June 2013 Issue
O PIP, where art thou?
Confusion continues to be the hallmark of the UK's ยฃ2bn Pensions Infrastructure Platform
Outsourcing, over-payment and a court verdict
Our readers tell the PIP it should outsource its management, argue that investors are paying too much for UK water assets, and condemned Henderson in the court of public opinion
โUrbanisation will create substantial demandโ
Caisse de dรฉpรดt et placement du Quรฉbec (the Caisse) is one of the most influential investors in infrastructure. Here, the Caisseโs Chantalle Pelletier gives her take on attractive strategies and what the future holds
The importance of the multiplier effect
Infrastructure investment should be used to boost the Eurozoneโs GDP and reduce the regionโs public debt burden, write Sylvain Broyer and Johannes Gareis of Natixis
Regulated destruction
Spainโs patchy power market regulation has left it with a โฌ25bn electricity tariff deficit and a costly renewables subsidy scheme, writes Bruno Alves
โI think it got overblownโ
Allen & Overy partner Kent Rowey explains why the three-year-old Volcker rule has had a muted impact on captive infrastructure funds
A giant awakes
Investments in infrastructure are becoming increasingly attractive for the German institutional investor community. Matthias Reicherter and Fabian Pรถtter of Golding Capital Partners explain why
Das Yield
Germany has saved โฌ10bn over the last two years as sovereign bond yields plunged to 1.18%. In the process, itโs created a yield drought that is steering the countryโs institutional investors to infrastructure. The prize: an extra โฌ35bn for the asset class, writes Bruno Alves
The โre-invented project finance guyโ
Thatโs how Highstar Capitalโs Christopher Lee sees himself โ and other infrastructure fund pioneers. In a meeting with Andy Thomson at the firmโs Park Avenue offices, Lee reflects on his tie-up with AIG, the characteristics that mark out a Highstar investment, and why politicians need to get their act together
Heading off the rails
The risk inherent in the California High-Speed Rail project is emblematic of a larger problem: the unfeasible nature of HSR in America. Chris Glynn reports
Risky business
With institutional investor interest in infrastructure at an all-time high, Bruno Alves takes a look at some of the dangers the asset class presents
Public service gift, social infra goal
AECOM executive Samara Barend is aiming to win Washington over to her vision for social infrastructure. Chris Glynn reports
Bullish about the US
In the first of a regular series, we get the lowdown on the ambitions and challenges facing the developer community. Below, Mike Marasco, chief executive of Toronto-based Plenary Concessions, explains why the US offers growth beyond Canada and Australia
Life in the slow lane
Piles of government debt and asphyxiating austerity are slowly squeezing the life out of infrastructure activity in the region, a new report finds. Kalliope Gourntis reports
The public works project from hell
An SEC fraud charge, associated with its cash-draining incinerator, represents a new low for Harrisburg
Changing tides
The returns profile of the UK water sector appears to be undergoing a significant shift. Bruno Alves examines the evidence
Getting better, but no miracle cure
The UKโs new PFI model contains some neat innovations, but may still struggle to live up to its billing
Stern words from the Treasury
How a representative of the asset class got into trouble
A platform for comedy
HS2 has been accused of many things โ associating it with slapstick is a new line of attack
Time to spare
It comes as no great surprise to learn that Peter Hofbauer is a golf fan and, as we speak, is tempted by the May sunshine to contemplate the prospect of a leisurely stroll around some fairways over the approaching weekend. After all, golf is both relaxing and intense at the same time โ a pleasant [โฆ]
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