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With MIRA veteran David Luboff and Brookfield’s Hardik Shah joining, the manager is targeting its first Asia-focused infrastructure fund.

The nation’s capacity market auctions have been ruled illegal state aid, throwing several gas and battery storage projects into doubt.

The country’s investors are expanding overseas, with Europe attractive from a currency perspective. But they want GPs who put in the effort and come with the right products.

The airport is jointly held by its MEIF1 and MEIF3 funds alongside the Belgian government and OTPP, with the latter believed not to be among the bidders.

Investors highlighted the need for local partnerships to go deeper into unexplored geographies

The company sees no threat to its business in the country from president-elect Andrés Manuel López Obrador, who recently scrapped the partially built Mexico City airport.

‘Heavy industry in Taiwan is actually quite advanced and sophisticated, but they’re not used to working in joint ventures,’ warns our panel of developers.

The two firms say they ‘will be blazing some trails’, with the sub-sector set to become a ‘bigger part of the infrastructure market’.

The UK fund manager could come back to market next year to raise further funds after falling short of its $257m target.

IST3 Infrastruktur Global has now made 18 investments since its launch four years ago, including both direct and fund deployments.