April 2011 Issue

    Month: April
    Year: 2011

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    Profiting from disaster

    There is good money to be made when infrastructure concessionaires collapse – just look at how quickly hedge funds replaced the 24 lenders on the hook for Australia’s Clem7 toll road.

    Small commitment, big implications

    Brookfield’s investment in an Indian fund will help ease its way into the market.

    Why receivership is not the end

    Korda Mentha has acted as receiver for a number of distressed Australian toll roads, most recently Brisbane’s ill-fated Clem7 tunnel. Partner Martin Madden talks through a typical process and explains how some lenders can profit from it.

    Are you compensating for illiquidity?

    If not, don’t worry – investors don’t necessarily seem to mind.

    Why Carlyle went Down Under

    Carlyle Infrastructure Partners has concluded a deal that may lead to bigger opportunities.

    Know thyself

    The time has come to be a buyer of businesses or an investor in assets. If you’re the former, hard work lies ahead.

    Turbulence in Quito

    Foreign developers building a new airport for Ecuador’s capital city faced a lengthy and complex renegotiation process after constitutional changes in 2009 disrupted their ability to collect revenues.

    ‘Hedging? Er, I think my gardener does it’

    It’s time to to get to grips with dynamic currency hedging before Putter pounces.

    Why PPP is better than OOO

    Public procurement is defined by cost overruns, time overruns and running cost overruns.

    A Mad idea for high-speed rail

    Not for the first time, politicians and actors find themselves on opposite sides of a national debate.

    The KKR template

    Kohlberg Kravis Roberts passed on the Pittsburgh parking auction but lobbed in a winning, $1.1bn bid for Chevron’s 23.4% stake in Colonial Pipeline. Cezary Podkul sat down with investment director Raj Agrawal to reflect on the year that was and find out what’s ahead for the firm’s infrastructure team

    Adjusting for inflation

    Inflation is a major talking point, but how are different infrastructure assets set up to adjust for it? Nancy Mangraviti of RBC Global Asset Management provides the answers

    The end of the line

    A highly ambitious high-speed rail programme in the US has hit the buffer of fiscal reality. C. Kenneth Orski charts the slow death of a grand project

    Keep calm and carry on

    AMP Capital Investors, the Australian fund manager, has had to cope with the departure of a team of professionals from its London office while persuading would-be investors that there is still a place for an open-ended fund in Europe. Three of the firm’s senior executives discuss how these challenges have been tackled. By Andy Thomson

    A focus on society

    2011 is looking like an active year for Belgium, with several prison public-private partnerships nearing financial close and a robust pipeline of roads trailing just behind

    The road to (pension) riches

    Roads are again set to be the highlight of the Netherlands’ public-private partnership pipeline for 2011. But this time, government attempts to channel pension investment to these assets may steal the spotlight, writes Bruno Alves

    ‘No wonder many funds seem to be struggling’

    Alexandra Atiya asked three of Europe’s limited partner investors for their thoughts on what infrastructure fund managers are getting right and wrong – and discovered hostility towards compensation structures

    Off the beaten track

    First State Investments’ innovative European fund model is an attempt to provide investors in infrastructure funds with what they want – and moves beyond traditional open- and closed-end structures in order to do so. Andy Thomson reports

    Don’t sour on private equity

    Private equity firms have a role to play in infrastructure. They might just have to tweak some of the ways they do business, argues Cezary Podkul.