Cezary Podkul

KKR's infrastructure fundraising poses challenges and opportunities for existing GPs in the infrastructure asset class, argues Cezary Podkul.

The listed toll road developer reported a 9.7% increase in its interim revenue to A$416m as traffic increased on all but two of its Australian toll roads. Net profit of A$3.2m was sharply lower compared with the six months ended 31 December 2007.

Blackstone Infrastructure Partners, in pre-marketing mode for its debut fund, will seek to raise one of the larger infrastructure funds yet. Last year the firm hired two Macquarie managing directors to head its infrastructure team.

The Vietnamese asset management and investment firm plans to begin raising the fund by the end of 2009. It will be Vina’s fifth fund, alongside three UK-listed and one unlisted investment fund the firm manages.

Headed by Hong Kong-based managing director Philip Jackson, the Asian Infrastructure & Related Resources Opportunity fund is ultimately targeting $1.5bn in commitments for opportunities in China, India and other Southeastern Asian countries.

Cezary Podkul discusses the top ten insights garnered at PEI's Infrastructure Investor Forum in Berlin.

The private equity veteran will not apply the standard ‘2-and-20’ fee structure on its infrastructure fund, which is targeting $4bn.

Actis director Alasdair Maclay also advised delegates gathered at PEI's Infrastructure Investor Forum that the firm’s equity returns expectations have held steady and that entry prices will eventually rise, creating lucrative exit opportunities.

The deal allows the troubled infrastructure fund manager to proceed with a sell down of its assets over a two to three year period as it begins to repay the A$3.2bn it owes to a syndicate of 25 banks on a 'pay if you can' basis.

John Veech, the founding partner of Lehman Brothers’ infrastructure fund, will head Morgan Stanley’s infrastructure investment efforts in North America. Last year, Morgan Stanley closed its debut infrastructure fund on $4bn.