1.

Executive Summary - Sample Pages

Fig. A: Unlisted Infrastructure Fundraising, 2004 - H1 2010

50

Executive Summary 45
44.8

40
37
Testing Times No. of Funds
35 33 33.9
31
In terms of fundraising, 2009 proved to be a difficult 30
year for the unlisted infrastructure industry. Whether Aggregate
as a niche sector within private equity, or more recently 25
22.4 Capital Raised
as a stand-alone asset class, the infrastructure ($bn)
20
fundraising market has never experienced such a 18
17
dramatic downturn before.
15
12.6
11
After a record-breaking year in 2007, the annual 10 8.7 7.8
capital raised by unlisted infrastructure funds declined
dramatically for two successive years, as Fig. A 5
shows. The 2009 aggregate fundraising total of
$7.8bn represents an 83% reduction on the $44.8bn 0
2005 2006 2007 2008 2009 H1 2010
raised two years previously. Fundraising conditions
are expected to remain challenging in 2010, but recent Fig. B: Final Close as a Percentage of Target Value, 2007 - H1 2010
35%
fundraising figures and positive investor sentiment 33%
32%
towards the asset class suggest that commitments 31%
from investors will continue to strengthen in the near 30%
future. 2007
25%
25% 24%
Proportion of Funds

2008
Of the funds that have been able to close, the
proportion closing below their initial fundraising target 20% 2009/2010
20%
has steadily increased over recent years. As shown in 18%
Fig. B, only 32% of funds that closed in 2009/H1 2010 15% 15% 15%
15% 14%
achieved or exceeded their original targeted amount,
compared with 79% and 70% for funds closed in 2007 11%
and 2008 respectively. 10%
8% 8% 8% 8%
6%
Although infrastructure fundraising has declined 5%
5% 4%
in recent years, the number of funds on the road
has continued to increase. There are currently 105 0%
0% 0%
infrastructure funds seeking an aggregate $80.8bn. Below 50% 50-79% 80-99% 100% 101-120% 121-150% Above 150%

© 2010 Preqin Ltd 1

 1. Executive Summary - Sample Pages

This is 21 more funds than were fundraising in January

Fig. C: Annual Number of Deals Made by Unlisted Infrastructure Fund Managers, 2002 - H1 2010
2009, implying that poor fundraising figures have not
deterred fund managers from launching infrastructure 250
funds. However, the aggregate capital sought as 217
of June 2010 represents a 10% drop on last year’s
figure, suggesting that fund managers have lowered 200 192 197
their fundraising targets as a result of the decline in
investor commitments to the asset class. 155

No. of Deals
150
The significant decrease in infrastructure fundraising
since the onset of the global economic downturn
may have come as a surprise given the attributes 100 89
of infrastructure investments. The defensive
characteristics of infrastructure assets should make
61 57 57
them appealing in a downturn, offering an alternative
50
to other more volatile investment types. However, over
27
the last 18 months it has transpired that while investor
interest in the asset class has continued to grow, the
flow of commitments to funds ebbed away. 0
2002 2003 2004 2005 2006 2007 2008 2009 H1 2010
The global economic downturn had a negative impact Fig. D: Breakdown of Deals by Transaction Value, 2008 - June 2010
on fundraising across all alternative investment funds, 100%
but infrastructure was one of the sectors most severely 12% 12%
90% 17%
hit. The amount of capital being called by recently
closed infrastructure funds has fallen, and these funds 80% 6% 14% 12%
are therefore not yet making significant distributions. $1bn or More
Proportion of Total Deals

While investors wait for this capital to be called, they are 70%
24% 19% $500-999mn
reluctant to make further commitments to new funds.
60% 34%
Additionally, the slowdown in distributions means that $100-499mn
investors do not need to make new fund commitments 50%
to maintain their infrastructure allocations. Less than
40% $100mn

Deal Flow 30%

53% 55%
20% 42%
The decline in capital call-ups made by unlisted
infrastructure funds is reflected in the fall in the number 10%
of infrastructure deals being made by the managers of
these funds. As Fig. C shows, the number of deals 0%
completed fell in 2009 for the first time since 2004, 2008 2009 H1 2010

