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Author: Aleksandar Andonov Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and private fund vehicles, U.S. investors predominantly invest in infrastructure through private funds. We find that the stream of cash flows delivered by private infrastructure funds to institutional investors is very similar to that delivered by other types of private equity, as reflected by the frequency and amounts of net cash flows. U.S. public pension funds perform worse than other institutional investors in their infrastructure fund investments, although they are exposed to underlying deals with very similar project stage, concession terms, ownership structure, industry, and geographical location. By selecting funds that invest in projects with poor financial performance, U.S. public pension funds have created an implicit subsidy to infrastructure as an asset class, which we estimate within the range of $730 million to $3.16 billion per year depending on the benchmark.
Author: Aleksandar Andonov Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and private fund vehicles, U.S. investors predominantly invest in infrastructure through private funds. We find that the stream of cash flows delivered by private infrastructure funds to institutional investors is very similar to that delivered by other types of private equity, as reflected by the frequency and amounts of net cash flows. U.S. public pension funds perform worse than other institutional investors in their infrastructure fund investments, although they are exposed to underlying deals with very similar project stage, concession terms, ownership structure, industry, and geographical location. By selecting funds that invest in projects with poor financial performance, U.S. public pension funds have created an implicit subsidy to infrastructure as an asset class, which we estimate within the range of $730 million to $3.16 billion per year depending on the benchmark.
Author: Barbara Weber Publisher: John Wiley & Sons ISBN: 1119226546 Category : Business & Economics Languages : en Pages : 436
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. This new second edition has been fully updated to reflect the current state of the global infrastructure market, its sector and capital requirements, and provides a valuable overview of the knowledge base required to enter the market securely. Step-by-step guidance walks you through individual infrastructure assets, emphasizing project financing structures, risk analysis, instruments to help you understand the mechanics of this complex, but potentially rewarding, market. New chapters explore energy, renewable energy, transmission and sustainability, providing a close analysis of these increasingly lucrative areas. The risk profile of an asset varies depending on stage, sector and country, but the individual structure is most important in determining the risk/return profile. This book provides clear, detailed explanations and invaluable insight from a leading practitioner to give you a solid understanding of the global infrastructure market. Get up to date on the current global infrastructure market Investigate individual infrastructure assets step-by-step Examine illustrative real-world case studies Understand the factors that determine risk/return profiles Infrastructure continues to be an area of global investment growth, both in the developed world and in emerging markets. Conditions continually change, markets shift and new considerations arise; only the most current reference can supply the right information practitioners need to be successful. Infrastructure As An Asset Class provides clear reference based on the current global infrastructure markets, with in-depth analysis and expert guidance toward effective infrastructure investment.
Author: Barbara Weber Publisher: Wiley ISBN: 9780470685709 Category : Business & Economics Languages : en Pages : 0
Book Description
The market for infrastructure is vast and, contrary to popular belief, the range of potential infrastructure investments is extremely broad. An investor who does not have a sufficient overview and insight into the infrastructure market or an awareness of the suitable investment opportunities and the risks they entail, will find it difficult to select the right investments. This book is a comprehensive guide to the subject, bringing together the topics of infrastructure investments, project finance and public private partnerships (PPPs), equipping investors with the necessary theoretical knowledge and background information as well as practical examples in order to further their understanding of the key aspects of infrastructure investments. It answers questions such as: How is infrastructure defined? Which sectors are classified as infrastructure, how are they categorised, and what are the differences between them? Is infrastructure an asset class in its own right? If so, what are its characteristics? What are the fundamental options for investing in infrastructure? What is a good starting point for institutional investors? How should infrastructure funds be evaluated? What risks do they entail and how can these risks be identified and assessed? How should they be structured in order to best allocate these risks? The book discusses the differing objectives and expectations of the