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Sample Pages.Indd The 2009 Preqin Infrastructure Review - Sample Pages The 2009 Preqin Infrastructure Review - Sample Pages © 2009 Preqin Ltd 1 The 2009 Preqin Infrastructure Review - Sample Pages Contents 1. Executive Summary 7 13. Listings of Infrastructure Fund Terms and Conditions 87 - Key terms and conditions for 27 infrastructure funds 2. Data Sources 13 14. Analysis of Infrastructure Fund Performance 91 3. Review of the Unlisted Infrastructure Market 17 - Targeted performance, net IRRs, net multiples, dry powder - Growth of the unlisted fund market, evolution of unlisted funds, fund geographic focus trends, project stage and asset focus trends, impact of PPP/PFIs, manager 15. Listings of Infrastructure Fund Performance 99 location and experience, emergence of fund of funds, predictions for the future of the asset class - Key performance metrics for 62 vehicles. All performance shown is net to investor 4. Review of Recent Infrastructure Fundraising: 2007-2009 25 16. Regional Focus: Key Facts and Figures 103 - Fundraising by geographic focus and manager location, breakdown of fundraising - Asia, Continental Europe, India, MENA, North America, South America, UK market by fund size, success in achieving targets, project stage focus, industry focus 17. Infrastructure Firm Preferences 115 - Matrix showing fi rm preferences by location, industry and project stage 5. Listings of Infrastructure Funds Closed Historically 31 18. Infrastructure Firm Profi les (Unlisted Primary Fund Managers) 127 6. Review of Current Infrastructure Fundraising Market 45 - Interim closes, fund focus, manager location, project stage focus, placement agent 19. Infrastructure Firm Profi les (Listed Fund Managers) 263 use, manager experience 20. Infrastructure Firm Profi les (Fund of Funds Managers) 293 7. Listings of Infrastructure Funds on the Road 51 21. Review of Institutional Investors in Infrastructure Funds 311 8. Review of Listed Infrastructure Market 59 - Why investors are attracted to infrastructure, make-up of investor universe, - The state of the current listed infrastructure market, fund geographic focus break- commitment levels, investor size, source of allocations down, project stage and asset focus trends, manager location and experience, predictions for the future of listed funds 22. Profi les for Key Investors in Infrastructure Funds 319 9. Listings of Listed Infrastructure Funds 65 - Detailed profi les for over 230 investors in infrastructure funds 10. Review of Infrastructure Fund of Funds 69 23. Index 333 - The growth of the infrastructure-specifi c fund of funds market, the role of vehicle- - Infrastructure Firms type in the infrastructure marketplace, fundraising performance, vehicle focus - Investors breakdown, manager location - Figure Index 11. Listings of Infrastructure Fund of Funds 77 24. Glossary 345 12. Analysis of Infrastructure Fund Terms and Conditions 81 25. Other Publications 349 - Management fees, hurdle rates, carried interest, fee rebates to investors, manager commitments, key man provisions, no-fault divorce clauses - Other Preqin Products © 2009 Preqin Ltd 2 1. Executive Summary - Sample Pages Fig. A: Infrastructure Fundraising Over Time Executive Summary As Fig. A shows, the infrastructure fund industry has experienced signifi cant growth over the course of the 21st Century, growing from what most considered as a small subset of the private equity industry, into what is now often considered to be an asset class in its own right. From Niche Sector to Separate Asset Class Fig. B shows the proportions of investors using different sources from which to fund their infrastructure investments. 31% of infrastructure investors make investments in the asset class though their private equity allocations and 16% do so through their real Fig. B: Split of Infrastructure Investors by Source of Infrastructure Allocation assets allocations. Some investors prefer to make infrastructure investments through their private equity or real assets allocations so that they can maintain a strategy of investing in infrastructure opportunistically. However, an increasing number of investors are carving out separate allocations to the asset class as they put in place permanent programs for infrastructure investing. 