June 2014 Issue
PPP round-up
We take a look at the key public-private partnership developments from around the world over the last month.
New bill a ‘cosmic shift’ for P3s
It’s not only the $302bn that the Grow America Act would allocate to surface transportation that makes it ambitious, but also allowing states to toll the interstate highway system for the first time. Kalliope Gourntis reports.
Preparing for the new world
Since predicting a ‘tectonic shift’ in allocations to alternatives, JPMorgan Asset Management (JPMAM) has been readying itself, starting with an extensive internal restructuring. Paul Ryan and Matt LeBlanc talk about that process and their strategy for addressing ‘a new normal’. Kalliope Gourntis reports.
The challenge reassessed
While the poor state of US infrastructure is well documented, a new report by the Brookings Institution and KKR views the problem from a fresh perspective.
On the right track
FCC and ACS sealed a landmark deal by winning a $5.7bn contract to upgrade Lima’s metro. The Peruvian market holds promise for years to come, writes Matthieu Favas.
The door creaks open
As China aims to revive its slowing economy, it seems increasingly intent on putting some infrastructure assets on the block.
Building from scratch
For investors who think infrastructure has little to do with asset management, it may come as a surprise to discover examples of fund managers creating businesses from a standing start. Andy Thomson finds out more about today’s operational preoccupations from three experts
Something old, not something new
Fresh research encourages leaders to put more effort into managing existing infrastructure assets effectively.
In search of a second wind
After a flurry of IPOs, the UK’s listed renewables market seems to be hitting a bump. Fund managers tell Matthieu Favas why there is no reason to panic.
Why US waterfalls are going European
The European-style waterfall model isn’t just better for investors – it could also be good for GPs too, by reducing their cost of capital. By Nicholas Donato
Toll ban proves costly for Kentucky
The state’s governor has vetoed a P3 bill that he described as an ‘otherwise well-intentioned policy measure’ because of the toll ban it imposed on the Brent Spence Bridge project.
Sold to the highest bidder
Highly successful recent auctions will help Australian states drive through privatisation programmes.
Early bird conundrum
Perceptions around first close incentives like fee discounts are evolving, leading GPs to rethink what types of sweeteners they’re offering to ‘early bird’ investors. By Thomas Duffell
From prix fixe to à la carte
The infrastructure fund landscape is now much more diverse than it was a decade ago. Matthieu Favas reviews the list of options available to today’s LPs
Looking to the East
As more institutions in developed infrastructure markets eschew funds in favour of direct investment, large capital pools in Asia are being eyed hungrily. Andy Thomson reports
Snoopy goes Forth
MetLife’s backing of a UK port business reminded us of a cartoon legend.
Airport deal is a mow brainer
The Gary Airport redevelopment project will treat passengers to a better view.
It made the UK bigger
That’s just one of the extraordinary facts about the Channel Tunnel.
State aid rules: The enemy at the departure gate?
The European Union has updated its approach to providing financial support for the region’s airlines. Julian Ellison of Mayer Brown identifies the key changes
You’d better have an angle
MEAG’s Frank Amberg explains the German asset manager’s approach to infrastructure – and why funds need a ‘very specific edge’ to receive its backing
‘Far behind the curve’
So dynamic it’s been described as ‘the city that never sleeps,’ it may come as a surprise to learn that New York has one of the most antiquated procurement laws for public infrastructure. Kalliope Gourntis reports
The nimble giant
Australia’s eight-year old Future Fund has grown five-fold since inception. Insiders tell Matthieu Favas why the tight-knit institution has what it takes to achieve its mandate