1. Citadel sees 2009 net earnings rise 806.7% from 2008
Citadel Capital, a private equity and infrastructure firm focused on the Middle East and Africa, recorded net earnings of $38.1 million for the year ended December 2009 on revenues of $79.2 million. The firm’s net earnings increased by 806.7 percent as compared with the year ending December 2008.
2. Infra fundraising rebounds sharply in Q1 2010
Infrastructure funds raised $5.9 billion globally, or more than half the 2009 total and more than three times the total for the same period last year. If the momentum continues, infrastructure fundraising could eclipse the 2009 total by the first half of this year, according to Probitas Partners.
3. Macquarie-backed toll road files for bankruptcy
The South Bay Expressway was 50 percent-owned by Macquarie Infrastructure Partners and 50 percent-owned by Macquarie Atlas Roads, which took over the stake formerly held by Macquarie Infrastructure Group. In 2003, MIG predicted it would earn a 15 percent to 20 percent IRR on its investment in the project.
4. CalSTRS hires first infra exec, readies ‘first deals’
The $132 billion California State Teachers’ Retirement System has named Diloshini Seneviratne, a senior investment officer on its private equity team, as its first portfolio manager for infrastructure. CalSTRS chief investment officer Christopher Ailman said ‘we’re going to be doing our first deals’.
5. Meridiam ramps up with new hires
The French infrastructure fund manager has hired Olivier Garnier, formerly of monoline Assured Guaranty, as its chief operating officer for North America and Jean François Marco, from Antin Infrastructure Partners, as a senior investment director, based in Paris.
6. ADIC-UBS Infra fund is liquidated
UBS Asset Management and state-backed Abu Dhabi Invest AD have dissolved their Middle Eastern infrastructure fund due to weak market conditions, both companies said in a joint statement. No investments were made.
7. LACERA: Infrastructure is ‘riskier’ than private equity, real estate
The $30.5 billion Los Angeles County Employees Retirement Association came to this conclusion after deciding that the marketplace for infrastructure investments is so under-developed that it is best for the pension to wait before making a commitment, according to a memo.
8. APG: Infrastructure isn't just about jobs
Robbert Coomans, adviser to the €240 billion Dutch pension's board, said at our Infrastructure Investor: Europe 2010 conference in Berlin that governments need to understand that pensions can't invest in infrastructure 'just because it's good for the economy'.
9. IFM reshuffles infrastructure management
Following the resignation of Dunia Wright, head of Europe and US, Kyle Mangini will serve as IFM’s global head of infrastructure. Christian Seymour and Alec Montgomery, heads of infrastructure for Europe and North America, respectively, will now report to him.
10. Ontario Teachers' infra portfolio falls C$2.1bn
The portfolio is now valued at C$7.9 billion, versus C$10 billion at the end of 2008. The Canadian pension also said the portfolio's -5.5 percent return in 2009 occurred ‘largely because’ of the sale of its interest in the Macquarie Infrastructure Group.