© 2010 Preqin Ltd 2


decreasing by 9% from the 217 deals made in 2008.
The figure for H1 2010 suggests that the annual total
this year will again be lower than in the previous year,
unless a significant upswing occurs in the second half
of the year.
The fall in the number of deals can in part be attributed
to the lack of available debt to finance traditionally
highly leveraged infrastructure deals. To compensate
for the lack of debt we have seen a decrease in the
debt/equity ratio of infrastructure transactions and a
reduction in the overall size of deals. Fig. D shows
the annual breakdown of all infrastructure deals
completed by unlisted infrastructure fund managers
since 2008 by deal size. The proportion of deals of
$1bn or more in size has fallen from 17% in 2008 to
12% in both 2009 and H1 2010.
Investor Sentiment
Preqin’s research suggests that investors remain
keen to invest in infrastructure funds over the long
term. Over 100 new institutions are considering
establishing maiden allocations to infrastructure
and experienced investors plan to make further
infrastructure commitments.
The results from Preqin’s July 2010 infrastructure
investor survey (shown in Chapter 25) reflect
infrastructure investors’ continued optimism towards
unlisted funds, with 41% of investors planning to
commit to at least one infrastructure fund during the
next 12 months, and a further 27% stating they will
invest opportunistically.
The survey also conveys the general heightening of
investor caution, which has contributed to the difficult
fundraising conditions over the last 18 months.
Infrastructure assets are widely considered to be low-
© 2010 Preqin Ltd
risk investments with stable and predictable long-term
returns. However, the difficult economic environment
and the contraction of the debt markets have
highlighted the fact that investments in the asset class
are not infallible. Factors that have contributed to the
recent increase investor caution include:
• The saturation of the unlisted fund market in
such a short space of time resulted in too many
managers chasing a limited number of suitable
assets. This resulted in some funds paying inflated
prices for assets;
• Infrastructure encompasses a broad range of
industries that produce varied risk-return profiles
and cash flows. Many infrastructure funds were
derived from the rigid private equity model
and were not customized to the nature of the
underlying assets;
• Investors have raised concerns regarding the
inclusion of quasi-infrastructure and infrastructure-
related companies in fund portfolios that do
not meet the risk-return profile of traditional
infrastructure assets or reflect the strategy that
was marketed to them at the time they made their
fund commitment. The relative youth of the asset
class means that the boundaries of infrastructure
investing are blurred, and due to the intense
competition for conventional assets it appears
that some fund managers are resorting to non-
traditional infrastructure investments;
• The credit crunch has resulted in the absence
of the cheap debt that previously enhanced the
profitability of many infrastructure investments;
• It has become apparent that some infrastructure
sectors, such as transport, were more susceptible
1. Executive Summary - Sample Pages
to demand risk during an economic downturn
than many first thought. Transport infrastructure is
a common investment preference amongst fund
managers, with 59% of all unlisted infrastructure
funds ever launched seeking some degree of
exposure; however, in many instances, cash flows
have fallen short of investor expectations.
• Investors have mixed feelings about the long-term
viability of the private equity fund model for the
infrastructure asset class: 40% of respondents
believe that the private equity model will be
replaced by either direct investment or evergreen
structures, while just over half believe the private
equity model will still be utilized.
Conclusion
The unlisted infrastructure fund industry has made
impressive progress in the last decade, emerging from
a niche sector within private equity to become what
is widely accepted as a separate asset class. The
current infrastructure fund investor universe is made
up of different types of institution from 68 different
countries, with 53% of investors having established a
separate allocation to the asset class.
The unlisted infrastructure fundraising market has
experienced rapid growth over the last five years.
The current fundraising market features 105 direct
funds, complemented by 11 infrastructure-specific
funds of funds, and a burgeoning market for debt
funds. However, if the unlisted fund industry is going
to make a greater contribution to infrastructure project
finance and the global infrastructure funding deficit,
both infrastructure firms and investors must play their
part to overcome the key issues that still hinder the
development of the asset class.
3
 1. Executive Summary - Sample Pages

For example, an issue that has provoked continued information gathered is as accurate, comprehensive
debate is fund terms and conditions. The recent and exclusive as possible. We hope that you find
downturn in infrastructure fundraising has prompted the Review to be a useful resource, and as ever we
investors to push for more favourable terms of welcome any feedback and suggestions for future
investment. Historically, the orientation of fund terms editions that you may have.
has been biased towards fund managers, but investors
are now in the position whereby they can redress the
balance. Analysis of infrastructure fund terms and
conditions can be found in Chapter 14 and listings
of individual fund terms (with identities disguised) in
Chapter 15.

Investors will continue to invest in unlisted infrastructure

funds over the coming years, but investors and fund
managers must accept that a compromise from both
parties is crucial if the capital is to generate optimal
but stable returns while contributing to the socio-
economic development of a region.

The 2010 Preqin Infrastructure Review

Now in its third year, the Preqin Infrastructure Review

represents the most comprehensive edition yet, with
details for over 270 infrastructure firms and 450 funds,
including 79 with performance data. We feature
intelligence for over 700 deals conducted by these
firms and are able to analyze the terms and conditions
being employed by funds based on terms data for
over 50 vehicles.

