Steve Boulton is stepping down as chief executive of Hastings Funds Management, the manager of the Australian Infrastructure Fund, where he also served as a director. Alan Freer is replacing Boulton for an interim period as Hastings looks to recruit a new head.
The European infrastructure fund manager has just reached first close for its second fund. BNP Paribas contributed €100m with ABP and Greater Manchester pension fund also as investors.
The listed infrastructure investor has acquired an additional 5.49% equity and loan note interest in the Dutch High-Speed Rail public-private partnership project for close to €12m.
Peter Noé, head of Hochtief Concessions, has tendered his resignation just as ACS announced that it now holds 37.6% of Hochtief. Once it crossed the 30% treshold, ACS knew it was free to acquire majority ownership of Hochtief on the open market, without having to pay a control premium.
GPs springing fund extensions on their investors should beware a cool reception, writes Andy Thomson.
Ireland needs to embrace public-private partnerships in order to compensate for a steep fall in state investment over the coming years as a result of the dire condition of the country’s public finances. This is the recommendation of a study by financial services firm KPMG and a leading business and employer association.
President Benigno S. Aquino III launched five public-private partnership deals yesterday, including toll roads and light rail projects. The first tenders should come to market this month.
KKR’s managing director of European infrastructure has resigned from his position. It is not yet known where he is going to next.
James Stewart, who as chief executive of Infrastructure UK drew up the UK’s £200bn National Infrastructure Plan, has joined financial services firm KPMG as chairman of its global infrastructure practice.
The European Commission and the EIB plan to use guarantees and subordinated loans to enhance the creditworthiness of private sector infrastructure bonds to investment-grade rating, aiming to recapture a €100bn market that dried up following the global financial crisis.
AXA Private Equity has agreed to buy 10% of Spanish oil storage and transportation company CLH. The deal will be funded from its third infrastructure fund, which has currently raised €200m and is aiming to close on €1.5bn by year’s end.
The Portuguese toll road operator, through a joint venture with India’s Feedback Ventures, will take over the operation and maintenance of the Mumbai Sea Link bridge in late March.
Pension funds need governments to create or remove regulation to help channel more investments into infrastructure, the OECD said in a recent note. At the moment, less than 1% of pension funds worldwide are invested in infrastructure.
In a ‘blow’ to African private equity, Richard Laing will quit the development-focused fund of funds in early 2012 after the completion of a government review of its activities.
The UK government’s attempts to claw back money from PFI contracts recall the lack of commitment that scared the private sector and forced governments to finance infrastructure from their balance sheets for most of the 20th century.