Industry insiders are anxiously watching the progress of a number of funds in market – but pointing to any one firm’s fundraising experience as a paradigm of wider trends could be misleading, writes Christopher Witkowsky.
Australia’s A$69bn Future Fund has continued to grow its real estate exposure, reporting increased assets of 1.2 percent to A$3.4 billion from the six months to 30 September. According to the fund’s annual report released today further increases to real estate and other “tangibles” are planned.
The infrastructure investment business of the Australian bank has been cut back following plunges in asset values and difficulties on the fundraising trail. According to a report, the firm has also reduced the management fee for its fourth European fund.
Global Via’s chief executive is targeting pensions and sovereign wealth funds as new shareholders for the Spanish developer. Macquarie and JP Morgan are advising the firm on a capital increase of some €500m, which could be completed in the first half of 2011.
With the Marathon of Marathons just days away, five professionals from Apax Partners are about to pack their bags for their Athens adventure.
The Spanish infrastructure group says it wants to sell a 10% stake in the UK airports operator to help pay down debt. However, Ferrovial stresses that it will continue to be a long-term investor in BAA.
UK Chancellor George Osborne's spending cuts sidestepped several road PFI projects, Nottingham Tram, Crossrail and a new high-speed rail network. A £1bn Green Investment Bank was also launched to help channel private sector investment into renewable projects.
The high risk profile of Asian infrastructure makes it more of an opportunistic play for pensions rather than core, according to a speaker at the Infrastructure Investor: Asia forum in Singapore. There is also confusion about some funds' investment mandates.
Peru’s finance ministry has announced the launch of the country’s first infrastructure fund, managed by Brookfield Asset Management. Roughly half of its intial capital came from local pensions. Brookfield has also raised about $329m toward a special situations fund targeting $1bn.
Thierry Deau is leading a team of runners from Paris-based fund manager Meridiam Infrastructure as part of a 250-strong line-up for the groundbreaking Marathon of Marathons. Deau reveals his motivations and how training is progressing.
UK developer John Laing has announced its intention to float a new fund – the John Laing Infrastructure Fund – on the London Stock Exchange, with the intention of raising up to £270m. The proceeds from the float will buy mature assets from John Laing itself.
Barclays Infrastructure Funds, the infrastructure equity investment arm of Barclays Bank, has closed its sixth infrastructure fund on £645m. The firm claims to be pleased with the final amount given prevailing market conditions since it was launched – despite falling shy of an £800m initial target.
Spence Clunie, former head of Macquarie Capital’s UK and European debt advisory business, is in the process of launching a new business, Ancala Partners, and is understood to be seeking to raise a fund of €750m to €1bn.
A total of $5.9bn was raised during July, August and September, bringing the total raised through the first nine months of 2010 to $15.8bn. That figure easily eclipses the $10.7bn raised last year, making 2010 the first year since 2007 that infrastructure fundraising will show an up-tick.
Lawmakers can open doors for infrastructure investors as well as close them, writes Andy Thomson.