The G20 has also highlighted the importance of the quality of infrastructure investment, including in the Leaders' Communiqu at the 2016 Hangzhou Summit, and in the Roadmap. a combination of land and structures that Abstract. The viability of infrastructure as an asset class requires that these risks are addressed, mitigated and allocated to relevant stakeholders. solar, wind) Fossil fuels (e.g. Data Le presenti Informazioni chiave per gli Investitori sono aggiornate al 28 Luglio 2022. When approached as an asset class, infrastructure has political and economic consequences that go far beyond the immediate social and environmental impacts of the projects that are funded. Sede legale Fineco Asset Management dac of 6th Floor, Block A, George's Quay, Dublin 2, Ireland. We've evolved beyond a fund of funds. The value of investments and the income from them may go down as well as up and investors may not get back the original amount invested. Book Description Clear, comprehensive guidance toward the global infrastructure investment market Infrastructure As An Asset Class is the leading infrastructure investment guide, with comprehensive coverage and in-depth expert insight. Managing this pooled fund of 60 assets is 100% of what we do. coal, natural gas) Nuclear Types of infrastructure . rst local government asset management manual and the basis for what was later to become the world renowned IIMM (International Infrastructure Management Manual). Investors are learning to work with a larger strategy toolkitand for good reason. By comparison, corresponding CDRs for Baa1, 2, and 3-rated; Ba1, 2, and concrete ways to mobilize more private capital, such as the Roadmap to Infrastructure as an Asset Class ("Roadmap") endorsed by Leaders in 2018. oec., MSc is the founding partner of BIBS CAPITAL AG, an investment advisory firm focused on institutional private equity, portfolios, specialised in infrastructure and clean energy, and offering a broad range of strategic and asset allocation services to institutional clients.She has over 12 years of direct and fund investment experience in these areas gained . Barbara Weber, Lic. Infrastructure companies can be broken down into three types: project companies, operating companies and service companies, depending on their typical business purpose. This article reviews concepts, market developments and empirical evidence on the risk-return and cash flow profile, and the potential for diversification and inflation protection in investor portfolios. Dr. rer. Infrastructure is a fast growing asset classes and we estimated that the assets under management have increased from $58 billion in 2008 to $404 billion in 2018. Permanent facilities and structures that a society requires to facilitate the orderly operation of its economy . We will explore these questions and also provide a broad overview of the asset class and the current infrastructure investment environment. For a sector-specific summary, see page 4: "Infrastructure assets are facing a bigger challenge now than during the financial crisis." In this first 2020 edition of the Infrastructure Outlook, we will focus on the coronavirus and infrastructure credit quality, while not ignoring Infrastructure as a new asset class is said to have several distinct and attractive investment characteristics. MOODY'S ANALYTICS EXAMINING INFRASTRUCTURE AS AN ASSET CLASS 4 Infrastructure debt performance Figure 2 compares the 20 -year CDR for the infrastructure project loans of 5.3%. This chapter introduces infrastructure definitions and . It is thus a fairly recent phe-nomenon compared with other asset classes, such as private equity and real estate, and its novelty as an asset class raises some fundamental questions for investors who want to gain exposure. For institutional investors in particular, infrastructure has appealing qualities. Despite the arguments of infrastructure as an asset class and their counter-claims, there is a paucity of finance theory employed in the literature to address this issue. 2 di 2 - FAM SERIES UCITS ICAV - IE000BZL3T49IT28072022, Pagina 2 Le presenti Informazioni chiave per gli Investitori sono aggiornate al 28 Luglio 2022. The cash flows of infrastructure assets, with inher-ently long lives and strong intrinsic value, can provide a good match for the long-term liabilities of certain inves-tors, such as pension funds for example. It presents the concept of sustainable infrastructure investing in general, and in sustainable infrastructure in particular, along with an introduction to environmental, social and corporate governance (ESG . Global Infrastructure Basel Foundation Elisabethenstrasse 22 CH-4051 Basel T +4 161 205 10 80 F +4 161 271 10 10 info@gib-foundation.org www.gib-foundation.org Basel 2020 FINANCING SUSTAINABLE AND RESILIENT INFRASTRUCTURE BY CREATING A NEW ASSET CLASS FOR INSTITUTIONAL INVESTORS WHITE PAPER UPDATED FROM ORIGINAL PUBLICATION AT THE Many core infrastructure assets are natural monopolies by design. Addressing foreign exchange risks of infrastructure projects is of particular importance as infrastructure revenues generally are denominated in local currency, creating mismatches when foreign . To avoid duplication and add real value to its work, the IWG asked the OECD and the WBG to undertake a stocktake of work achieved by the G20, and elsewhere, on infrastructure, particularly pertaining to the development of infrastructure as an asset class. a long/short equity hedge fund) May be subject to similar laws and regulations Access to information about the fundamentals of an asset class is crucial for investors to complete the due diligence process We will then examine the challenges faced by infrastructure investors, ways to address those challenges and explore possible future trends. a portfolio of infrastructure assets has low correlation to other major asset classes resulting in compelling diversification benefits. Communications . Summary. DEFINING TERMS This study extends the literature by taking an asset pricing approach to examine whether infrastructure is indeed an asset class or otherwise. Book Description Clear, comprehensive guidance toward the global infrastructure investment market Infrastructure As An Asset Class is the leading infrastructure investment guide, with comprehensive coverage and in-depth expert insight. S. ource: This chapter explains infrastructure as an asset class, and why and how to include sustainability in infrastructure investing. A real asset class: Infrastructure represents a tangible asset - i.e. 2. Request PDF | On Jul 1, 2013, Simon Wilde published "Infrastructure as an asset class" | Find, read and cite all the research you need on ResearchGate Meanwhile, back in Adelaide, guring that asset management, like charity, needed to begin at home I looked to how it could be implemented in the housing and construction department. Attractive long-term returns: The services provided by infra - structure assets are essential for the functioning of a society. This is likely to differ by asset class (see chart). Author: Barbara Weber Publisher: John Wiley & Sons ISBN: 1119226546 Category : Business & Economics Languages : en Pages : 424 Get Book. Social infrastructure . The Core Infrastructure Fund offers privileged access to a well-balanced blend of funds that specialise in unlisted infrastructure - plus we are now investing directly. Infrastructure as an Asset ClassInfrastructure as an Asset ClassInfrastructure as an Asset Class Infrastructure is considered an asset with an ability to generate stable and growing cash flows due to the following: -Typically "naturally" hedged against inflation -Strong entry barriers (scale/cost and regulation) The question posed in Power generation Renewables (e.g. In particular, many of the new investment vehicles - notably private equity funds - are seeking turbo-charged profits (typically, returns of 30 per cent . The viability of infrastructure as an asset class requires that these risks are addressed, mitigated and allocated to relevant stakeholders. Furthermore, a new . Author: Barbara Weber Publisher: John Wiley & Sons ISBN: 1119226546 Category : Business & Economics Languages : en Pages : 424 Get Book. S. ource: Pitchbook Data Inc., 2Q19. Low correlation of a group of assets with the market is not enough to distinguish it as a separate asset class (e.g. A growing number of infrastructure assets are being operated by or in cooperation with private investors and operators. Infrastructure as a new asset class is said to have several distinct and attractive investment characteristics. to traditional asset classes, such as equities, fixed income and real estate. Reads or Downloads Infrastructure as an Asset Class: Investment Strategy, Project Finance and PPP (Wiley Finance) Now Addressing foreign exchange risks of infrastructure projects is of particular importance as infrastructure revenues generally are denominated in local currency, creating mismatches when foreign . Download Infrastructure Investor's 2022 Strategies report. The best part is, all in, our fees are lower than you would pay if you . industry, project stage, concessional agreements, and ownership structure in the underlying assets. S. ource: Infrastructure Investor: Annual Review, March 2019. Transportation . asset class. In the magazine: Niche appeal - how specialisation is shaping the asset class; Which strategies will best withstand the economic headwinds; Keynote interviews with Vauban Infrastructure Partners, Northleaf Capital Partners, Patrizia, FIRSTavenue; Plus much more. Consequently, an allocation to core infrastructure may reduce the volatility of an institutional portfolio and can potentially limit the maximum drawdown during times of market stress. 1. Download As PDF: Infrastructure as an Asset Class: Investment Strategy, Project Finance and PPP (Wiley Finance) Detail books : Author: Date: 2010-03-08 Page: Rating: 4.5 Reviews: 4 Category: Book. asset class, including how it is defined, its risks, and the various strategies it utilizes. pol. It is consistent with the 20-year CDRs for corporate issuers of low investment-grade credit quality. work on infrastructure issues previously developed in the G20, and other fora. estate/infrastructure/private equity (via direct investment, closed- or open-end funds) the underlying assets are illiquid, and valuation is a matter of judgment by a valuer. the asset class into sharper focus as track records lengthen, performance data sets get fuller and benchmarks improve. Furthermore, a new, global analysis of the historical performance of . This article reviews concepts, market developments and empirical evidence on the rist-return and cash flows profile, and the potential for diversification and inflation protection in investor portfolios. So far most investors have sought operating (or brownfield) assets in developed markets, An asset class takes shape ASCENT OF AN ASSET CLASS Infrastructure can be defined as the basic facilities, service installations and physical assets needed for providing an essential service to a community or society, such as transportation and . Even though G20, World Bank and OECD help to establish infrastructure as an asset class Utilities . 2. While not allowing infrastructure assets to charge monopoly This inflation linkage, along with the combination of unique return drivers, low correlation5 to other asset classes and low volatility described above, allows for the performance of infrastructure investments to be measured on an absolute return basis. What is infrastructure? infrastructure assets have the potential to deliver real returns to investors. In this report, we will consider infrastructure as an asset class and how it compares with other asset classes while exploring the infrastructure investment landscape and financing developments.
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