primary geographic focus. Continental Europe. dry powder by fund size. fee rebates for investors.The state of the current listed infrastructure fund market. Unlisted Funds Closed Historically Listings Current Unlisted Fundraising Market Overview Infrastructure funds on the road. predictions for the future of the debt fund market 61 13. listed funds by geographic and industry focus. Fund Performance Listings . MultiRegion 91 97 9. predictions for the future of the asset class 7 13 17 12. hurdle rates. geographic focus. project stage focus. manager location. impact of PPP/PFIs.The growth of the infrastructure-speciﬁc fund of funds market. predictions for the future of the listed infrastructure fund market 25 35 17. dry powder by region 103 10. Regional Focus: Key Facts and Figures . Firm Proﬁles (Unlisted Primary Fund Managers) 11. India. 2. manager location. Fund Terms and Conditions Listings . industry and project stage 109 21. MENA. Infrastructure / Real Assets Funds of Funds Listings 57 22.Review of recent fundraising trends. emergence of real assets fund of funds vehicles. 8. Firm Proﬁles (Listed Fund Managers) 115 263 © 2010 Preqin Ltd 6 . infrastructure funds compared to other private equity strategies 81 5.Key performance metrics for 79 vehicles. Fund Terms and Conditions Analysis . funds by target net IRR. industry focus 15. investment strategy of debt funds. success in achieving targets. South America.Asia. listed fund manager universe. interim closes.The growth of the infrastructure debt fund market. Fund Performance Analysis Infrastructure funds by median net IRR. investors in funds of funds. evolution of unlisted funds. placement agent use. UK. 6. fundraising by geographic focus and manager location. Recent Unlisted Fundraising: 2007 – June 2010 .Sample Pages Contents 1.
The growth in annual dealﬂow.Why investors are attracted to infrastructure. Key Investors in Infrastructure Funds Proﬁles . investors in ﬁrst-time infrastructure funds 313 27.Investors . Index . project stage. infrastructure investors by assets under management and commitment levels.Other Preqin products. infrastructure deals by transaction size. predictions for future dealﬂow 285 299 25. Institutional Investors in Infrastructure Funds Review .Figure Index 29.Detailed proﬁles for over 165 investors in infrastructure funds 28. 321 407 417 419 © 2010 Preqin Ltd 7 .Infrastructure Firms . deals by region and industry focus. Other Publications . breakdown of investors by location. Investor Survey: June 2010 . make-up of investor universe. Deals Overview .The 2010 Preqin Infrastructure Review . project stage preferences. fund manager deal activity. Firm Proﬁles (Fund of Funds Managers) 24.Analysis of current institutional investor sentiment towards unlisted infrastructure funds and the current issues facing the asset class 307 26.Sample Pages 23. Glossary 30. sources of infrastructure allocations.
All of the information contained in The 2010 Preqin Infrastructure Review is available on our online service. the UK and other regions in order to uncover additional fund information and investors in funds. Regulatory Filings: We regularly review regulatory ﬁlings in the US. Data Sources .com © 2010 Preqin Ltd 8 . Additionally. insurance companies. Investors include funds of funds. For more information on Preqin Infrastructure please contact our client support service: info@preqin.Sample Pages Data Sources The 2010 Preqin Infrastructure Review has drawn upon several different sources of data to provide a unique perspective on the worldwide market for unlisted infrastructure funds. family ofﬁces and other asset managers. Fund Managers: We directly contacted over 270 infrastructure ﬁrms from around the world to collect information on ﬁrm preferences. we have carried out periodic surveys to ascertain investor attitudes on key issues in the infrastructure fundraising market. and plans for the future. and discover sample investments made by investors. pension funds. We also undertook questionnaires with fund managers regarding the terms and conditions of their funds. Law Firms: We contacted numerous law ﬁrms that have provided us with information on funds they have provided fund formation services to. Investors: We have surveyed over 700 investors from around the world about their investment preferences. history within the asset class. fundraising information and deals that their funds have been involved in. where subscribers will beneﬁt from constantly updated information on all aspects of the unlisted infrastructure industry. endowments. obtain information on funds that they are working on. Placement Agents: We have surveyed over 100 placement agents to establish their involvement in the infrastructure market and where applicable. Freedom of Information Act (FOIA) Requests: We make Freedom of Information Act requests to public investors in infrastructure funds in both the US and the UK to calculate fund performance.2. investment banks.
