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Institutional Investor investing in infrastructure
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Why invest in light rail.
Different ways of Investing in Infrastructure Long term interests Advantages of linking ownership with project development Risks
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Pension funds are natural infrastructure owners
Returns match long liabilities. Stable returns Risk adjusted rewards Inflation protection Diversification
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Different investment styles and options
Investment: direct, co-invest, manager, listed Entry: green field, growth and mature Investment style: opportunistic, listed, short term PE, long term PE, buy and hold Value investors objectives: PE–short term optimisation, current cash flow, inflation correlation
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Incentives and investment horizon
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PPP with long term ownership
PPP model if designed correctly focusing on different parties incentives can give: Disciplined evaluation of project economy. Innovation in project design and construction. Innovation in project expansion and the surrounding next works . Innovation in operation and maintenance . PPP savings – project cost, funding and timing,
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Risks and influence on returns:
Risks that needs to be evaluated and has influence on returns: Political risk Frameworks conditions ”revenue” volatility technology Incentives and alignment (partners and managers)
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why light rail ?
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