Global Infrastructure Trends in 2013

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18 Νοε 2013 (πριν από 3 χρόνια και 6 μήνες)

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www.preqin.com




Global Infrastructure Trends in 2013



Global Infrastructure Investors Summit


April 2013

www.preqin.com


Preqin Infrastructure

Founded in 2008, Preqin Infrastructure is the most comprehensive source of infrastructure
industry intelligence available today. Our global coverage features profiles of:




Over 1,800 institutional investors actively investing in infrastructure




Over 150 institutional investors considering infrastructure investments




Over 350 infrastructure fund managers




Over 650 unlisted infrastructure funds




Fund performance data




Over 4,400 deals made by unlisted infrastructure fund managers




Placement agents, law firms and investment consultants.





www.preqin.com


The Future For Infrastructure Investment?

16%

9%

12%

2%

58%

63%

45%

36%

26%

28%

43%

62%

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Real Estate
Private Equity
Hedge Funds
Infrastructure
Proportion of Survey Respondents

Increase Allocation
Maintain Allocation
Decrease Allocation
Source:
Preqin

Investor Surveys in Real Estate , Private Equity, Hedge Funds and Infrastructure (December 2011


August 2012)

www.preqin.com


Annual Infrastructure Fundraising, 2004


2013 YTD




Source: Preqin Infrastructure Online

10

23

33

39

53

26

48

41

41

8

5

10

23

45

40

10

32

22

26

7

0
10
20
30
40
50
60
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013 YTD
No. of Funds
Closed
Aggregate Capital
Raised ($bn)
www.preqin.com


Infrastructure Fundraising by Region, 2004


2013 YTD

Source: Preqin Infrastructure Online

81

121

61

59

111

67

22

20

0
20
40
60
80
100
120
140
North America
Europe
Asia
Rest of World
No. of Funds
Closed
Aggregate Capital
Raised ($bn)
www.preqin.com


Infrastructure Fundraising by Manager Location,

2004


2013 YTD

Source: Preqin Infrastructure Online

88

126

47

61

108

61

13

38

0
20
40
60
80
100
120
140
North America
Europe
Asia
Rest of World
No. of Funds
Closed
Aggregate Capital
Raised ($bn)
www.preqin.com


Infrastructure Fundraising by Fund Size,

2004


2013 YTD

Source: Preqin Infrastructure Online

254

46

18

4

66

68

59

27

0
50
100
150
200
250
300
Less than $1bn
$1-2.4bn
$2.5-4.9bn
$5bn+
No. of Funds
Closed
Aggregate Capital
Raised ($bn)
www.preqin.com


Largest Infrastructure Funds Raised


Fund


Manager

Fund Size (mn)

Regional Focus

Global Infrastructure Partners II

Global Infrastructure Partners

8,250 USD

Global

GS Infrastructure Partners I

GS Infrastructure Investment Group

6,500 USD

North America, Europe

Macquarie European Infrastructure Fund II

Macquarie Infrastructure and Real Assets (MIRA)

4,635 EUR

Europe

Global Infrastructure Partners

Global Infrastructure Partners

5,640 USD

Global

Energy Capital Partners II

Energy Capital Partners

4,335 USD

North America

EIG Energy Fund XV

EIG Global Energy Partners

4,121 USD

Global

Alinda Infrastructure Fund II

Alinda Capital Partners

4,097 USD

North America, Europe

Macquarie Infrastructure Partners

Macquarie Infrastructure and Real Assets (MIRA)

4,000 USD

North America

Morgan Stanley Infrastructure Partners

Morgan Stanley Infrastructure

4,000 USD

Global

Highstar Capital Fund III

Highstar Capital

3,500 USD

Global

Source: Preqin Infrastructure Online

www.preqin.com


Infrastructure Funds in Market Over Time

Source: Preqin Infrastructure Online

47

77

84

107

122

144

137

148

39

75

90

90

86

93

85

94

0
20
40
60
80
100
120
140
160
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Apr-13
No. of Funds
Raising
Aggregate Target
Capital ($bn)
www.preqin.com


Infrastructure Funds in Market by Regional Focus

Source: Preqin Infrastructure Online

36

56

23

33

35

34

11

14

0
10
20
30
40
50
60
North America
Europe
Asia
Rest of World
No. of Funds
Raising
Aggregate Target
Capital ($bn)
www.preqin.com


Infrastructure Funds in Market by Fund Status

Source: Preqin Infrastructure Online

70

58

15

4

1

49

31

10

2

1

0
10
20
30
40
50
60
70
80
No Closes
First Close
Second Close
Third Close
Fourth Close
No. of Funds
Raising
Aggregate Target
Capital ($bn)
www.preqin.com


Infrastructure Funds in Market by Project Stage Focus

Source: Preqin Infrastructure Online


59%

83%

78%

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Secondary Stage
Brownfield
Greenfield
Proportion of Funds

www.preqin.com


Infrastructure Funds in Market by Manager Experience

Source: Preqin Infrastructure Online

54%

23%

9%

4%

8%

2%

1 Fund
2 Funds
3 Funds
4 Funds
5-9 Funds
10+ Funds
www.preqin.com


Infrastructure Funds in Market by Placement Agent Use

Source: Preqin Infrastructure Online

49%

51%

Placement Agent Used
Placement Agent Not Used
www.preqin.com


Largest Infrastructure Funds in Market


Fund


Manager

Target Size (mn)