with 30% closing more than 20% above their original target. Fig.June 2010 Fund Macquarie European Infrastructure Fund II Global Infrastructure Partners Alinda Infrastructure Fund II Macquarie Infrastructure Partners Morgan Stanley Infrastructure Partners Highstar Capital Fund III Citi Infrastructure Partners Arcus European Infrastructure Fund I GS Infrastructure Partners II LS Power Equity Partners II Manager Macquarie Capital Funds Global Infrastructure Partners Alinda Capital Partners Macquarie Capital Funds Morgan Stanley Infrastructure Highstar Capital Citigroup Infrastructure Investors Arcus Infrastructure Partners GS Infrastructure Investment Group LS Power Group Fund Size (mn) 4. with 25% of funds raising less than half their original target.100 USD 3.5. as shown in Fig.097USD 4.4. In contrast.7bn. 4.000 USD 3. 4. The 18 funds in the $1-2. In 2008. the proportion of funds reaching or exceeding their target fell to 70%. 4. Recent Unlisted Fundraising: 2007-June 2010 .170 EUR 3.5: 10 Largest Infrastructure Funds Closed. Europe North America Fig. and two funds raised in excess of $5bn: Macquarie European Infrastructure Fund II and Global Infrastructure Partners.4bn range raised $28. In 2007.500 USD 3.Sample Pages with less than $1bn in total capital commitments closed in the period. 4.H1 2010 35% 32% 30% 25% 20% 15% 11% 10% 5% 0% 0% Below 49% 50-79% 80-99% 100% 101-120% 121-150% 8% 6% 8% 8% 5% 4% 0% Above 150% 8% 15% 14% 25% 20% 18% 15% 15% 2009/H1 2010 2007 24% 2008 33% 31% © 2010 Preqin Ltd Proportion of Funds 9 . Success in Achieving Target Fund Size The proportion of funds that meet. representing 67% of the number of funds and 19% of the aggregate capital raised.085 USD Regional Focus Europe Global North America. 2007 . Fig. 2007 .400 USD 2. the majority of funds (68%) closed in 2009/H1 2010 failed to meet their fundraising target. which was 40% of total capital raised.9 billion range raised the largest share of aggregate capital during the period. Europe North America Global Global OECD Europe North America. and 15% exceeding their target by more than 50%.000 USD 4. Just 12% of funds exceeded their target in 2009/H1 2010.6: Final Close as a Percentage of Target Value. with 13% raising more than 20% above their original target. The majority of managers that successfully closed a fund during the economic downturn raised less capital than they expected due to increased investor caution.6bn. exceed or fall below their respective fundraising targets is a good indicator of investor interest in unlisted infrastructure funds. Funds in the $2. 12 funds raised $39.5-4.635 EUR 5.640 USD 4.6 shows the decline in the proportion of infrastructure funds reaching or exceeding their stated fundraising target since 2007. raising $19bn between them. 79% of funds reached or exceeded their fundraising target.
OECD Economic: Bridges. Energy. Secondary Stage Brownfield. Secondary Close (Expected): (Dec-2010) Stage Europe India Economic: Aviation/Aerospace. Clean Technology Economic: Energy.Sample Pages Fund and Firm Abatis Energy Fund Abatis Capital African Infrastructure Investment Fund II Fund Target Closings to Date (mn) 1. Natural Resources. Sea Ports Economic: Energy. Secondary Stage Brownfield. Vietnam China. Utilities Social: Education Facilities. Roads.Infrastructure First Close: 380 GBP (May-2008). Utilities. Roads. Natural Resources. Railway. Water. Malaysia.000 USD 1.500 EUR First Close (Expected): (July-2010) 400 USD Brownfield (80%). Distribution/Storage Facilities Economic: Aviation/Aerospace. Waste Management. Water Social: Defence. Secondary Stage Banif Investimentos Barclays Integrated Infrastructure Fund 800 GBP Barclays Private Equity . Final Close (Expected): (Jan-2011) Brownfield. Prisons Europe Economic: Roads. Telecom. Transportation. Renewable Energy. Unlisted Funds on the Road Listings . Secondary Stage First Close (Expected): (Sep-2010) Brownfield. Distribution/Storage Facilities Social: Education Facilities. Telecom. Energy.000 EUR First Close: 300 EUR (Aug-2008). Second Close: 405 GBP (Jun-2008). Logistics Economic: Renewable Energy. Waste Management. Greenfield. Renewable Energy Economic: Renewable Energy AMP Capital Investors Strategic Infrastructure Trust of Europe AMP Capital Investors Antin Infrastructure Fund Antin Infrastructure Partners Ashmore PTC India Energy Infrastructure Fund Ashmore Investment Management Infrastructure Fund of Colombia Ashmore Investment Management Aviva Investors European Renewable Energy Fund Aviva Investors Axa Infrastructure Fund III Axa Private Equity Axis India Fund Brownfield 1. Greenfield India 750 USD Brownfield. Roads. Germany. Railway. Water. Prisons Economic: Energy. Education Facilities. Transportation. Secondary Stage India Asia China. Railway. Fourth Close: 473 GBP (June-2010) Brownfield. Indonesia. Railway. Facilities. North America. Third Close: 700 EUR (May-2010) 750 USD Brownfield (100%) West Europe Europe. UK Prisons Axis Private Equity Banif Infrastructure Fund 125 EUR First Close: 75 EUR (Dec-2009) Brownfield. Prisons Emerging Markets. Water. Natural Resources.7. Clean Technology. Transportation. Government Accommodation. Utilities. Sea Ports Portugal Social: Education Facilities. Telecom. Waste Management. Waste Management. Healthcare/Medical Facilities. Renewable Energy. Spain. Greenfield. Sea Ports Economic: Aviation/Aerospace. Utilities. Roads. Greenfield Africa Industry Focus Economic: Energy. Third Close: 422 GBP (Dec-2008). Final Brownfield. Greenfield. Water. Bridges. Environmental Services. Utilities. OECD Brownfield. Healthcare/Medical Facilities. Secondary Stage Colombia 250 EUR Europe 1. Utilities. Second Close: 155 USD (Jun-2010). Greenfield. Transportation. Energy. Roads. Second Close: 515 EUR (Dec-2009). Secondary Stage Brownfield. Transportation.000 USD First Close: 320 USD (Mar-2010) Project Stage Strategy Geographic Focus US Brownfield. Healthcare/Medical Facilities. Waste Management. Parking Lots. India Australia. Environmental Services. Waste Management. Judicial Buildings. Telecom. Natural Resources. Water. Bridges. Transportation. Greenfield (20%) First Close: 150 USD (Apr-2008). Italy. Transportation. Water. Sea Ports. Ireland. Distribution/ Storage Facilities Economic: Energy. Logistics. Secondary Stage © 2010 Preqin Ltd 10 . Water African Infrastructure Investment Managers Alcazar Capital India Fund Alcazar Capital AmKonzen Asia Water Fund AmKonzen Water Investments Management Asian Giants Infrastructure Fund AMP Capital Investors Infrastructure Equity Fund South Africa 200 USD 100 USD 500 USD First Close (Expected): 25 USD (Sep2010) First Close: 95 USD (Jan-2009). Railway. Roads. Tunnels. Greenfield. Renewable Energy. Environmental Services. Greenfield. Telecom. Utilities. Water. Telecom. Water Social Economic: Energy. Greenfield. Energy. Parking Lots. New Zealand Economic: Aviation/Aerospace. Healthcare/Medical France.
