A report, commissioned as part of a Macquarie Communications Infrastructure Group takeover bid, has revealed that the fund may be forced into significant equity raising if it cannot refinance its debt.
LPs must seize current market conditions as a chance to push back on terms and secure better alignment of interests, Joe Dear said at a conference in LA. Fellow panelist Harold Bradley, CIO of the Ewing Marion Kauffman Foundation, lamented 'we are feeding a fee machine'.
Only 22 of India’s 60 proposed road projects have received bids from private investors.
The largest pension in the US has charged its staff with creating a disclosure policy for placement agents and their fees after it was revealed that CalPERS has ties to a kick-back scandal involving the New York State Common Retirement Fund.
The pension, with assets of $16bn as of 30 June, 2008, made commitments in the past month to firms including Germany-based Triton Advisors and mezzanine firm Falcon Investment Advisors.
The state’s comptroller, Thomas DiNapoli, has banned the use of placement agents in investments with the $122bn pension, and has launched a review of pension investments with firms involved in the New York Common kick-back scandal.
The Midwestern city has received 17 responses to its request for sell side advisory services for the Milwaukee Water Works. If the transaction is ultimately successful, it would be the first asset monetisation of a public water utility by a major US city.
Formerly an investment vehicle for Abu Dhabi’s sovereign wealth, the Abu Dhabi Investment Company is expanding into M&A advisory with the hire of Alex Carré de Malberg.
The Macquarie-backed toll road project could suspend a capital call to avoid being wound up after its biggest shareholder Nicholos Bolton won his petition for a shareholder vote on the fate of the project.
Gatwick airport is managing to attract pension funds as direct investors