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Sovereign Wealth Funds Investing in Infrastructure Download Data View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/ra/Preqin-Real-Assets-Spotlight-May-2016.pdf Feature Article Sovereign Wealth Funds Investing in Infrastructure Download Data Sovereign Wealth Funds Investing in Infrastructure Using extracts from the 2016 Preqin Sovereign Wealth Fund Review and data from Preqin’s Infrastructure Online, Joe McGee and Selina Sy examine these investors’ plans and preferences concerning infrastructure investments. Sovereign wealth funds continue to Fig. 1: Aggregate Sovereign Wealth Fund Assets under Management ($tn), capture attention as a result of their December 2008 - March 2016 ever growing assets under management (AUM) and corresponding infl uence on 7 6.51 global fi nancial markets. Despite market 6.31 volatility and the ongoing decline in 6 5.38 commodity prices, which has reduced Other Commodity the capital available to some sovereign 5 4.62 wealth funds, AUM managed by these investors reached $6.51tn in March 3.95 Non-Commodity 4 3.59 2016 (Fig. 1). This is over double 3.22 the aggregate assets held in 2008 3.07 3 Hydrocarbon ($3.07tn), the year Preqin launched its fi rst Sovereign Wealth Fund Review. Management ($tn) 2 Total Assets under The long-term stable yields offered by Management infrastructure investments can help Aggregate SWF Assets under 1 explain their appeal to sovereign wealth funds and their ability to withstand 0 illiquidity, making them particularly suited to the asset class. In addition, Mar-15 Mar-16 many funds have an explicit mandate Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 to help develop local economies and Source: 2016 Preqin Sovereign Wealth Fund Review infrastructure investment is often seen as an effective means of doing so. The A further 7% of sovereign wealth 3). Nevertheless, there remain some proportion of sovereign wealth funds funds are considering investing in funds that have mandates which restrict investing in infrastructure has increased infrastructure, suggesting that the asset allocations to alternative investments steadily in recent years, from 57% in class could see continued growth in the such as infrastructure; among sovereign 2014 to 62% in 2016 (Fig. 2). This is years ahead. This interest has also been wealth funds not currently investing the same proportion as those that invest noted by fund managers: among those in infrastructure, 73% do not currently in real estate, and together these two surveyed for the 2016 Preqin Global allocate to any alternative asset asset classes are the most commonly Infrastructure Report, 48% reported classes and only invest in more liquid targeted by sovereign wealth funds. increased interest from sovereign instruments such as fi xed income and wealth funds over the previous year (Fig. equities. Fig. 3: Fund Managers’ Views on Whether They Are Fig. 2: Sovereign Wealth Funds Investing in Each Asset Seeing More Appetite for Infrastructure from Different Class, 2014 - 2016 Types of Investor 100% 100% 90% 86%86% 90% 25% 22% 21% 82% 28% More 80% 81% 82% 80% 52% 48% Appetite for 80% 2014 70% 57% 70% Infrastructure 62% 67% 60% 60% 60% 55% 59% 57% 62% 51% No Change 54% 50% 50% 47% 47% 2015 40% 76% 71% Wealth Funds Wealth 33% 67% 73% 40% 35% 31% 32% 30% Less Appetite 30% 40% 48% 52% Proportion of Sovereign 24% 2016 20% 30% for 20% Infrastructure Proportion of Respondents 10% 10% 0% 3% 3% 5% 2% 2% 7% N/A N/A 0% Plan Public Insurance Company Natural Foundation Sovereign Endowment Resources* Family Office Real Estate Wealth Fund Pension Fund Pension Fund Retail Investor Private Sector Infrastructure Hedge Funds Private Debt* Private Private Equity Private Fixed Income Public Equities Public Investor Type Source: 2016 Preqin Sovereign Wealth Fund Review Source: 2016 Preqin Global Infrastructure Report *Please note: Preqin has only been collecting private debt information on sovereign wealth funds since 2014, and natural resources data since 2015. 2 Real Assets Spotlight / May 2016 © 2016 Preqin Ltd. / www.preqin.com View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/ra/Preqin-Real-Assets-Spotlight-May-2016.pdf Feature Article Sovereign Wealth Funds Investing in Infrastructure Download Data Source of Capital Fig. 4: Source of Capital: Sovereign Wealth Funds vs. All Other Long-Term Liability Investors Sovereign wealth funds are typically 100% larger than other institutions and have 7% greater assets available for infrastructure 90% 4% 21% investment. The average AUM held 80% 14% by sovereign wealth funds investing in infrastructure is $116bn, compared 70% 21% with $25bn for other long-term liability 60% investors* such as pension funds, 50% superannuation schemes, insurance 23% 40% companies and endowment plans. As a 75% result, sovereign