student accommodation investments Strategy: Primary across all infrastructure funds were consolidated. Waste Management . AMF had interests in nine student accommodation investments. although investments have also been made in other infrastructure assets. Investments have focused on PFI/PPP social infrastructure and university accommodation.Social: Defence. London. Ireland. Germany. Infrastructure Industry Preference: . initially in partnership with 3i.com Condor House. predominantly within the UK. Prisons. Secondary Stage (70%) market initially for operating assets and subsequently for greenfield assets as described above. . Rob Styles Barclays European Infrastructure Fund II Closed Fund Size (mn): 280 GBP Like its predecessor. UK Barclays Private Equity . has an initial life of 15 years and the main investment objective is to provide investors with regular distributions of yield income from a diversified portfolio of PFI/PPP projects. investment in greenfield PFIs and Strategy: Primary PPPs will be undertaken. focusing initially on establishing a diversified portfolio of operating PFI/PPP projects from which to generate a predictable yield. the team had raised over GBP 1. Greenfield Countries: UK Fund Contact: Chris Elliott. but has been solely managed since 2008. which was a joint venture fund between Barclays Buildings.Sample Pages Barclays Private Equity . Barclays European Infrastructure Fund II invests in economic and social infrastructure PFI/PPP projects throughout the UK and the rest of Europe. which owns over 20.Economic: Roads. As of June 2010. As of December 2009. The sixth fund. Greenfield (30%). EC4M 8AL. The fund was launched and closed in 2006.Social: Defence. The pipeline of future secondary investments will include opportunities arising from pre-emption PPP/PFI Investments: Yes rights held within the investments in the existing portfolio of projects. Government Accommodation PPP/PFI Investments: Yes Project Stage Strategy: Brownfield. Spain. AMF was established in 2003.Infrastructure was one of the first firms to raise funds dedicated to investing in projects sponsored by the UK Government’s Private Finance Initiative (PFI) and Public Private Partnership (PPP) program. Initial funds were structured as 10-year closed funds with the main investment objective being to provide capital realization proceeds to investors. Societe Generale and 3i. Regions: Europe Countries: France. Rob Styles Alma Mater Fund Closed Fund Size (mn): 81 GBP Alma Mater is now a sole-managed student accommodation fund. Judicial Buildings. Strategy: Primary Infrastructure Industry Preference: . Ireland. BIIF has a target size of GBP 800 million. BIIF. In addition. 34 investments had been made. UK Typical Investment Size (mn): GBP 5 Fund Contact: Chris Elliott. France.Economic: Roads. a term of 15 years and a target return of 10-13% pa. Water Established in 2008. investing in over 190 European infrastructure projects. AMF now holds a 72% stake in UPP Group Holdings Limited. Education Facilities. In 2008. 85 investments have been .Social: Education Facilities PPP/PFI Investments: Yes Project Stage Strategy: Brownfield.21. Healthcare/Medical Facilities. Judicial made to date through the acquisition of all interests of the Infrastructure Investors (I2) fund. Waste Management. Italy. Ireland. Transportation.Infrastructure Tel: +44 (0)20 7653 5353 www. Barclays Integrated Infrastructure Fund Fourth Close Fund Size (mn): 800 GBP * Barclays Integrated Infrastructure Fund (BIIF) is a sole-managed integrated infrastructure fund. St Paul's Churchyard. Rob Styles Unlisted Funds Managed Fund Status Size (mn) Vintage Geographic Focus Barclays Integrated Infrastructure Fund Fourth Close 800 GBP * 2008 Europe.5 billion through six infrastructure funds since 1996. Education Facilities. UK Barclays European Infrastructure Fund II Closed 280 GBP 2006 Europe Alma Mater Fund Closed 81 GBP 2003 UK Barclays European Infrastructure Fund Closed 178 GBP 2001 Europe.000 Infrastructure Industry Preference: student rooms with an annual rental income of GBP 64 million. As the fund matures. Government Accommodation Private Equity. Italy. Firm Profiles (Unlisted Fund Managers) .bpe. further investment opportunities are available with open Project Stage Strategy: Brownfield. Spain. UK Barclays UK Infrastructure Fund Liquidated 73 GBP 1997 UK © 2010 Preqin Ltd * = Fund Target 11 . Germany. Greenfield Regions: Europe Countries: UK Typical Investment Size (mn): GBP 0 to 5 Fund Contact: Chris Elliott.
