Latest Funds Analysis

  • Listed infrastructure funds adapt to a changing environment

    Increasing interest rates, limited assets and competitive market conditions are steering UK listed infrastructure funds towards new markets in search of better returns

  • New rolling stock lessors continue to challenge ROSCOs

    The UK’s recent West Midlands rolling stock deal marks another slice of the sector taken from the traditional rolling stock operating companies (ROSCOs Angel Trains, Porterbrook, and Eversholt) by challenger lessors

  • Infrastructure funds – big news

    In the same week that IJGlobal goes live with our infrastructure funds database – IJInvestor – it feels appropriate to turn the focus on an interesting trend in the equity space: the rise of technical advisers as investors.

  • Goldmans – making PF bankers grind their teeth

    Talking to sources in the market this week, it was fascinating to hear that Goldman Sachs booked the biggest single profit event for the previous two years on HS1 – the high-speed rail line from London to the English end of the Channel Tunnel

  • Global equity funds dominate 2017 fundraising

    Among unlisted, closed-ended infrastructure funds reaching final close in 2017, strategies geared towards global equity investments have taken up a vast chunk of the total capital raised

  • Fund analysis: AMP Capital IDF III

    AMP Capital signed off on the final close for its third infrastructure debt fund at the $2.5 billion hard cap on 10 August, having started fundraising in Q1 2016

  • The great American infra debt squeeze

    In the land of the blind, the one-eyed man may indeed be king… but in the land of the free, it’s balance sheet that a monarch doth make. With limited greenfield activity, the US is gainfully employed doing what so many markets have been doing for a good long while – not an awful lot, and turning a buck where they can

  • Yieldcos: going, going, gone?

    On 16 October, Brookfield Asset Management subsidiaries closed on the long-awaited deal to up their parent company’s stake in the developed market-focused yieldco Terraform Power to 51%

  • Peaking interest

    The UK “peakers” industry has shot to attention for fund managers this year, with sales of two companies owning flexible peaking power plants underway. A regulatory change to embedded benefit payments enacted this June has effected these companies’ revenue streams, meanwhile potential buyers will be taking a view on the existential threat to the sector from emergent battery storage technology

  • Even educated fund managers do it…

    DIF do it, EISER do it, even educated Arcus do it. Let’s do it. Let’s flip a fund. That almost trips off the tongue, and it’s a darn site easier to sing than to achieve. It would appear that when it comes to infrastructure equity funds, Aristotle’s aphorism that “the whole is greater than the sum of the parts” rarely stands true

  • Ireland – a broadband broadside

    Irish infrastructure instantly evokes joyous memories of a healthy programme of investments from a very different economic environment – long before the wheels fell off and the nation was shamefully cast into the PIGStye. All transport projects ground to a halt towards the end of 2011, the door left ajar for social infrastructure… but nothing progressing

  • Energy storage – country cousin no more

    Over the years we’ve seen more niche sectors than you care to recall creep out of left- into centre-field for infrastructure. These are mostly whacky wheezes dreamt up by funds desperate to shift money out the door, often taking a punt on unproven technology. Some of the best examples for this lie in biomass, ethanol and tidal – projects doomed to be dashed against rocky shores of reality

  • HS1 acquisition, UK

    A pool of fund managers formerly focused on PFI/PPP have become eager to buy, and hard to beat, when it comes to core, regulated infrastructure assets in Europe

  • Infra debt funds – brown trouser time

    There’s an old tale that Admiral Nelson was once asked by a flunky why he wore a red tunic into battle. He coolly replied that, were he to be shot, the blood would not show and the morale of his fighting men would not flag. To this, the attendant replied: “And that’s why I wear brown trousers.”

  • New players on the North American fundraising field

    The North American fundraising market has been making the headlines over the past 18 months thanks to its mega-funds, but a renewed hope in the region’s future project pipeline has seen a number of ‘new’ market entrants looking to tap investors’ growing infrastructure bucket

  • Denmark’s Frankenfund – it’s live…

    This week witnessed the birth of a fund that bears all the hallmarks of Frankenstein’s monster and it has now been unleashed on emerging markets. In a staggering display of Nordic good sense, Denmark’s largest company – a global leader in the ports and shipping space – has been spliced with three pension funds to create a monstrous vehicle to invest across African infrastructure and energy

  • Ontario – an unholy trinity…

    When it comes to approval ratings for PPP programmes, few markets hold a candle to Ontario. It is revered for being the one to do it right from the get-go, creating a clock-work procurement model and true partnerships with the private sector to deliver public infrastructure – even if it stole the idea from Partnerships BC

  • Dutch motorway – the 14-year itch

    Of all the stories IJGlobal publishes, the most pleasing are the launch of new projects. So it was with delight earlier this week that we wrote about a European motorway PPP being brought to market in the Netherlands, writes Angus Leslie Melville

  • BlackRock Global Renewable Power II fund: The largest of its kind

    BlackRock Real Assets recently raised the largest global renewables fund in the world by reaching final close on its Global Renewable Power II at $1.65 billion, confirming that the asset class has reached maturity among institutional investors

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