On the investor side we show profiles for over 170

institutions investing in the asset class, plus reveal the
results of our survey on investor sentiment towards
infrastructure funds. In addition the Review features
detailed analysis on all aspects of the sector, allowing
you to understand all the latest trends.

All data is gathered via direct contact with our

dedicated team of analysts in order to ensure that the

© 2010 Preqin Ltd 4

 The 2010 Preqin Infrastructure Review - Sample Pages

The 2010 Preqin

Infrastructure Review
- Sample Pages

© 2010 Preqin Ltd 5

 The 2010 Preqin Infrastructure Review - Sample Pages

Contents
1. Executive Summary 7 12. Debt Fund Market Review 61
- The growth of the infrastructure debt fund market, investment strategy of debt
2. Data Sources 13 funds, geographic focus, manager location, predictions for the future of the debt
fund market
3. Unlisted Fund Market Review 17
- The growth of the unlisted infrastructure fund market, evolution of unlisted 13. Debt Fund Listings 71
funds, fund geographic focus trends, industry focus trends, impact of PPP/PFIs,
predictions for the future of the asset class 14. Fund Terms and Conditions Analysis 77
- Management fees, hurdle rates, carried interest, fee rebates for investors, manager
4. Recent Unlisted Fundraising: 2007 – June 2010 23 commitments, key-man provisions, no-fault divorce clauses
- Review of recent fundraising trends, fundraising by geographic focus and manager
location, breakdown of fundraising market by fund size, success in achieving 15. Fund Terms and Conditions Listings 81
targets, project stage focus, industry focus - Key terms and conditions for 43 infrastructure funds

5. Unlisted Funds Closed Historically Listings 29 16. Fund Performance Analysis 87

- Infrastructure funds by median net IRR, funds by target net IRR, median net
6. Current Unlisted Fundraising Market Overview multiple returns by vintage year, infrastructure funds compared to other private
- Infrastructure funds on the road, interim closes, geographic focus of funds seeking equity strategies
capital, manager location, project stage focus of funds seeking capital, placement
agent use, manager experience 17. Fund Performance Listings 91
- Key performance metrics for 79 vehicles. All performance shown is net to investor
7. Unlisted Funds on the Road Listings 25
18. Regional Focus: Key Facts and Figures 97
8. Listed Fund Market Overview 35
- Asia, Continental Europe, India, MENA, North America, South America, UK, Multi-
- The state of the current listed infrastructure fund market, listed fund manager Region
universe, listed funds by geographic and industry focus, predictions for the future of
the listed infrastructure fund market
19. Fund Manager Universe 103
9. Listed Fund Listings 41 - Infrastructure firm location, manager experience, infrastructure assets under
41 management, dry powder by fund size, dry powder by region
10. Fund of Funds Review 51
20. Firm Investment Preferences 109
- The growth of the infrastructure-specific fund of funds market, emergence of real
assets fund of funds vehicles, infrastructure funds of funds by vintage year, primary - Matrix showing firm preferences by location, industry and project stage
geographic focus, investors in funds of funds, manager location, project stage focus
21. Firm Profiles (Unlisted Primary Fund Managers) 115
11. Infrastructure / Real Assets Funds of Funds Listings 57
22. Firm Profiles (Listed Fund Managers) 263

© 2010 Preqin Ltd 6

 The 2010 Preqin Infrastructure Review - Sample Pages

23. Firm Profiles (Fund of Funds Managers) 285

24. Deals Overview 299

- The growth in annual dealflow, infrastructure deals by transaction size, fund
manager deal activity, deals by region and industry focus, project stage, predictions
for future dealflow

25. Investor Survey: June 2010 307

- Analysis of current institutional investor sentiment towards unlisted infrastructure
funds and the current issues facing the asset class

26. Institutional Investors in Infrastructure Funds Review 313

- Why investors are attracted to infrastructure, make-up of investor universe,
infrastructure investors by assets under management and commitment levels,
breakdown of investors by location, sources of infrastructure allocations, project
stage preferences, investors in first-time infrastructure funds

27. Key Investors in Infrastructure Funds Profiles 321

- Detailed profiles for over 165 investors in infrastructure funds

28. Index
- Infrastructure Firms 407
- Investors
- Figure Index

29. Glossary 417

30. Other Publications 419

- Other Preqin products.

