Cezary Podkul
The city has launched a website for the Chicago O’Hare Airport Express Rail Service and is soliciting expressions of interest and information from private developers interested in building an express train linking its major airport and downtown areas.
Macquarie will continue to raise two funds-of-funds that Johnston had been in charge of while still at the firm. At Hastings Funds Management, Johnston will work with the firm’s unlisted infrastructure team, which manages several funds investing in airports, toll roads, utilities and other sectors.
The US government’s infrastructure lending arm was left with a smaller-size loan, an equity stake and a board seat on a new company that manages the Southern California toll road on behalf of its lenders. The original equity investors have been wiped out and are no longer a party to the deal.
The $5.1bn San Diego City Employees’ Retirement System is conducting a search for a consultant who will help it roll out its new 3% allocation to infrastructure, which translates to about $150m the pension can invest in the asset class.
Tim Vincent, who used to work with First Reserve Energy Infrastructure head Mark Florian at Goldman Sachs, joined the firm earlier this month. His hire comes as First Reserve is expected to hold a final close on its infrastructure fund on more than $1bn.
The state has enacted a law mandating that 33% of California’s electricity come from renewable sources by 2020, replacing the current 20% standard set for 2010. The new goal ranks among the most ambitious in the country and could spur more demand for the financing of wind, solar and other renewable projects.
A successful refinancing of the French toll road network in the next 12 months is key to Sydney-listed Macquarie Atlas Roads’ plan to begin paying dividends to shareholders. The goal is to bring the toll road's debt down from €3.6bn to €2.7bn.
Michael Carapiet will leave the firm effective July after a 22-year tenure during which he helped build up Macquarie’s infrastructure advisory and funds businesses. He currently serves as executive chairman of Macquarie’s investment banking and securities divisions.
The asset class is seeing funds come to market with dedicated allocations to secondaries, such as funds-of-funds recently closed by Partners Group and Pantheon. A €500m block of infrastructure fund interests currently up for sale also indicates dealflow is picking up sharply.
The mid-market private equity firm had expected infrastructure stimulus dollars would boost its investment in D.S. Brown but in the end it saw 'very little benefit' from the stimulus. Still, revenues rose 35% over its investment period.