The state’s $147bn pension system rebuts a senator’s claim that it has paid too much in fees to managers – but its peers have shown that big savings are possible.
In its pre-close trading update for the year to 31 March 2012, 3i Infrastructure – headed by Cressida Hogg (pictured) - has hailed strong performance from its European portfolio while describing ‘challenging’ market conditions in India.
The new Portuguese government has definitively abandoned plans to build a high-speed rail link between Lisbon and Madrid. The consortium that had been awarded the first stretch of the line is now claiming up to €300m in compensation from the government.
The London-listed infrastructure investment vehicle exercised its right to increase its equity capital raising from an original target of £180m to £250m in the face of strong investor demand. The money will be used to pay down debt and fund new acquisition opportunities.
The infrastructure fund, dedicated to infrastructure investments in the southern and eastern Mediterranean region, has bought the stake from Turkish developer Limak, which acquired the port from the Turkish government earlier this year.
Caiman Energy – which is backed by US fund managers EnCap Flatrock Midstream and Highstar Capital – is selling wholly owned gas gathering and processing subsidiary Caiman Eastern Midstream to Williams Partners, a master limited partnership focused on natural gas transportation.
Stephen Wermert, of the Asian Development Bank, discusses how the Central Asian and South Caucasus region is starting to open up to infrastructure developers and investors.
NewWorld Capital, a New York-based private equity firm that was founded three years ago by executives from the likes of Goldman Sachs and McKinsey, has launched a new environmental infrastructure fund backed by funds of funds manager North Sky Capital.
ICICI Bank, Bank of Baroda, Citigroup and Life Insurance Corporation of India are backing the country’s first infrastructure debt fund, which will seek to raise up to $2bn to deploy to PPP projects. India is looking to spend $1trn refurbishing its infrastructure over the next five years.
The French infrastructure fund manager is the frontrunner to buy a minority stake in Veolia Transdev – a global leader in public transportation – from utility Veolia.
The Macquarie Renaissance Infrastructure fund – together with Xenon Capital Partners and the Russian Direct Investment Fund – has bought 26.4% of wholesale Russian power generator Enel OGK-5 for $625m. The seller was Russian energy firm Inter RAO.
The London-listed infrastructure investment vehicle yesterday launched a share issue designed to raise £180m in equity capital for the firm to invest in new opportunities. It may seek to raise as much as £250m under certain circumstances.
The acquisition of a stake in Russian Towers, an operator of telecommunications infrastructure, is the Macquarie Renaissance Infrastructure Fund’s third deal. With over $250m already invested, Macquarie is close to having its $630m Russian vehicle halfway invested.
G4S, billed as the world’s biggest security company, has teamed up with the Lincolnshire Police Authority to build and run a police station. The £200m, 10-year contract will outsource several services to G4S, including custody services, and is ‘the first of its kind in the UK’.
Is infrastructure too geared towards long-term holds for a meaningful secondaries market to evolve? There is growing evidence to the contrary