© 2010 Preqin Ltd 7


Data Sources
The 2010 Preqin Infrastructure Review has drawn
upon several different sources of data to provide
a unique perspective on the worldwide market for
unlisted infrastructure funds.
Fund Managers:
We directly contacted over 270 infrastructure firms
from around the world to collect information on firm
preferences, fundraising information and deals that
their funds have been involved in. We also undertook
questionnaires with fund managers regarding the
terms and conditions of their funds.
Investors:
We have surveyed over 700 investors from around
the world about their investment preferences, history
within the asset class, and plans for the future.
Additionally, we have carried out periodic surveys
to ascertain investor attitudes on key issues in the
infrastructure fundraising market. Investors include
funds of funds, pension funds, investment banks,
insurance companies, endowments, family offices
and other asset managers.
Placement Agents:
We have surveyed over 100 placement agents to
establish their involvement in the infrastructure market
and where applicable, obtain information on funds that
they are working on.
© 2010 Preqin Ltd
2. Data Sources - Sample Pages
Law Firms:
We contacted numerous law firms that have provided
us with information on funds they have provided fund
formation services to.
Regulatory Filings:
We regularly review regulatory filings in the US, the
UK and other regions in order to uncover additional
fund information and investors in funds.
Freedom of Information Act (FOIA) Requests:
We make Freedom of Information Act requests to
public investors in infrastructure funds in both the
US and the UK to calculate fund performance, and
discover sample investments made by investors.
All of the information contained in The 2010 Preqin
Infrastructure Review is available on our online
service, where subscribers will benefit from constantly
updated information on all aspects of the unlisted
infrastructure industry.
For more information on Preqin Infrastructure please
contact our client support service:
info@preqin.com
8
 4. Recent Unlisted Fundraising: 2007-June 2010 - Sample Pages

with less than $1bn in total capital commitments

Fig. 4.5: 10 Largest Infrastructure Funds Closed, 2007 - June 2010
closed in the period, raising $19bn between them,
representing 67% of the number of funds and 19%
of the aggregate capital raised. Funds in the $2.5-4.9 Fund Manager Fund Size (mn) Regional Focus
billion range raised the largest share of aggregate Macquarie European Infrastructure Fund
Macquarie Capital Funds 4,635 EUR Europe
capital during the period; 12 funds raised $39.6bn, II
which was 40% of total capital raised. The 18 funds Global Infrastructure Partners Global Infrastructure Partners 5,640 USD Global
in the $1-2.4bn range raised $28.7bn, and two funds North America,
Alinda Infrastructure Fund II Alinda Capital Partners 4,097USD
Europe
raised in excess of $5bn: Macquarie European
Macquarie Infrastructure Partners Macquarie Capital Funds 4,000 USD North America
Infrastructure Fund II and Global Infrastructure Morgan Stanley Infrastructure Partners Morgan Stanley Infrastructure 4,000 USD Global
Partners, as shown in Fig. 4.5. Highstar Capital Fund III Highstar Capital 3,500 USD Global
Citi Infrastructure Partners Citigroup Infrastructure Investors 3,400 USD OECD
Success in Achieving Target Fund Size Arcus European Infrastructure Fund I Arcus Infrastructure Partners 2,170 EUR Europe
North America,
GS Infrastructure Partners II GS Infrastructure Investment Group 3,100 USD
The proportion of funds that meet, exceed or fall Europe
below their respective fundraising targets is a good LS Power Equity Partners II LS Power Group 3,085 USD North America
indicator of investor interest in unlisted infrastructure
funds. Fig. 4.6 shows the decline in the proportion of
infrastructure funds reaching or exceeding their stated
fundraising target since 2007. In 2007, 79% of funds
reached or exceeded their fundraising target, with 30%
Fig. 4.6: Final Close as a Percentage of Target Value, 2007 - H1 2010
closing more than 20% above their original target, and
35%
15% exceeding their target by more than 50%. 33%
32%
31%
The majority of managers that successfully closed 30%
a fund during the economic downturn raised less 2007
25%
capital than they expected due to increased investor 25% 24%
Proportion of Funds

caution. In 2008, the proportion of funds reaching or 2008

exceeding their target fell to 70%, with 13% raising 20%
20%
18%
more than 20% above their original target. In contrast, 2009/H1 2010
the majority of funds (68%) closed in 2009/H1 2010 15% 15% 15%
15% 14%
failed to meet their fundraising target, with 25% of
funds raising less than half their original target. Just 11%
10%
12% of funds exceeded their target in 2009/H1 2010. 8% 8% 8% 8%
6%
5%
5% 4%