debt and mezzanine finance. Mexico. Telecom. Transportation. It will raise capital mainly from local pension funds and insurance companies and offer equity. focusing on roads. Energy.. The fund provides mezzanine financing to small. Asia and Latin America-focused funds. Furthermore.Economic: Energy. including Europe. Darby has twelve offices worldwide. The fund is open to both greenfield and Infrastructure Industry Preference: brownfield projects. and multiple locations in Asia and Central and Eastern Europe. Investments are made in consumer industries.Sample Pages Recent Deal Activity Asset Name Edinburgh Royal Infirmary UPP Exeter Sandwell BSF University of Paris-Diderot CCC Terza Torre MoD Housing PFI Project (Portsmouth) A1 Motorway (Alconbury to Peterborough) A1 Motorway (Darlington to Dishforth) A30/A35 (Exeter to Bere Regis) A419/A417 (Swindon to Gloucester) A50/A564 Stoke to Derby Link Connect Roads Edinburgh Royal Infirmary Leeds 7 Schools M1 . Transportation.A1 Motorway (Lofthouse to Bramham) Nuffield Orthopaedic Center PFI Infrastructure Company Contacts Name Chris Elliott Nicola Lloyd Rob McClatchey Rob Styles Status Investment Investment Investment Investment Investment Sale Investment Investment Investment Investment Investment Investment Investment Investment Investment Investment Investment Position Managing Director & Head of Infrastructure Investing Manager Managing Director Director Date Apr-10 Sep-09 Jul-09 Jul-09 May-09 Feb-09 Jan-09 Jan-09 Jan-09 Jan-09 Jan-09 Jan-09 Jan-09 Jan-09 Jan-09 Jan-09 Jan-09 Industry Hospitals Student Accommodation Educational Buildings Educational Buildings Government Accommodation Government Accommodation Roads Roads Roads Roads Roads Roads Hospitals Educational Buildings Roads Hospitals Social Country UK UK UK France Italy UK UK UK UK UK UK UK UK UK UK UK UK E-mail chris.and mid-market infrastructure-related companies in Brazil. such as retailing and distribution. It has several vehicles in the asset class. Countries: Brazil Typical Investment Size (mn): USD 15 to 30 Fund Contact: Fernando Gentil © 2010 Preqin Ltd * = Fund Target 12 . airports and sea ports. Roads. in the US. Sea Ports Project Stage Strategy: Brownfield.com % Stake 23. Jorge Castellanos Brazil Mezzanine Infrastructure Fund Closed Fund Size (mn): 388 BRL Brazil Mezzanine Infrastructure Fund is a joint venture between Darby Overseas Investments and Stratus Investimentos.com rob. 25:75 or 75:25. The Project Stage Strategy: Greenfield (100%) fund invests USD 15-30 million in each deal and the equity-mezzanine ratio is 50:50. as well as limited exposure to the energy sector. The firm manages an extensive infrastructure portfolio.21.lloyd@barcap. Infrastructure Industry Preference: . Greenfield Countries: Colombia Fund Contact: Mike Campbell. FINTRA Raising Fund Size (mn): 300 USD * FINTRA is a joint venture between Darby Overseas Investments and Colombia-bsaed Mercantil Colpatria.W. the vehicle directly invests in and Strategy: Debt/Mezzanine manages Brazilian infrastructure companies and projects. Water.9 100 40 40 64 15 15 26. Firm Profiles (Unlisted Fund Managers) .com robert.1 50 50 25 100 Tel +44 (0)20 7512 9900 +44 (0)20 7653 5427 +44 (0)20 7512 9900 +44 (0)20 7653 5373 Darby Overseas Investments Tel: +1 202 872 0500 www. Suite 400. financial services and natural resources.darbyoverseas.com nicola.com 1133 Connecticut Avenue N. Washington.elliott@bpe. US Established: 1994 Fax: +1 202 872 1816 Darby Overseas Investments is a private investment firm in Washington. The fund will look at medium-sized projects within Strategy: Debt/Mezzanine. DC that invests its own and client capital in emerging markets.Economic: Aviation/Aerospace. Brazil.firstname.lastname@example.org@bpe.jane. Waste Management Brazil Mezzanine Infrastructure Fund provides investors with a broad infrastructure portfolio by targeting a range of economic sectors. Alan Weinfeld. Primary Colombia. DC. 20036. .
China. Roads. The vehicle commits to various economic infrastructure sectors and has a 15% to 25% target net IRR. The vehicle targets Latin American markets and particularly looks for opportunities in Mexico. Philippines. Closed Darby Asian Infrastructure Mezzanine Capital Fund (once owned by Prudential Asia Infrastructure Investors) launched in 1998. and extends mezzanine loans to. Transportation. Closed Korea Emerging Infrastructure Fund makes investments in. South Korea and Philippines. Brazil and Colombia. Columbia Fund Contact: Richard Frank Jr. South Korea South America Asia. Greenfield Regions: Asia Countries: China. South Korea Country Brazil Philippines Brazil South Korea South Korea % Stake 32. The fund allocates across the region. Mexico. including markets in China.Economic: Energy.4 - © 2010 Preqin Ltd * = Fund Target 13 . Brazil. Water Project Stage Strategy: Brownfield. Eletrogóes Gangwon Wind Power Kyunggi Expressway First Close Like its predecessor. South Korea Fund Contact: Simon Sham Unlisted Funds Managed Fund FINTRA Brazil Mezzanine Infrastructure Fund Darby Latin American Mezzanine Fund II Korea Emerging Infrastructure Fund Darby Asia Mezzanine Fund II Darby Latin American Mezzanine Fund Darby Asian Infrastructure Mezzanine Capital Fund Recent Deal Activity Asset Name T-Grao Cargo Terminal de Graneis First Philippine Holdings Corp. South Korea Fund Contact: Simon Sham Darby Asian Infrastructure Mezzanine Capital Fund Fund Size (mn): 246 USD Strategy: Debt/Mezzanine Infrastructure Industry Preference: . Utilities.Economic: Energy. Darby Latin American Mezzanine Fund II is targeting an 18% net IRR for investors. Environmental Services Countries: South Korea Darby Asia Mezzanine Fund II Fund Size (mn): 256 USD Strategy: Debt/Mezzanine Infrastructure Industry Preference: . Primary Infrastructure Industry Preference: . The fund is a specialist provider of mezzanine capital for the infrastructure industry in the emerging market countries of Asia. South America Countries: Brazil. China.21. South America. Renewable Energy Project Stage Strategy: Greenfield Regions: Asia Countries: China.000 KRW Strategy: Debt/Mezzanine.000 KRW 256 USD 196 USD 246 USD Date Apr-10 Dec-09 Jul-09 Jan-09 Jan-09 Vintage 2010 2008 2008 2006 2005 1999 1998 Industry Sea Ports Power Plants Hydro Power Wind Power Toll Roads Geographic Focus Colombia Brazil Central America. Korea Emerging Infrastructure Fund Fund Size (mn): 580.Sample Pages Darby Latin American Mezzanine Fund II Fund Size (mn): 200 USD * Strategy: Debt/Mezzanine Infrastructure Industry Preference: . Columbia South Korea Asia. The fund has a brownfield strategy and is interested in mid-cap expansion and refinancing. Mexico. Telecom. Firm Profiles (Unlisted Fund Managers) . The vehicle’s investments highlight a particular interest in waste management. Philippines. private companies engaged in a broad range of activities in the Korean economic infrastructure sector. Darby Latin American Mezzanine Fund II provides mezzanine financing to small and mid-market infrastructure companies. Status Raising Closed First Close Closed Closed Closed Closed Status Investment Sale Investment Investment Investment Size (mn) 300 USD * 388 BRL 200 USD * 580. India. Transportation. India. Waste Management. Transportation.Economic: Energy. Telecom Project Stage Strategy: Brownfield Regions: Central America. The fund's limited partners include some of Korea's staple institutional investors. Closed Darby Asia Mezzanine Fund II is a follow-on fund to Darby Asian Infrastructure Mezzanine Capital Fund and focuses on the mezzanine financing of selected Asia-based infrastructure companies and projects.Economic: Energy.
