March 2013 Issue

    New cycle, new challenges

    It’s an age-old issue but it changes with the times: alignment of interest between fund managers and their investors. In an exclusive extract from PEI’s “The LPA Anatomised”, Adam Turtle and James Bromley of Rede Partners outline the latest developments

    The dangers of ‘Zhivago Syndrome’

    It is arguably the biggest talking point in infrastructure investment today: the capricious acts of regulators. But, as Jeffrey Altman points out, such acts do not necessarily mean afflicted investors will run for the hills

    ‘This is not for the faint hearted’

    The story of Infrastructure India provides a neat illustration of the extraordinary potential and challenges of the Indian infrastructure market. Andy Thomson caught up with the firm’s chief executive, Sonny Lulla 

    Industrial strength

    EQT raised its second infrastructure fund in record time and even had to turn down some investors. Lennart Blecher, EQT’s head of infrastructure, tells us why the Swedish firm’s industrial model of investing with ‘skin in the game’ is proving popular with limited partners

    Institutions on the march

    Infrastructure debt is a big talking point these days, with institutional investors on the cusp of what many see as a groundbreaking move into the space. We met with four experts to discuss the reasons for this emerging trend

    A thumbs-up for federal credit

    We cast an eye over the infrastructure debt financing scene in the US

    How project finance debt performs

    Ratings agency Moody’s recently released its annual study on default and recovery rates for project finance debt. With interest in infrastructure debt at an all-time high, we scan the data for key findings 

    Vinci’s transformational deal

    The French developer has made a bold strategic move, gaining control of 10 airports in Portugal

    German capital, multiplied by four

    From 0.5% of the portfolio to 2.0% - that’s the target. But getting there may not be easy

    What next for RREEF Infra?

    LPs in RREEF’s second infrastructure fund asked for the €620m they had committed at first close to be returned to them following the aborted sale of Deutsche Bank’s alternatives business 

    Small deals to get energy boost

    New research suggests that the opportunity in the smaller utilities space may be growing as parent companies examine where to deploy capital – and what they might divest

    An uneasy partnership

    President Obama in his State of the Union address called on private capital to help the infrastructure cause – but achieving results will be tough

    Change – before it’s too late

    Former Network Rail chief executive Iain Coucher is now at global consultancy Alvarez & Marsal, and he’s warning infrastructure companies of the need to adapt

    A painful adjustment

    Competition has already driven down expected returns in Europe’s core infrastructure space. The proliferation of regulatory and political shocks isn’t helping 

    Don’t be ridiculous!

    Bolivian President Evo Morales had some harsh words for the owner of airports it is now planning to nationalise

    Need a hole dug? Ask Sophia and Mary

    First there was Harriet, then there was Phyllis. Now the tunnel boring family has two new members

    The mystery of the disappearing report

    A November 2011 report from Deloitte touting the benefits of private investment in Norway’s Gassled seemingly disappeared – much like the attractiveness of Norwegian regulated infrastructure