0% 0%
0%
Below 49% 50-79% 80-99% 100% 101-120% 121-150% Above 150%

© 2010 Preqin Ltd 9

 7. Unlisted Funds on the Road Listings - Sample Pages

Fund and Firm Fund Target Closings to Date Project Stage Strategy Geographic Focus Industry Focus
(mn)
Abatis Energy Fund 1,000 USD US Economic: Energy, Distribution/Storage Facilities
Abatis Capital
African Infrastructure Investment Fund II 1,000 USD First Close: 320 USD (Mar-2010) Brownfield, Greenfield Africa Economic: Aviation/Aerospace, Energy, Railway, Renewable
Energy, Transportation, Telecom, Roads, Utilities, Water, Sea
Ports
African Infrastructure Investment Managers South Africa
Alcazar Capital India Fund 200 USD Brownfield, Secondary Economic: Aviation/Aerospace, Bridges, Energy, Telecom,
Alcazar Capital Stage India Utilities, Water, Waste Management, Logistics
AmKonzen Asia Water Fund 100 USD First Close (Expected): 25 USD (Sep- Brownfield, Greenfield, Asia Economic: Renewable Energy, Water, Waste Management,
AmKonzen Water Investments Management 2010) Secondary Stage China, Indonesia, Malaysia, Vietnam Clean Technology
Asian Giants Infrastructure Fund 500 USD First Close: 95 USD (Jan-2009), Brownfield, Greenfield, China, India Economic: Energy, Transportation, Telecom, Roads, Water
Second Close: 155 USD (Jun-2010), Secondary Stage
AMP Capital Investors Final Close (Expected): (Jan-2011)
Infrastructure Equity Fund Brownfield, Greenfield, Australia, New Zealand Economic: Aviation/Aerospace, Parking Lots, Railway, Roads,
Secondary Stage Water, Utilities

Social: Education Facilities, Healthcare/Medical Facilities,

AMP Capital Investors
Strategic Infrastructure Trust of Europe
AMP Capital Investors
Antin Infrastructure Fund
Antin Infrastructure Partners
Ashmore PTC India Energy Infrastructure
Fund
Ashmore Investment Management
Infrastructure Fund of Colombia
Ashmore Investment Management
Aviva Investors European Renewable Energy
Fund
Aviva Investors
Axa Infrastructure Fund III
Axa Private Equity
Axis India Fund
Axis Private Equity
Banif Infrastructure Fund
Banif Investimentos
Barclays Integrated Infrastructure Fund
Barclays Private Equity - Infrastructure
1,000 EUR First Close: 300 EUR (Aug-2008),
Second Close: 515 EUR (Dec-2009),
Third Close: 700 EUR (May-2010)
750 USD
750 USD
250 EUR First Close (Expected): (Sep-2010)
1,500 EUR First Close (Expected): (July-2010)
400 USD First Close: 150 USD (Apr-2008), Final Brownfield, Secondary
Close (Expected): (Dec-2010)
125 EUR First Close: 75 EUR (Dec-2009)
800 GBP First Close: 380 GBP (May-2008),
Second Close: 405 GBP (Jun-2008),
Third Close: 422 GBP (Dec-2008),
Fourth Close: 473 GBP (June-2010)
Prisons
Brownfield West Europe Economic: Energy, Transportation, Utilities, Water
Social
Brownfield (100%) Europe, North America, OECD Economic: Energy, Transportation, Telecom, Environmental
Services, Natural Resources, Railway, Roads, Sea Ports
Brownfield, Greenfield India Economic: Energy, Natural Resources, Utilities, Distribution/
Storage Facilities
Brownfield, Greenfield, Colombia Economic: Energy, Transportation, Telecom, Water, Waste
Secondary Stage Management, Logistics, Renewable Energy
Brownfield, Greenfield, Europe Economic: Renewable Energy
Secondary Stage
Brownfield (80%), Europe
Greenfield (20%)
India Economic: Aviation/Aerospace, Bridges, Energy, Natural
Stage Resources, Railway, Renewable Energy, Transportation,
Telecom, Roads, Tunnels, Utilities, Water, Waste Management,
Environmental Services, Sea Ports, Clean Technology,
Distribution/Storage Facilities
Social: Education Facilities, Healthcare/Medical Facilities,
Prisons
Brownfield, Greenfield, Emerging Markets, OECD Economic: Bridges, Energy, Natural Resources, Parking Lots,
Secondary Stage Railway, Renewable Energy, Transportation, Roads, Utilities,
Water, Waste Management, Environmental Services, Sea Ports
Portugal Social: Education Facilities, Healthcare/Medical Facilities,
Prisons
Brownfield, Greenfield, Europe Economic: Roads, Waste Management, Water
Secondary Stage Social: Defence, Education Facilities, Healthcare/Medical
France, Germany, Ireland, Italy, Spain, Facilities, Judicial Buildings, Government Accommodation,
UK Prisons

© 2010 Preqin Ltd 10

 21. Firm Profiles (Unlisted Fund Managers) - Sample Pages

Barclays Private Equity - Infrastructure Tel: +44 (0)20 7653 5353 www.bpe.com
Condor House, St Paul's Churchyard, London, EC4M 8AL, UK
Barclays Private Equity - Infrastructure was one of the first firms to raise funds dedicated to investing in projects sponsored by the UK Government’s Private Finance Initiative (PFI) and Public Private Partnership (PPP) program.

