Investors in one of Henderson’s infrastructure funds are threatening litigation over mismanagement, while Henderson denies legal liability. Bruno Alves reports on the fallout
The initiatives are among several - including support of a state bill forcing placement agents to register as lobbyists - designed to ‘restore confidence, integrity and accountability’.
The consortium has beaten competition from another team led by Allied Irish Bank and Strabag to be named preferred bidder for the M17/M18 Gort to Tuam motorway public-private partnership.
The UK airports operator has almost fully repaid a £1.57bn subordinated debt facility and lowered a £2.2bn bank term loan facility to £1.75bn of outstanding debt. BAA repaid debt using new bank facilities and proceeds from a recent bond issue.
Clifford Chance has replaced CMS Cameron McKenna as legal advisers to Henderson on a dispute with several pension funds over the performance of its second infrastructure fund. The pensions have given Henderson until late September to draft a compensation scheme before taking it to court.
The Japan-headquartered international banking group has launched a representative office in Bogota with the aim of gaining “more business in sectors where SMBC has a competitive edge, such as project finance”.
Many projects that are eligible for the guarantee – which can cover up to 80% of the debt used to fund public-private partnership deals – have yet to reach financial close. This has led the government to consider extending its application beyond the original closing date of December 31 2010.
PensionDanmark has teamed up with DONG Energy to acquire a 50% stake in the Nysted offshore wind farm, in Denmark. Under the deal, DONG is providing an operating guarantee to the Danish pension in exchange for a larger share of the operating profits if current price levels increase.
AMP Capital Investors has acquired the RBS Social Infrastructure Trust, a $74m fund with a portfolio of four social infrastructure public-private partnerships. AMP said it plans to raise more equity for the fund and enlarge its portfolio with similar assets.
As the focus switches from a highly successful runner recruitment campaign to fundraising, we are delighted to report that the groundbreaking Marathon of Marathons – organised by Campbell Lutyens, PEI Media and UNICEF - has already sprinted past an incredible €1 MILLION of donations. How can you be part of the private equity industries’ most important fundraise of 2010?
The infrastructure secondaries opportunity is still at an embryonic stage but has "developed significantly" according to a report from Partners Group, the Swiss alternative assets manager. UK social infrastructure in particular is on the radar of investors.
Yearly infrastructure maintenance costs of €500bn are likely to pressure governments to create more investment opportunities for infrastructure investors, says First State Investments. Fiscal pressure on European corporates and EU directives calling on utilities to unbundle assets will also generate increased deal flow.
The president of the European Commission has called for new sources of finance to fund European Union infrastructure projects including 'EU project bonds', to be issued together with the EIB, and more public-private partnerships.
Dan Clague, a leading figure in European infrastructure-related advisory, has moved from Société Générale to Hawkpoint Partners, where he becomes a managing director. He is a specialist in transport and business services.
US President Barack Obama will announce a transport infrastructure programme calling for at least $50bn of spending upfront. He will also call for the creation of an infrastructure bank that 'would leverage private and state and local capital to invest' in projects critical to the economy.