parties involved and the conditions required by public principals and investors in order to enable these groups to overcome the ?language problems? they largely encounter. In addition to background knowledge and information on the latest developments in the individual subject areas, the book also explains the methodology of project finance in detail, both for traditional project finance and in the PPP context, establishing the key differences to other forms of financing, guiding readers through the various phases of project analysis on a step-by-step basis using practical examples. Well structured infrastructure investments can serve to improve the risk-return profile of an investor?s overall portfolio on account of their long term and their low level of correlation with traditional asset classes. This book will assist investors in their understanding of infrastructure investments, leading to a better informed portfolio. "A comprehensive and well-written overview of many relevant topics in the infrastructure sector; a useful guide for everyone involved or interested in the infrastructure area." Henk Huizing, Head of Infrastructure, PGGM "A comprehensive book that effectively marries the topics of infrastructure investing, project finance and PPPs as well as bridges the gap between the theoretical and the practical - the authors are to be commended on this work." Marc S. Lipschultz, Global Head of Energy and Infrastructure, Kohlberg Kravis Roberts & Co. "Quite a book and one that should definitely be part of the toolkit of those who are interested in the Infrastructure asset class. Had this comprehensive work been available ten years ago, no doubt, one or two of us certainly would have done things differently. So, let's keep it closely at hand as a guide for the future that helps us deliver even better outcomes for all stakeholders and enables us to further develop the asset class." Ron Boots, Senior Portfolio Manager - Co head Infrastructure Investments, APG All Pensions Group
Author: Mr.Rabah Arezki Publisher: International Monetary Fund ISBN: 1475591837 Category : Business & Economics Languages : en Pages : 47
Book Description
This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called “infrastructure investment platforms” are an attempt to tap into the pool of both public and private long-term savings in order to channel the latter into much needed infrastructure projects. This paper puts these new initiatives into perspective by critically reviewing the literature and experience with public private partnerships in infrastructure. It concludes by identifying the main challenges policy makers and other actors will need to confront going forward and to turn infrastructure into an asset class of its own.
Author: Ingo Walter Publisher: Open Book Publishers ISBN: 1783742968 Category : Business & Economics Languages : en Pages : 134
Book Description
Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of global development and that its impact reaches deep into the broader economy with important and multifaceted implications for social progress. At the same time, infrastructure finance is among the most complex and challenging areas in the global financial architecture. Ingo Walter, Professor Emeritus of Finance, Corporate Governance and Ethics at the Stern School of Business, New York University, and his team of experts tackle the issue by focussing on key findings backed by serious theoretical and empirical research. The result is a set of viable guideposts for researchers, policy-makers, students and anybody interested in the varied challenges of the contemporary economy.
Author: Barbara Weber Publisher: John Wiley & Sons ISBN: 0470661755 Category : Business & Economics Languages : en Pages : 474
Book Description
The market for infrastructure is vast and, contrary to popular belief, the range of potential infrastructure investments is extremely broad. An investor who does not have a sufficient overview and insight into the infrastructure market or an awareness of the suitable investment opportunities and the risks they entail, will find it difficult to select the right investments. This book is a comprehensive guide to the subject, bringing together the topics of infrastructure investments, project finance and public private partnerships (PPPs), equipping investors with the necessary theoretical knowledge and background information as well as practical examples in order to further their understanding of the key aspects of infrastructure investments. It answers questions such as: How is infrastructure defined? Which sectors are classified as infrastructure, how are they categorised, and what are the differences between them? Is infrastructure an asset class in its own right? If so, what are its characteristics? What are the fundamental options for investing in infrastructure? What is a good starting point for institutional investors? How should infrastructure funds be evaluated? What risks do they entail and how can these risks be identified and assessed? How should they be structured in order to best allocate these risks? The book discusses the differing objectives and expectations of the parties involved and the conditions required by public principals and investors in order to enable these groups to overcome the ?language problems? they largely encounter. In addition to