53% of investors now have a separate allocation to infrastructure, up from the 47% observed in last year’s Review. The reason for many investors to establish a separate allocation for infrastructure investments is due to the markedly different risk return profi le that is exhibited by the asset class in comparison with other private equity fund types such as buyout. Infrastructure fund investments tend to shoot for lower returns, but with a much lower risk profi le. © 2009 Preqin Ltd 3 1. Executive Summary - Sample Pages Low Risk, Low Returns? Fig. C: Split of Targeted IRRs (%) As Fig. C shows, a signifi cant proportion of vehicles (24%) are targeting returns between 10% and 13.9%, which is relatively low in comparison with the targeted returns of other alternative assets funds. A further 24% are targeting between 14% and 17.9%. The biggest data point is for fi rms targeting between 18% and 21.9%, which although is still shy of the returns regularly sought by other alternative asset managers, is still a relatively high return that would satisfy a signifi cant proportion of investors. Only 17% of funds in our sample were seeking returns at a Proportion of Funds level comparable with private equity buyout funds at 22-30%. Although the relative immaturity of the asset class means that the majority of vehicles are not yet at Targeted Net to Investor IRR (%) a stage where their performance can be viewed in an especially meaningful way, the returns that are Fig. D: Growth of Infrastructure Funds on the Road available are encouraging, with only a single fund on the Preqin database showing a negative IRR, and 40% of vehicles displaying a performance exceeding 18% IRR. Infrastructure after the Crash As Fig. A shows, infrastructure fundraising has clearly taken a massive hit following the onset of the credit crunch. At the mid-year point in 2009 only $3.5 billion had been raised by three funds achieving a fi nal close. The drop in fundraising clearly has little to do with the number of funds on the road – as Fig. D shows, the number of vehicles currently seeking capital is at record levels with 96 funds seeking an aggregate $103.5 billion. This reversal of fortunes raises questions as to whether this drop represents © 2009 Preqin Ltd 4 1. Executive Summary - Sample Pages a temporary blip or a more fundamental change in streams are especially resilient in the face of an price index or retail price index, for example) and investor appetite. economic downturn. therefore protect returns from the threat of infl ation, given the price and income inelasticity of demand for Are Investors Still Keen on Infrastructure? An Attractive Prospect in the Current Market such assets in many circumstances. All the evidence shows that investors are keen The defensive properties displayed by infrastructure Stalling Rather Than Decreasing to access infrastructure investments, with both investments have meant that investor interest in the existing investors showing a desire to make further asset class has continued to grow at a time when other Whilst it is true that the pace of commitments has investments in the future, and with new institutions asset classes have been more badly affected by the slowed, it appears that sentiment and optimism establishing infrastructure allocations on a regular recent economic crisis. In addition to this, numerous towards the asset class remains high and that basis. stimulus packages announced by governments new investors are still entering the market. The around the world have included infrastructure as infrastructure investment market’s momentum has There has been increasing acknowledgement over an important part of their overall plans, including stalled somewhat, rather than decreased, with recent years of the need for massive infrastructure providing backing by guaranteeing the fi nancing of investors still keen on the asset class and waiting for development across the globe – for new assets in infrastructure projects, which improves the risk/return the right time to make further commitments. developing countries and for widespread renewal of profi le for investors and will stimulate investment existing assets in the developed world. Investors and in the sector. In times of recession, the consistent As a result of the shift in the global economy, many managers alike began to realise the potential array of returns provided by investments in infrastructure, institutional investors have distressed investment investment opportunities opening up. and the fact that they are easily predictable into the portfolios as a result of falling valuations of assets future, make the asset class an attractive prospect to across the board, and have not been able to make Low Correlation to Other Asset Types investors. commitments at the same rate as in previous years. Additionally, infrastructure investments, particularly Hedging Against Infl ation Although other areas of alternatives have also been private unlisted fund investments, have a low negatively affected by this situation, infrastructure correlation to other types of investments, and as However, investors have now begun to look at how funds tend to be amongst the largest of all closed- such can be attractive to investors for portfolio conditions will develop as we move towards economic end investment funds, and are
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