As of June 2010, the team had raised over GBP 1.5 billion through six infrastructure funds since 1996, investing in over 190 European infrastructure projects, predominantly within the UK. Investments have focused on PFI/PPP social
infrastructure and university accommodation, although investments have also been made in other infrastructure assets. Initial funds were structured as 10-year closed funds with the main investment objective being to provide capital
realization proceeds to investors. The sixth fund, BIIF, has an initial life of 15 years and the main investment objective is to provide investors with regular distributions of yield income from a diversified portfolio of PFI/PPP projects.
Barclays Integrated Infrastructure Fund Fourth Close
Fund Size (mn): 800 GBP * Barclays Integrated Infrastructure Fund (BIIF) is a sole-managed integrated infrastructure fund, focusing initially on establishing a diversified
Strategy: Primary portfolio of operating PFI/PPP projects from which to generate a predictable yield. As the fund matures, investment in greenfield PFIs and
Infrastructure Industry Preference: PPPs will be undertaken.
- Economic: Roads, Waste Management, Water
Established in 2008, BIIF has a target size of GBP 800 million, a term of 15 years and a target return of 10-13% pa. 85 investments have been
- Social: Defence, Education Facilities, Healthcare/Medical Facilities, Prisons, Judicial made to date through the acquisition of all interests of the Infrastructure Investors (I2) fund, which was a joint venture fund between Barclays
Buildings, Government Accommodation Private Equity, Societe Generale and 3i. The pipeline of future secondary investments will include opportunities arising from pre-emption
PPP/PFI Investments: Yes rights held within the investments in the existing portfolio of projects. In addition, further investment opportunities are available with open
Project Stage Strategy: Brownfield, Greenfield (30%), Secondary Stage (70%) market initially for operating assets and subsequently for greenfield assets as described above.
Regions: Europe
Countries: France, Germany, Ireland, Italy, Spain, UK
Typical Investment Size (mn): GBP 5
Fund Contact: Chris Elliott, Rob Styles
Barclays European Infrastructure Fund II Closed
Fund Size (mn): 280 GBP Like its predecessor, Barclays European Infrastructure Fund II invests in economic and social infrastructure PFI/PPP projects throughout the
Strategy: Primary UK and the rest of Europe. As of December 2009, 34 investments had been made. The fund was launched and closed in 2006.
Infrastructure Industry Preference:
- Economic: Roads, Transportation, Waste Management
- Social: Defence, Education Facilities, Judicial Buildings, Government
Accommodation
PPP/PFI Investments: Yes
Project Stage Strategy: Brownfield, Greenfield
Regions: Europe
Countries: UK
Typical Investment Size (mn): GBP 0 to 5
Fund Contact: Chris Elliott, Rob Styles
Alma Mater Fund Closed
Fund Size (mn): 81 GBP Alma Mater is now a sole-managed student accommodation fund. AMF was established in 2003, initially in partnership with 3i, but has been
Strategy: Primary solely managed since 2008. AMF had interests in nine student accommodation investments. In 2008, student accommodation investments
Infrastructure Industry Preference: across all infrastructure funds were consolidated. AMF now holds a 72% stake in UPP Group Holdings Limited, which owns over 20,000
student rooms with an annual rental income of GBP 64 million.
- Social: Education Facilities
PPP/PFI Investments: Yes
Project Stage Strategy: Brownfield, Greenfield
Countries: UK
Fund Contact: Chris Elliott, Rob Styles
Unlisted Funds Managed
Fund Status Size (mn) Vintage Geographic Focus
Barclays Integrated Infrastructure Fund Fourth Close 800 GBP * 2008 Europe, France, Germany, Ireland, Italy, Spain, UK
Barclays European Infrastructure Fund II Closed 280 GBP 2006 Europe
Alma Mater Fund Closed 81 GBP 2003 UK
Barclays European Infrastructure Fund Closed 178 GBP 2001 Europe, Ireland, UK
Barclays UK Infrastructure Fund Liquidated 73 GBP 1997 UK