background knowledge and information on the latest developments in the individual subject areas, the book also explains the methodology of project finance in detail, both for traditional project finance and in the PPP context, establishing the key differences to other forms of financing, guiding readers through the various phases of project analysis on a step-by-step basis using practical examples. Well structured infrastructure investments can serve to improve the risk-return profile of an investor?s overall portfolio on account of their long term and their low level of correlation with traditional asset classes. This book will assist investors in their understanding of infrastructure investments, leading to a better informed portfolio. "A comprehensive and well-written overview of many relevant topics in the infrastructure sector; a useful guide for everyone involved or interested in the infrastructure area." Henk Huizing, Head of Infrastructure, PGGM "A comprehensive book that effectively marries the topics of infrastructure investing, project finance and PPPs as well as bridges the gap between the theoretical and the practical - the authors are to be commended on this work." Marc S. Lipschultz, Global Head of Energy and Infrastructure, Kohlberg Kravis Roberts & Co. "Quite a book and one that should definitely be part of the toolkit of those who are interested in the Infrastructure asset class. Had this comprehensive work been available ten years ago, no doubt, one or two of us certainly would have done things differently. So, let's keep it closely at hand as a guide for the future that helps us deliver even better outcomes for all stakeholders and enables us to further develop the asset class." Ron Boots, Senior Portfolio Manager - Co head Infrastructure Investments, APG All Pensions Group
Author: Edward L. Glaeser Publisher: University of Chicago Press ISBN: 022680058X Category : Business & Economics Languages : en Pages : 479
Book Description
"Policy-makers often call for expanding public spending on infrastructure, which includes a broad range of investments from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to near-term macro-economic benefits and job creation, others focus on long-term effects on productivity and economic growth. This volume explores the links between infrastructure spending and economic outcomes, as well as key economic issues in the funding and management of infrastructure projects. It draws together research studies that describe the short-run stimulus effects of infrastructure spending, develop new estimates of the stock of U.S. infrastructure capital, and explore the incentive aspects of public-private partnerships (PPPs). A salient issue is the treatment of risk in evaluating publicly-funded infrastructure projects and in connection with PPPs. The goal of the volume is to provide a reference for researchers seeking to expand research on infrastructure issues, and for policy-makers tasked with determining the appropriate level of infrastructure spending"--
Author: Hilary Devine Publisher: International Monetary Fund ISBN: 1513571567 Category : Business & Economics Languages : en Pages : 161
Book Description
The Covid-19 pandemic has aggravated the tension between large development needs in infrastructure and scarce public resources. To alleviate this tension and promote a strong and job-rich recovery from the crisis, Africa needs to mobilize more financing from and to the private sector.
Author: OECD Publisher: OECD Publishing ISBN: 9264928782 Category : Languages : en Pages : 80
Book Description
Building green is not only imperative to achieve global climate and development commitments in this “decade for delivery”, but will also be critical to sustain socio-economic development during the COVID-19 recovery. Private investment in particular is needed to bridge the infrastructure investment gap, given institutional investors’ large pools of long-term capital.
Author: Vinod K. Aggarwal Publisher: Springer Nature ISBN: 303138024X Category : Political Science Languages : en Pages : 229
Book Description
This edited volume addresses geo-economic strategic competition in the Indo-Pacific, exploring both the theoretical and thematic contours of this concept and issue-specific dynamics in the areas of finance, trade, energy, and technology competition. Chapters focus on the impact of renewed great power competition between Washington and Beijing in the Indo-Pacific region across these four areas. Each addresses central concerns for the future of the global economic order and offers a lens to understand interstate competition in light of the geopolitical shifts resulting from the COVID-19 pandemic. Written by an international panel of experts, this volume provides a cohesive view of the region's most pressing issues. As such, it will be relevant to scholars specializing in Indo-Pacific domestic politics and foreign policy, U.S. foreign policy, middle powers, China-U.S. relations, China-EU relations, Asia-Pacific developments, international security, international political economy, and emerging markets.
Author: Aleksandar Andonov
Author: Aleksandar Andonov
Author: Barbara Weber
Author: Barbara Weber
Author: Mr.Rabah Arezki
Author: Ingo Walter
Author: Barbara Weber
Author: Edward L. Glaeser
Author: Hilary Devine
Author: OECD
Author: Vinod K. Aggarwal