In the grand scheme of things, 10 years is not a huge amount of time. In the context of human evolution, in fact, it doesn’t even register on the radar. But go down to the micro level – say, the span of a human life – and a decade packs an incredible amount of change.
Infrastructure pioneers will be well aware of that. Infrastructure Investor has been covering the asset class from the very start and it’s been an incredible ride. To mark our 10th year, we’ve released a special anniversary issue titled The Decade, detailing the journey so far, and what to expect in the next decade and beyond.
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In the first part of our 10th anniversary special, industry thought leaders reflect on the changes that have taken place in infrastructure investment over the last 10 years
Stories of the Decade 2009: Chicago parking meters’ controversial decade
The consortium is on track to recoup its $1.15bn investment by 2021 – just 12 years after being awarded a 75-year lease to operate the city’s on-street meters. But it still can’t shake the stigma of a bad PPP.
A coming of age for the energy transition
FIRSTavenue’s Tavneet Bakshi and Chris Tehranian on the evolution of a new asset class.
Stories of the Decade 2010: Rise of the big PE houses
Blackstone’s modest $200m first close in 2010 was vastly overshadowed by the $14bn it raised for its relaunched vehicle in 2019. Now KKR, Carlyle and Apollo are also eyeing the asset class hungrily.
The rise and fall of PPPs
Patrick Mitchell and Matthew Job of Herbert Smith Freehills on what comes next for public-private partnerships in UK infrastructure.
Stories of the Decade 2011: ‘Social dynamite’
The former Allianz Capital Partners CEO’s prediction of growing public opposition to private ownership of infrastructure was spot on, though he might have been surprised at the extent to which he’d be proved right.
Stories of the Decade 2012: Leap of faith rewarded
CalSTRS’ $500m commitment to IFM Investors was 2012’s largest allocation to an infra vehicle and offered a taste of the fundraising heights to come.
The growing appetite for infrastructure
Infrastructure has come to play an indispensable role in investors’ portfolios, argues Campbell Lutyens’ James Wardlaw, and the asset class continues to evolve.
Stories of the Decade 2013: The government gives and the government takes away
The European renewables subsidy flip-flops earlier in the decade foreshadowed a market transition that is now playing out in full.
Lessons from a decade in infrastructure
Transparency, discipline and diversification are key, says Wim Blaasse, managing partner at DIF Capital Partners.
Stories of the Decade 2014: An open-and-shut case
Mexico’s 2014 energy reforms were historic, but the aftermath demonstrated the hand of politics in infrastructure.
Stories of the Decade 2015: Strength in numbers?
Having ‘emerged’ in 2015, infrastructure’s mid-market is now thriving. But this brings its own challenges.
Why biggest isn’t always best
The mid-market has become well established, says Tiger Infrastructure Partners’ CEO Emil Henry, with growth capital providing an exciting way to diversify risk.
Stories of the Decade 2016: Politicians play the national-security card
The Australian government’s decision to block two Chinese bids for Ausgrid drew a line in the sand for the land Down Under.
From nascent to mainstream
Alain Rauscher and Mark Crosbie of Antin Infrastructure Partners on the art of spotting new sectors.
Stories of the Decade 2017: The mega-funds arrive
GIP closed the largest-ever unlisted infrastructure vehicle on $15.8bn, thus foreshadowing the following year’s record fundraising.
Stories of the Decade 2018: The appeal of Asian renewables
Following a growth spurt in 2016-17, there are signs the market might be overheating. But demand is expected to remain strong as countries address the challenges.
The rise of infrastructure private equity
Lennart Blecher, Alex Darden and Matthias Fackler of EQT on the emergence of a distinct value-add asset class.
Stories of the Decade 2019: ESG takes centre stage
With ever-increasing scrutiny of corporate behaviour and calls for greater diversity, the industry is grappling with how to invest responsibly.
Redefining resilience
Infrastructure has always been about long-term, sustainable cashflows. But how you get there is changing, say InfraRed’s Harry Seekings and James Hall-Smith.
In the second part of our 10th anniversary special report, industry thought leaders reflect on the current state of the market. Plus, we provide our first-ever ranking of the world’s top 30 infrastructure investors
Meet the 30 largest infrastructure investors
The institutions in our debut Global Investor 30 ranking have committed $321bn to the asset class.
The Global Investor 30 methodology
We carried out primary and secondary research on more than 100 institutions to produce a ranking based on the market value of investors’ private infrastructure investment portfolios.
The evolution of asset management
Thierry Déau of Meridiam explains how a hands-on approach to infrastructure investment is critical to mitigating risk – and maximising returns.
Changing of the guard
Clifford Chance’s James Boswell, Toby Parkinson and Javier Amantegui look at who owns critical infrastructure in 2019 and potential new sources of capital in the future
The segmentation of a maturing asset class
Infrastructure funds are increasingly specialising by transaction size, sector, geography and risk profile as LPs seize control of their exposure, says Jamie Storrow of Northleaf Capital Partners.
Investments on innovation in infrastructure
Smarter use of data is just part of the revolution in infrastructure, say Marcus Ayre and Danny Latham of First State Investments.
The emergence of infrastructure debt
Created in the wake of the global financial crisis, the asset class is perfectly positioned to take advantage when the economy turns once again, says Schroders’ Charles Dupont.
What investors want
Threadmark co-founder Bruce Chapman on the evolution of investor appetite for infrastructure.
Infrastructure as a service
Austerity, digitisation and shifting demographics have reignited the legitimacy debate, says Hermes’ Peter Hofbauer.
Adapting to a changing agenda
Infrastructure has always been about long-term certainty, but changes in everything from regulation to technology are pushing investors to embrace flexibility, say Vincent Levita and Bruno Candès of InfraVia.
For the final section of our 10th anniversary special report, we examine the issues that will shape the asset class over the coming decade
Towards a sustainable future
Martin Stanley, who is in his 10th year at the helm of Macquarie Infrastructure and Real Assets, explains why ESG best practice is critical to long-term performance.
Predicting the next decade: Self-drive time
How the advent of autonomous vehicles could revolutionise transport infrastructure.
How technology is revolutionising infrastructure
Boe Pahari, global head of infrastructure at AMP Capital, thinks air travel will be transformed by advances in AI.
Predicting the next decade: Supersize infra
Buoyed by strong institutional appetite, the size of infrastructure funds has grown significantly over the past decade. We look at how big they might get.
The promise of infrastructure
With a spiralling infrastructure deficit to address over the next two decades, building trust and connectivity with stakeholders is more important, and challenging, than ever before, writes InstarAGF’s Gregory Smith.
Predicting the next decade: A space odyssey
From lithium-ion batteries to solar power stations in space, the race is on to find efficient storage space solutions for renewable energy.
Predicting the next decade: Data explosion
We look at what a meteoric rise in data consumption will mean for towers, fibre and storage.
Predicting the next decade: Making a mark
Investing for impact has risen up the agenda for many institutions with a rapid growth in allocations over recent years.
Predicting the next decade: Virtual reality
The world is moving online and there is money to be made in technology – but is higher education up to speed?
Predicting the next decade: In rude health
Innovative care delivery models will create huge opportunities for investors in healthcare infrastructure over the coming years.
Predicting the next decade: The waste land
The war against plastic is increasing the focus on recycling and waste treatment, and raising tempting possibilities for infrastructure portfolios.
Predicting the next decade: Smooth departure
The future of airports looks bright, automated and efficient.
Predicting the next decade: Regime change
Europe’s regulatory regimes are becoming more punitive and may have reached ‘an inflection point’.
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