© 2010 Preqin Ltd * = Fund Target 11

 21. Firm Profiles (Unlisted Fund Managers) - Sample Pages

Recent Deal Activity

Asset Name Status Date Industry Country % Stake
Edinburgh Royal Infirmary Investment Apr-10 Hospitals UK 23.9
UPP Exeter Investment Sep-09 Student Accommodation UK 100
Sandwell BSF Investment Jul-09 Educational Buildings UK 40
University of Paris-Diderot Investment Jul-09 Educational Buildings France 40
CCC Terza Torre Investment May-09 Government Accommodation Italy 64
MoD Housing PFI Project (Portsmouth) Sale Feb-09 Government Accommodation UK -
A1 Motorway (Alconbury to Peterborough) Investment Jan-09 Roads UK -
A1 Motorway (Darlington to Dishforth) Investment Jan-09 Roads UK -
A30/A35 (Exeter to Bere Regis) Investment Jan-09 Roads UK -
A419/A417 (Swindon to Gloucester) Investment Jan-09 Roads UK -
A50/A564 Stoke to Derby Link Investment Jan-09 Roads UK 15
Connect Roads Investment Jan-09 Roads UK 15
Edinburgh Royal Infirmary Investment Jan-09 Hospitals UK 26.1
Leeds 7 Schools Investment Jan-09 Educational Buildings UK 50
M1 - A1 Motorway (Lofthouse to Bramham) Investment Jan-09 Roads UK 50
Nuffield Orthopaedic Center Investment Jan-09 Hospitals UK 25
PFI Infrastructure Company Investment Jan-09 Social UK 100
Contacts
Name Position Tel E-mail
Chris Elliott Managing Director & Head of Infrastructure Investing +44 (0)20 7512 9900 chris.elliott@bpe.com
Nicola Lloyd Manager +44 (0)20 7653 5427 nicola.jane.lloyd@barcap.com
Rob McClatchey Managing Director +44 (0)20 7512 9900 robert.mcclatchey@bpe.com
Rob Styles Director +44 (0)20 7653 5373 rob.styles@bpe.com

Darby Overseas Investments Tel: +1 202 872 0500 www.darbyoverseas.com

1133 Connecticut Avenue N.W., Suite 400, Washington, DC, 20036, US Established: 1994 Fax: +1 202 872 1816
Darby Overseas Investments is a private investment firm in Washington, DC that invests its own and client capital in emerging markets. Darby has twelve offices worldwide; in the US, Mexico, Brazil, and multiple locations in Asia and
Central and Eastern Europe. Investments are made in consumer industries, such as retailing and distribution, financial services and natural resources. The firm manages an extensive infrastructure portfolio. It has several vehicles in the
asset class, including Europe, Asia and Latin America-focused funds.
FINTRA Raising
Fund Size (mn): 300 USD * FINTRA is a joint venture between Darby Overseas Investments and Colombia-bsaed Mercantil Colpatria. It will raise capital mainly from local
Strategy: Debt/Mezzanine, Primary pension funds and insurance companies and offer equity, debt and mezzanine finance. The fund will look at medium-sized projects within
Infrastructure Industry Preference: Colombia, focusing on roads, airports and sea ports, as well as limited exposure to the energy sector. The fund is open to both greenfield and
brownfield projects.
- Economic: Aviation/Aerospace, Energy, Transportation, Roads, Sea Ports
Project Stage Strategy: Brownfield, Greenfield
Countries: Colombia
Fund Contact: Mike Campbell, Alan Weinfeld, Jorge Castellanos
Brazil Mezzanine Infrastructure Fund Closed
Fund Size (mn): 388 BRL Brazil Mezzanine Infrastructure Fund is a joint venture between Darby Overseas Investments and Stratus Investimentos. The fund provides
Strategy: Debt/Mezzanine mezzanine financing to small- and mid-market infrastructure-related companies in Brazil. Furthermore, the vehicle directly invests in and
Infrastructure Industry Preference: manages Brazilian infrastructure companies and projects.
- Economic: Energy, Transportation, Telecom, Water, Waste Management
Brazil Mezzanine Infrastructure Fund provides investors with a broad infrastructure portfolio by targeting a range of economic sectors. The
Project Stage Strategy: Greenfield (100%) fund invests USD 15-30 million in each deal and the equity-mezzanine ratio is 50:50, 25:75 or 75:25.
Countries: Brazil
Typical Investment Size (mn): USD 15 to 30
Fund Contact: Fernando Gentil