Thailand and Nepal. principally Vietnam. Secondary Stage (33.3%). the group is now one of the largest and most experienced asset managers in the country. fund management.com aweinfeld@doil. 2 Ngo Duc Ke Street.com email@example.com dhudson@doil. Bhutan and Bangladesh. Greenfield (33.com fernando. waste Infrastructure Industry Preference: management and other energy saving facilities.dragoncapital. Renewable Energy. direct and indirect investments and capital markets. Established in 1994.3%).com jcastellanos@doil. Thailand. Principal Fernando Gentil Managing Director David Hudson Senior Managing Director Pushpam Jain Senior Associate Alejando Schwedhelm Managing Director Simon Sham Managing Director Alan Weinfeld Senior VP . Nepal.Sample Pages Enterprise Networks Sale Bhoruka Power Investment Concesiones y Construcciones de Infraestructura Sale Fluviomar Sale Meiya Power Sale Contacts Name Position Mike Campbell Senior Analyst Jorge Castellanos Fund Manager . Thailand.Director of Business Development May-08 Jan-08 Jan-08 Jan-07 Jan-07 Tel +1 202 872 0500 +1 202 872 0500 +1 202 872 0500 +1 202 872 0500 +1 202 872 0500 +1 202 872 0500 +1 202 785 5784 +1 202 872 0500 +1 202 872 0500 Internet Hydro Power Toll Roads Shipping Power Plants South Korea India Argentina Argentina China E-mail mcampbe1@doil. The firm plans to operate within the infrastructure sector through its clean energy investment vehicle which will seek investments in renewable energy projects. Waste Management. Nepal. Bhutan Contacts Name Position Tel E-mail Rachel Hill Director +44 (0)7971 214 852 rachelhill@dragoncapital. Vietnam. Ho Chi Minh City. wind. offering its client base a comprehensive range of financial services including corporate finance. With the launch of subsequent funds. Vietnam.gentil@doil. Bangladesh. Laos.3%) Regions: Asia Countries: Sri Lanka. Water continent.com pjain@doil. The fund excludes investments in biofuels and the more developed emerging markets of India and China.Economic: Clean Technology.com Dragon Capital is an integrated financial services provider with an exclusive focus on Vietnam’s capital markets. Strategy: Primary Laos. Vietnam Established: 1994 Fax: +84 (0)8 3823 9366 gavinsmith@dragoncapital. Firm Profiles (Unlisted Fund Managers) . Bhutan Fund Contact: Rachel Hill Unlisted Funds Managed Fund Status Size (mn) Vintage Geographic Focus Mekong Brahmaputra Clean Development Fund First Close 100 USD * 2010 Sri Lanka.com - Dragon Capital 1901 Me Linh Point. with total group assets in excess of USD 1. and also Sri Lanka.com Tel: +84 (0)8 3823 9355 www. It plans to work closely with experienced development companies throughout the sub.FINTRA Richard Frank Jr. Bangladesh.com © 2010 Preqin Ltd * = Fund Target 14 . PPP/PFI Investments: Yes Project Stage Strategy: Brownfield (33. The fund will invest in a variety of renewable energy fields including hydro.21. Mekong Brahmaputra Clean Development Fund First Close Fund Size (mn): 100 USD * Mekong Brahmaputra Clean Development Fund is the first green development fund to focus on deploying capital in renewable energy and low carbon businesses and projects in some of Asia’s fastest developing countries.com aschwedhelm@doil. District 1.com Gavin Smith Investment and Portfolio Manager +84 (0)8 38239 355 firstname.lastname@example.org richardfrankjr@doil. the group has evolved into a fully diversified investment institution. Laos.5 billion. Cambodia. Cambodia. Cambodia.