wealth funds are more 30% likely to have a dedicated allocation Proportion of Investors 20% to the asset class; 75% of sovereign 36% wealth funds that invest in infrastructure 10% do so from a separate infrastructure 0% allocation, compared with only 36% of Sovereign Wealth Funds Other Long-Term Liability Investors* other long-term liability investors (Fig. 4). Separate Infrastructure Allocation Part of Real Assets Allocation Part of Private Equity Allocation Other Allocation Route to Market Source: Preqin Infrastructure Online Due to their larger AUM, sovereign Fig. 5: Preferred Method of Exposure to Infrastructure: Sovereign Wealth Funds wealth funds typically have the vs. All Other Long-Term Liability Investors investment expertise and resources required to consider direct investment in 100% infrastructure projects. This also means that these funds are less reliant on the 90% 18% diversifi cation provided by infrastructure 80% fund managers within the context of their 49% 70% overall portfolio. Sovereign wealth funds are therefore signifi cantly more likely to 60% make direct investments in infrastructure 50% 9% than comparable investors. Forty-two 79% percent of sovereign wealth funds invest 40% in infrastructure solely through direct 30% holdings, while a further 49% combine Proportion of Investors 20% 42% direct and unlisted fund investment; by contrast, 79% of other long-term 10% liability investors access the asset class 0% 3% solely through fund vehicles, with only Sovereign Wealth Funds Other Long-Term Liability Investors* 3% investing exclusively through direct holdings (Fig. 5). Direct Investment Only Fund Investment Only Both Direct and Fund Investments Source: Preqin Infrastructure Online Fig. 6: Notable Completed Direct Infrastructure Deals Involving Sovereign Wealth Funds, 2014-2016 Deal Size Total Stake Asset Location Industry Investor(s) Date (mn) (%) Power ITC Holdings Corp. US GIC 1,230 USD 20.0 Apr-16 Distribution Abu Dhabi Investment Authority, CDPQ, Hastings Power TransGrid Australia Funds Management, Spark Infrastructure, Wren 10,300 AUD 100.0 Nov-15 Distribution House Infrastructure Management** China Investment Corporation, China Merchants Kumport Turkey Shipping 940 USD 65.0 Sep-15 Group, COSCO Corporation Singapore Motorway Abu Dhabi Investment Authority, Allianz Tank and Rast Germany Service Capital Partners, MEAG Munich Ergo Asset 3,500 EUR 100.0 Aug-15 Stations Management, OMERS H.R.L Morrison & Co, New Zealand RetireAustralia Australia Senior Homes 640 AUD 100.0 Dec-14 Superannuation Fund Source: Preqin Infrastructure Online *Other long-term liability investors include public and private sector pension funds, superannuation schemes, insurance companies and endowment plans. **Wren House Infrastructure Management is the London-based direct infrastructure investment platform of Kuwait Investment Offi ce. 3 Real Assets Spotlight / May 2016 © 2016 Preqin Ltd. / www.preqin.com View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/ra/Preqin-Real-Assets-Spotlight-May-2016.pdf Feature Article Sovereign Wealth Funds Investing in Infrastructure Download Data The resources available to sovereign Fig. 7: Regional Preferences of Sovereign Wealth Funds Investing in wealth funds allow them to participate Infrastructure in some of the largest deal opportunities through their direct investment arms. 70% For example, in November 2015 two 59% sovereign wealth funds, Abu Dhabi 60% Investment Authority (via Tawreed 50% 50% 48% Investments) and Kuwait Investment 46% 43% 43% 43% Authority (via Wren House Investment 40% Management), joined a consortium 35% which successfully bid for the 99-year 30% lease of TransGrid – owner and operator of the electricity transmission network of Infrastructure 20% New South Wales, Australia. The deal 10% was worth approximately AUD 10.3bn Proportion of SWF Investors in and fi nanced with between AUD 5.5bn 0% and AUD 6bn of bank loans provided by a syndicate of banks which included Asia Other MENA OECD ANZ, Commonwealth Bank, DBS Bank, Global North Europe America United Overseas Bank and Westpac Markets Emerging Banking Corporation. Regional Preference Regional Preferences Source: 2016 Preqin Sovereign Wealth Fund Review Sovereign wealth funds investing in infrastructure seek opportunities Fig. 8: Sovereign Wealth Funds Investing in Infrastructure by Project Stage worldwide; 59% of sovereign wealth fund investors maintain a global scope for 100% 89% infrastructure investments, illustrating 90% the importance of regional diversifi cation within the investment portfolio for 80% 76% 74% some of these investors (Fig. 7). Half 70% of sovereign wealth funds allocating to infrastructure have a preference for 60% European investments, followed by Asia 50% (48%) and MENA (46%).
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