亚博赞助欧冠机构投资者思考基础设施的两次

对于投资者来说，基础设施可以觉得解决家庭改造 - 一个具有隐藏成本，不确定性和经常需要变化的时间框架的大项目。这不是为了胆小的胆小，可能是最好的留给专业人士。巧合，两者都是加拿大的地区，其房屋繁荣促使众多肾脏促使特定的专业知识。

The U.S.基础设施投资差距has been the topic of policy discussion and white papers for decades. By 2020 the country must invest $3.6 trillion to stop its internal plumbing from falling apart, according to a March 2013 report by the American Society of Civil Engineers, which gave U.S. transportation, water and environment, energy grid and public facilities a grade of D+. Infrastructure projects are extremely expensive. In its latest list of the 100 most strategically important projects worldwide, Washington-based industry group CG/LA Infrastructure put their total value at $642 billion, with the 13 North American projects worth a combined $77 billion.

Thanks to their outsize capital base, long investment horizons and need to match assets and liabilities,institutional investors是一种自然适合基础设施。鉴于政府资源和监管削减对银行资产负债表的压力，“保险公司和养老基金等非传统贷方”诸如建立基础设施投资派的份额“，”标准普尔在1月份的报告中表示。作者估计，全球机构每年可以在融资中提供多达2000亿美元的融资，尽管他们承认这将是一个雄心勃勃的增加。

Most institutional investors,defined benefit pension funds,基础，捐赠and insurers allocate an average of between 2 and 4 percent of total assets to infrastructure, according to London-based research and consulting firm Preqin. (Sovereign wealth funds and superannuation schemes invest a bit more.) The S&P report suggests raising that average by about 2 percentage points.

“This is an exciting and attractive asset class,” says Irene Mavroyannis, New York–based head of Hastings North America, a division of Australia’s $6.65 billion Hastings Funds Management. The firm has specialized in infrastructure since it was launched in 1994, making it one of the most experienced managers in the space. Deal selection is key: Mavroyannis says Hastings focuses on lower-risk core investments. “It has to be a long-dated contractual asset or a regulated, or partially regulated, asset,” such as a utility company or a highway, she explains. Through last June, Hastings’ flagship Infrastructure Fund had posted an 11.16 percent annualized return since its 1994 inception.

But as S&P points out, infrastructure presents several obstacles for institutions. Among them:political risk, regulatory restrictions and return expectations. Fees are another sticking point. Typically, infrastructure return expectations are lower than for private equity, so investors balk at paying private equity–style fees. For big alternative-investment managers that can offer private equity and hedge funds with 2 percent management and 20 percent performance fees, infrastructure is relatively unimportant. Still, Blackstone Group and KKR & Co. run dedicated infrastructure funds. In March, Blackstone announced that it’s launching a water infrastructure fund.

Some institutional investors have played the infrastructure game for decades. Of the ten institutions that allocate the most, according to Preqin, four are Canadian and two are Australian. The two countries share a history of infrastructure investment that includes their institutions and asset managers. These firms tend to invest in infrastructure directly or through specialized outfits.

The Ontario Municipal Employees Retirement System, the $58.8 billion, Toronto-based pension fund, has a 24 percent allocation to infrastructure. Omers invests through subsidiary Borealis Infrastructure, which launched in 1999. Borealis started joining forces with other institutional asset owners in 2010 to develop a large capital pool for giant infrastructure projects. Members of the Global Strategic Investment Alliance include Development Bank of Japan, Mitsubishi Corp. and the Pension Fund Association of Japan; so far the group has committed $11.25 billion.

北方侧重于学校和医疗保健等能源，运输和社会基础设施。其投资是捷克共和国的燃气传输系统运营商，以及芬兰能源分配器Caruna。通过来自世界银行集团和其他机构的呼叫来帮助填补所谓的基础设施差距，遗迹和朋友应该有很多项目来保持忙碌。•

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