for $45bn. as Fig. gained a 21.3 shows the annual breakdown of all infrastructure deals completed by unlisted infrastructure fund managers since 2008 by deal size. as shown in Fig.2. Fig.8 38 EUR 0.4 USD 4. has been Dutch infrastructure ﬁrm DIF. 22. The restrictive credit market continues to affect both the volume and average size of deals in 2010. including Energy Capital Partners. 22.4: 10 Most Active Unlisted Infrastructure Fund Managers in Last Three Years Fund Manger Number of Investments Total Raised through Unlisted in Last Three Years Infrastructure Funds (bn) 45 NOK 3. 22. In December 2009. Other signiﬁcant fund managers active in the deals market over the past 12 months include Fig. In 2009.June 2010 100% 90% 80% 70% 24% 60% 50% 40% 30% 20% 10% 0% 2008 2009 H1 2010 53% 55% 42% Less than $100mn Fig. 2008 .3: Breakdown of Deals by Transaction Value. the crisis in the debt markets directly affected the leverage available for infrastructure deals.3 EUR 0. As a result. These deals included the $22bn leveraged buyout of Kinder Morgan by a consortium featuring AIG Highstar and GS Infrastructure Investment Group in 2006. 22. The signiﬁcant role of both investment banks and private equity ﬁrms in the unlisted infrastructure deal market is evident in Fig. but a large proportion of the investment activity in the market stems from the infrastructure arms of investment banks and private equity ﬁrms. acquired all outstanding shares in TXU Corp.8 USD 2. Deals Overview . Two recent deals completed by DIF include the purchase of the Hohenseefeld Wind Farm in Germany and the Pouilléles-Coteaux Wind Project in France. both ﬁnalized in June 2010.0 GBP 0.5 shows.24.1 USD 1. the average deal size for both 2006 and 2007 escalated to well over $1bn. The most active fund manager. the average deal size dropped to $400mn. based on known deals in the past 12 months. In 2007 another consortium.7 17% 6% 12% 14% 12% 12% $1bn + 19% 34% $500-999mn $100-499mn Pareto Project Finance Macquarie Capital Funds DIF Barclays Private Equity Infrastructure Equitix IDFC Private Equity ArcLight Capital Partners Energy Investors Funds LS Power Group Bouwfonds Real Estate Investment Management © 2010 Preqin Ltd 15 .0 44 USD 19. DIF Renewable Energy and DIF Infrastructure II.2% stake in Eurotunnel for €650mn following an exchange of subordinated deferred equity securities in the company. 22.3 USD 6. 22. Goldman Sachs is one such example. which lists the 10 most active unlisted infrastructure fund managers during the last three years (sorted by number of deals completed).Sample Pages constant. DIF’s investments were made via two of the three infrastructure funds it manages. GS Infrastructure Investment Group. private ﬁrms have been more active than investment banks in the last 12 months and account for the majority of the top 10 ﬁrms. the bank’s infrastructure arm.6 18 17 16 16 14 14 14 GBP 1. a 56% decrease on the $900mn average in 2008. transforming it into Energy Future Holdings. which has completed 12 deals. with many deals requiring increased equity ratios and/or a reduction in asset valuations to be completed.4. However. As a result. The increase in average deal size seen between 2006 and 2007 can be attributed to a small number of exceptionally large deals made during the period. The proportion of deals of $1bn or more in size fell from 17% in 2008 to 12% in 2009 and H1 2010. Fund Manager Deal Activity A variety of unlisted infrastructure managers are active in the fund manager universe.
Funds (mn): 488 USD 3. Clean Technology. ADB plans to make further commitments to funds with similar strategies in 2010. a long-term plan to advance the development of the Asian energy and renewable energy sectors. It typically invests between USD 15 million and USD 30 million in any single fund. particularly in the energy and clean energy sectors. Investors in Infrastructure Funds . Islamic Infrastructure Fund (2009). Transportation. Total Assets (mn): 13.Sample Pages Asian Development Bank Bank Contact Name S. renewable energy.27. which equated to approximately 0. Roads. It has also invested in Central Asian emerging markets through a USD 100 million commitment to Islamic Infrastructure Fund in April 2009. Funds (mn): 660 USD 5. Morgan Stanley Infrastructure Partners (2008). but it will consider first-time fund managers on a case-by-case basis. Utilities Sample Fund Investments Alinda Infrastructure Fund II (2008). East Europe. Industriens Pensionsforsikring made several further infrastructure fund commitments. Social. The pension plan has a separate allocation to infrastructure targeted at 5% of total assets under management. Distribution/Storage Facilities. Alinda Infrastructure Fund I (2006) © 2010 Preqin Ltd 16 . In 2009. 1364. and up to USD 1 billion per year in direct project financing. mainly in the form of loans. Industriens Pensionsforsikring had committed to three infrastructure vehicles: a DKK 106 million commitment to Alinda Infrastructure Fund I. Environmental Services. Total Assets (mn): 85.India Infrastructure Fund (2004). Sea Ports. and will therefore likely commit to at least five vehicles in the coming 12 months to achieve its USD 150 million annual investment target. 