Regional Focus

Brookfield Infrastructure Fund II

Brookfield Asset Management

5,000 USD

Global

EIG Energy Fund XVI

EIG Global Energy Partners

4,250 USD

Global

Energy & Minerals Group Fund II

Energy & Minerals Group

3,000 USD

North America

Alinda


Global
Core Infrastructure Fund

Alinda


Capital
Partners

3,000 USD

Global

Morgan Stanley Infrastructure Partners II

Morgan Stanley Infrastructure

2,500 USD

Global

Macquarie European Infrastructure Fund IV

Macquarie Infrastructure and Real Assets (MIRA)

1,500 EUR

Europe

First State European Diversified Infrastructure Fund

Colonial First State Global Asset Management/First State
Investments

1,500 EUR

Europe

Macquarie Infrastructure Partners III

Macquarie Infrastructure and Real Assets (MIRA)

2,000 USD

North America

UBS International Infrastructure Fund II

UBS Infrastructure Asset Management

2,000 USD

OECD

Aviva Investors REaLM Infrastructure Fund

Aviva Investors

1,000 GBP

Europe

Source: Preqin Infrastructure Online

www.preqin.com


Annual Infrastructure Deal Flow, 2004


2013 YTD

Source: Preqin Infrastructure Online

83

126

210

279

308

290

312

315

276

56

0
50
100
150
200
250
300
350
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013 YTD
No. of Deals

www.preqin.com


Infrastructure Deal Flow by Region, 2008


2013 YTD

Source: Preqin Infrastructure Online

20%

17%

21%

22%

25%

23%

50%

60%

51%

47%

50%

52%

13%

11%

12%

11%

7%

7%

17%

12%

16%

20%

18%

18%

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008
2009
2010
2011
2012
2013
Proportion of Total Deals

Rest of World
Asia
Europe
North America
www.preqin.com


Average Infrastructure Deal Size, 2004


2013 YTD

Source: Preqin Infrastructure Online

200

410

690

690

440

310

390

460

475

430

0
100
200
300
400
500
600
700
800
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013 YTD
Average Deal Size ($mn)

www.preqin.com


Infrastructure Deals by Transaction Value,

2010


2013 YTD

Source: Preqin Infrastructure Online

38%

41%

38%

40%

43%

37%

37%

32%

7%

9%

13%

12%

12%

13%

12%

16%

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010
2011
2012
2013 YTD
Proportion of Total Deals

$1bn+
$500-999mn
$100-499mn
Less than $100mn
www.preqin.com


Infrastructure Deals by Industry, 2008


2013 YTD

Source: Preqin Infrastructure Online

5%

12%

5%

2%

32%

4%

20%

13%

2%

5%

0%
5%
10%
15%
20%
25%
30%
35%
Education
Energy
Healthcare
Logistics
Ren. Energy
Telecoms
Transport
Utilities
Waste
Mgmt.
Other
Proportion of Total Deals

www.preqin.com


Infrastructure Investor Universe

Source: Preqin Infrastructure Online

19%

16%

10%

7%

7%

7%

6%

4%

4%

4%

4%

4%

3%

2%

2%

1%

Private Sector Pension Funds
Public Sector Pension Funds
Insurance Companies
Banks
Asset Managers
Foundations
Endowment Plans
Superannuation Schemes
Fund of Funds Managers
Investment Companies
Family Offices
Wealth Managers
Government Agencies
Sovereign Wealth Funds
Corporate Investors
Other
www.preqin.com


Infrastructure Investors by Region

Source: Preqin Infrastructure Online

38%

37%

10%

15%

North America
Europe
Asia
Rest of World
www.preqin.com


Infrastructure Investors by Current/Target Allocation

Source: Preqin Infrastructure Online

25%

47%

18%

9%

1%

7%

45%

31%

15%

2%

0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Less than 1%
1-4.9%
5-9.9%
10-49.9%
50% or More
Proportion of Investors

Allocation (% of AUM)

Current Allocation
Target Allocation
www.preqin.com


Infrastructure Investors by Source of Allocation

Source: Preqin Infrastructure Online

40%

25%

14%

13%

8%

Separate Infrastructure Allocation
Part of Private Equity Allocation
Part of Real Assets Allocation
General Alternatives Allocation
Other
www.preqin.com


Infrastructure Investors by Preferred Route to Market

Source: Preqin Investor Study (August 2012)

72%

5%

36%

32%

4%

21%

60%

16%

44%

45%

7%

13%

0%
10%
20%
30%
40%
50%
60%
70%
80%
Unlisted
Funds
Listed
Funds
Direct
Investments
Co-Investments
Listed
Securities
Project
Financing
Proportion of Survey Respondents

Current
Long Term
www.preqin.com


Infrastructure Investor Plans For The Next 12 Months

Source: Preqin Investor Study (August 2012)

13%

9%

19%

34%

30%

36%

20%

0%
5%
10%
15%
20%
25%
30%
35%
40%
Undecided
No New Investments
Opportunistic
Direct Investments
Co-Investments
Commitments to More
than One Fund
Commitment to One Fund
Proportion of Survey Respondents

www.preqin.com


Outlook


Growing institutional investor demand, confidence and appetite for infrastructure:


-

62% of investors planning to increase allocation over the long term.


-

78% of investors planning to invest in the coming 12 months.




Record number of infrastructure funds on the road:


-

148 infrastructure funds currently raising .


-

Targeting $94bn in institutional investor capital.


Key Issues:




Alignment of LP and GP interests.






Liquidity, manager experience

and track
-
record.




Availability and the cost of long
-
term debt finance.





Asset valuations and competition.


www.preqin.com