1550. Asia and emerging markets.3% of the bank’s total assets under management.0% of Total Assets Committed to Unlisted Infra. between 2008 and 2009.adb. West Europe. By mid-2008. The bank plans to increase its investments in these sectors over the medium term as well as having a long-term goal to increase its lending capacity to clean energy projects to USD 1 billion annually. The commitment increased its exposure to economic assets in the developed European and North American infrastructure markets. The pension fund began investing in infrastructure vehicles in 2007 and does not allocate directly to infrastructure projects. Philippines Tel: +63 (0)2 632 4444 Web: www. MEACP Clean Energy Fund (2010). as well as investments in Global Infrastructure Partners (GIP) and Morgan Stanley Infrastructure Partners. including potential commitments throughout South and Southeast Asia. Railway. preferring to follow the same indirect strategy it pursues when investing in private equity and real estate. Asset Class (mn): 488 USD 3. Renewable Energy. Telecom. Industriens Pensionsforsikring had committed to eight infrastructure funds and was in advanced stages of due diligence for an additional three funds.org Private Sector Pension Fund 6 ADB Avenue. Energy. In keeping with this new strategy. Mandaluyong City.200 USD Year of First Investment in Infrastructure: 2007 Source of Allocation to Infrastructure: Separate Infrastructure Allocation Allocation to Infra. Darby Asian Infrastructure Mezzanine Capital Fund (1998). America Europe Asia & RoW Emerging Mkts Global First-Time Funds PPP/PFI • • • • • Considering Yes Infrastructure Industry Preferences (Based on Past Investments and Stated Preferences) Airports. Social. In 2009. Malaysia. It works with first-time infrastructure fund managers and regularly invests in debut funds as well as those managed by experienced firms. ADB focuses solely on emerging market economies within the Asian infrastructure market and has previously invested in countries including India. Denmark Tel: +45 33 66 80 80 Web: www. Telecom. Asian Development Bank’s fund portfolio included commitments of USD 245 million to eight unlisted infrastructure funds.org skim@adb. natural resources.org rvanzwieten@adb. Global Infrastructure Partners (2008).org Fax: +63 (0)2 636 2444 Email: information@adb. including a renewal of its relationship with Alinda Capital Partners by investing in its second infrastructure vehicle. Over the coming 12 months. Thailand and the Philippines.7% of Total Assets Target Allocation to Unlisted Infra. It only invests in the asset class via unlisted infrastructure vehicles and does not consider co-investment opportunities. Logistics. Railway. Renewable Energy. the bank made six investments in clean energy funds focused on various Asian markets. The target is not rigid as the pension fund prefers to operate flexibly and invest opportunistically. transportation and utilities sectors. Sea Ports.dk Fax: +45 33 66 80 90 Email: email@example.com% of Total Assets Target Allocation to Infra. Asian Development Bank has been investing in unlisted infrastructure funds since 1994 and has a flexible allocation to the asset class. telecoms.org Asian Development Bank (ADB) is an active provider of direct financing for infrastructure projects in Asia and also invests in the asset class via unlisted infrastructure funds. As of Q2 2010. As of June 2010. the pension plan intended to continue investing in the asset class. The Asian Infrastructure Fund (1994) Industriens Pensionsforsikring Nørre Farimagsgade 3. The pension scheme usually invests with experienced fund managers and this is unlikely to change as the infrastructure market continues to recover.700 USD Year of First Investment in Infrastructure: 1994 Source of Allocation to Infrastructure: Part of Private Equity Allocation Committed to Unlisted Infra. Darby Asia Mezzanine Fund II (2005). Energy. with a focus on re-ups but also very selectively with new managers. It has gained exposure to economic opportunities in North America.dk Industriens Pensionsforsikring is an active investor in the infrastructure asset class. IDFC Private Equity Fund II (2005). Asian Development Bank established the ADB Energy Policy.3% of Total Assets Typically Invest Per Infrastructure Fund (mn): USD 15 to 30 Preferences Direct Unlisted Funds Listed Funds Co-investment Yes Yes No Greenfield Brownfield Secondary Primary Fund of Funds Secondaries Debt/Mezzanine Stage • • • N. Copenhagen. The bank aims to commit approximately USD 150 million per year to unlisted private equity funds (including infrastructure). The bank is dedicated to the development of affordable and reliable economic infrastructure facilities and services throughout Asia and has gained exposure to assets in the energy. Transportation. Through these vehicles Industriens has acquired a global portfolio of infrastructure assets. In the following 12 months. AMP Capital . The bank will also continue with its direct financing initiatives. America Europe Asia & RoW Emerging Mkts Global First-Time Funds PPP/PFI • • Yes Infrastructure Industry Preferences (Based on Past Investments and Stated Preferences) Airports. This included a USD 20 million commitment to MEACP Clean Energy Fund. Asset Class (mn): 660 USD 5. Jane Brett Mu Shin Kim Johanna Klein Robert van Zwieten Position Investment Officer Head of Private Equity Investment Officer Director of Capital Markets Tel +63 (0)2 632 4444 +63 (0)2 632 6422 +63 (0)2 632 5720 +63 (0)2 632 5731 Email firstname.lastname@example.org. ADB will focus specifically on underdeveloped Asian economies. Alinda Infrastructure Fund II. Funds (mn): 245 USD 0. Roads.org jklein@adb. South America.0% of Total Assets Infrastructure Consultant: In-House Preferences Direct Unlisted Funds Listed Funds Co-investment No Yes No No Greenfield Brownfield Secondary Primary Fund of Funds Secondaries Debt/Mezzanine Stage • • • N. Utilities Sample Fund Investments Mekong Brahmaputra Clean Development Fund (2010).
along with additional investments in North America and Europe. Canada Tel: +1 204 949 0048 Web: www. and possibly one new manager. Telecom. but prevents direct investments. The new investments will be made with its current managers. Energy.ca Fax: +1 204 944 0361 Email: info@traf.Private Equity Søren Thinggaard Hansen Head of Private Equity Tel +45 33 66 80 80 +45 33 66 80 80 +45 33 66 80 01 +45 33 66 80 80 Email jo@ipf. Aon Typically Invest Per Infrastructure Fund (mn): CAD 10 to 25 Preferences Direct Unlisted Funds Listed Funds Co-investment No Yes No Considering Greenfield Brownfield Secondary Primary Fund of Funds Secondaries Debt/Mezzanine Stage • • • • N.5% of Total Assets Target Allocation to Unlisted Infra. TRAF expects its infrastructure portfolio to be weighted towards core infrastructure assets but will consider exposure to social infrastructure. PPPs and emerging markets for portfolio balance and diversification purposes. In a four-year period from 2004. Funds (mn): 65 CAD 1. Northleaf Capital Partners.mb. Macquarie European Infrastructure Fund (2004). R3C 4S8.dk kst@ipf. but has utilized the services of Aon and Northleaf Capital Partners for two of its past infrastructure investments. Investors in Infrastructure Funds . Social © 2010 Preqin Ltd 17 .ca Ext. Railway. the retirement system increased its target allocation from 1% to 5% of total assets. Manitoba. Distribution/Storage Facilities. including the US and Europe. Renewable Energy. The retirement system created the allocation because it believes the asset class possesses the characteristics it requires to enhance the diversification of its overall investment portfolio. TRAF expects to fulfil the 5% infrastructure target allocation by the end of 2011. Macquarie Essential Assets Partnership (2003) Contact Name Position Tel Email Chris Di Fonzo Investment Analyst +1 204 949 0048 cdifonzo@traf. Asset Class (mn): 215 CAD 5.5% of its 5% target allocation to infrastructure and over the following 12 months expected to invest USD 60 million in 2-3 unlisted funds.Sample Pages Contact Name Jan Ostergaard Henrik Poulsen Position CIO Head of Equities & Alternative Investments Kasper Struve Portfolio Manager .0% of Total Assets Committed to Unlisted Infra. In terms of geographic exposure. TRAF had committed approximately 1. TRAF is eager to gain exposure to the infrastructure investment opportunities opening up in China and India. Funds (mn): 215 CAD 5.27. The retirement system’s typical bitesize for infrastructure investments is CAD 10-25 million.traf.dk Public Pension Fund Sample Fund Investments Macquarie Infrastructure Partners (2006).dk sth@ipf. Sea Ports.dk hnp@ipf. America Europe Asia & RoW Emerging Mkts Global First-Time Funds PPP/PFI • • • • No Yes Infrastructure Industry Preferences (Based on Past Investments and Stated Preferences) Airports.5% of Total Assets Target Allocation to Infra. The retirement system will possibly consider infrastructure debt vehicles that enter the marketplace but is not actively seeking to invest in such vehicle. Utilities.ca Teachers' Retirement Allowances Fund (TRAF) is one of a growing number of public pension funds that have created a specific allocation to infrastructure investments. CFI Infrastructure Opportunities Fund (2005).0% of Total Assets Infrastructure Consultant: In-House.mb. Roads. TRAF has created a global investment program for infrastructure that primarily focuses on the major infrastructure markets. As of Q2 2010. Total Assets (mn): 4.mb. but first-time funds are unlikely to be considered. 28 Jeff Norton President & CEO +1 204 942 3764 jnorton@traf. TRAF has not appointed a permanent infrastructure consultant. and the amount of capital it has to invest in infrastructure allows for the possibility of a co-investment through an investment club.mb. The retirement system has no plans to invest in listed infrastructure. Asset Class (mn): 65 CAD 1.ca Teachers' Retirement Allowances Fund 330-25 Forks Market Road.300 CAD Year of First Investment in Infrastructure: 2004 Source of Allocation to Infrastructure: Separate Infrastructure Allocation Allocation to Infra. Winnipeg.
10th ﬂoor. terms and conditions.Please complete and return via fax.preqin. including via direct interaction with fund managers to ensure the information in the Review is as accurate. • Information gathered from numerous data sources. email or post I would like to purchase the 2010 Preqin Infrastructure Review: £465 + £10 Shipping $795 + $40 Shipping €550 + €25 Shipping Additional Copies £110 + £5 Shipping $180 + $20 Shipping €115 + €12 Shipping (Shipping costs will not exceed a maximum of £15 / $60 / €37 per order when all shipped to same address. • Detailed listings for all funds ever closed. strategic preferences and key contact details plus results of our investor survey. The 2010 Preqin Infrastructure Review www. NY 10169 w: www. enabling the industry to continue its expansion into new areas and geographies.com . Only available alongside purchase of the publication). including 79 with performance data. direct contact information for key contacts and more… • Proﬁles for over 170 investors in the sector. plus funds currently raising capital. / www. New York.com / t: +44 (0)20 7065 5100 / f: +44 (0)87 0330 5892 or +1 440 445 9595 © 2010 Preqin Ltd.com/infrastructurereview ------------------------------------------------------------------------------------2010 Preqin Infrastructure Review Order Form . Proﬁles include strategy and deals data. Now in its third year.com / e: email@example.com Preqin Infrastructure Review: Order Form The market for unlisted infrastructure funds has grown dramatically in recent years. history and development and more… • Proﬁles for 270 infrastructure ﬁrms and 450 funds. If shipped to multiple addresses then full postage rates apply for additional copies) I would like to purchase the 2010 Preqin Infrastructure Review Graphs & Charts Data Pack in MS Excel Format: $300 / £175 / €185 (contains all underlying data for charts and graphs contained in the publication. EC2A 1BB Preqin . Name: Firm: Address: City: Telephone: Payment Options: Cheque enclosed (please make cheque payable to ‘Preqin’) Credit Card Please invoice me Card Number: Expiration Date: Name on Card: Security Code*: American Express: the 4 digit code is printed on the front of the card.230 Park Avenue. comprehensive and exclusive as possible. the 2010 Preqin Infrastructure Review is the most comprehensive examination of the unlisted infrastructure fund market ever produced.preqin. fundraising. as an abundance of new opportunities in both developed and emerging markets has paved the way for increasing numbers of vehicles to successfully raise capital. Visa Mastercard Amex Visa / Mastercard: the last 3 digits printed on the back of the card. as governments around the world establish new initiatives for private sector involvement in infrastructure projects. London. 33 Finsbury Square.preqin. Despite the impact of the ﬁnancial crisis. including investment plans. Job Title: Post / Zip Code: Email: Country: *Security Code: Preqin . Key features of this year’s publication include: • Detailed analysis sections showing the latest trends in all areas of the industry: deals.Scotia House. investors. there are currently more funds on the road than ever before.
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