© 2010 Preqin Ltd * = Fund Target 12

 21. Firm Profiles (Unlisted Fund Managers) - Sample Pages

Darby Latin American Mezzanine Fund II First Close

Fund Size (mn): 200 USD * Like its predecessor, Darby Latin American Mezzanine Fund II provides mezzanine financing to small and mid-market infrastructure
Strategy: Debt/Mezzanine companies. The fund has a brownfield strategy and is interested in mid-cap expansion and refinancing. The vehicle targets Latin American
Infrastructure Industry Preference: markets and particularly looks for opportunities in Mexico, Brazil and Colombia. Darby Latin American Mezzanine Fund II is targeting an 18%
net IRR for investors.
- Economic: Energy, Transportation, Telecom
Project Stage Strategy: Brownfield
Regions: Central America, South America
Countries: Brazil, Mexico, Columbia
Fund Contact: Richard Frank Jr.
Korea Emerging Infrastructure Fund Closed
Fund Size (mn): 580,000 KRW Korea Emerging Infrastructure Fund makes investments in, and extends mezzanine loans to, private companies engaged in a broad range of
Strategy: Debt/Mezzanine, Primary activities in the Korean economic infrastructure sector. The vehicle’s investments highlight a particular interest in waste management. The
Infrastructure Industry Preference: fund's limited partners include some of Korea's staple institutional investors.
- Economic: Energy, Transportation, Roads, Utilities, Waste Management,
Environmental Services
Countries: South Korea
Darby Asia Mezzanine Fund II Closed
Fund Size (mn): 256 USD Darby Asia Mezzanine Fund II is a follow-on fund to Darby Asian Infrastructure Mezzanine Capital Fund and focuses on the mezzanine
Strategy: Debt/Mezzanine financing of selected Asia-based infrastructure companies and projects.
Infrastructure Industry Preference:
- Economic: Energy, Renewable Energy
Project Stage Strategy: Greenfield
Regions: Asia
Countries: China, India, South Korea
Fund Contact: Simon Sham
Darby Asian Infrastructure Mezzanine Capital Fund Closed
Fund Size (mn): 246 USD Darby Asian Infrastructure Mezzanine Capital Fund (once owned by Prudential Asia Infrastructure Investors) launched in 1998. The fund is a
Strategy: Debt/Mezzanine specialist provider of mezzanine capital for the infrastructure industry in the emerging market countries of Asia. The fund allocates across the
Infrastructure Industry Preference: region, including markets in China, South Korea and Philippines. The vehicle commits to various economic infrastructure sectors and has a
15% to 25% target net IRR.
- Economic: Energy, Transportation, Telecom, Water
Project Stage Strategy: Brownfield, Greenfield
Regions: Asia
Countries: China, Philippines, South Korea
Fund Contact: Simon Sham
Unlisted Funds Managed
Fund Status Size (mn) Vintage Geographic Focus
FINTRA Raising 300 USD * 2010 Colombia
Brazil Mezzanine Infrastructure Fund Closed 388 BRL 2008 Brazil
Darby Latin American Mezzanine Fund II First Close 200 USD * 2008 Central America, South America, Brazil, Mexico, Columbia
Korea Emerging Infrastructure Fund Closed 580,000 KRW 2006 South Korea
Darby Asia Mezzanine Fund II Closed 256 USD 2005 Asia, China, India, South Korea
Darby Latin American Mezzanine Fund Closed 196 USD 1999 South America
Darby Asian Infrastructure Mezzanine Capital Fund Closed 246 USD 1998 Asia, China, Philippines, South Korea
Recent Deal Activity
Asset Name Status Date Industry Country % Stake
T-Grao Cargo Terminal de Graneis Investment Apr-10 Sea Ports Brazil -
First Philippine Holdings Corp. Sale Dec-09 Power Plants Philippines -
Eletrogóes Investment Jul-09 Hydro Power Brazil -
Gangwon Wind Power Investment Jan-09 Wind Power South Korea 32.4
Kyunggi Expressway Investment Jan-09 Toll Roads South Korea -

© 2010 Preqin Ltd * = Fund Target 13

 21. Firm Profiles (Unlisted Fund Managers) - Sample Pages

Enterprise Networks Sale May-08 Internet South Korea -

Bhoruka Power Investment Jan-08 Hydro Power India -
Concesiones y Construcciones de Infraestructura Sale Jan-08 Toll Roads Argentina -
Fluviomar Sale Jan-07 Shipping Argentina -
Meiya Power Sale Jan-07 Power Plants China -
Contacts
Name Position Tel E-mail
Mike Campbell Senior Analyst +1 202 872 0500 mcampbe1@doil.com
Jorge Castellanos Fund Manager - FINTRA +1 202 872 0500 jcastellanos@doil.com
Richard Frank Jr. Principal +1 202 872 0500 richardfrankjr@doil.com
Fernando Gentil Managing Director +1 202 872 0500 fernando.gentil@doil.com
David Hudson Senior Managing Director +1 202 872 0500 dhudson@doil.com
Pushpam Jain Senior Associate +1 202 872 0500 pjain@doil.com
Alejando Schwedhelm Managing Director +1 202 785 5784 aschwedhelm@doil.com
Simon Sham Managing Director +1 202 872 0500 ssham@doil.com
Alan Weinfeld Senior VP - Director of Business Development +1 202 872 0500 aweinfeld@doil.com

Dragon Capital Tel: +84 (0)8 3823 9355 www.dragoncapital.com

1901 Me Linh Point, 2 Ngo Duc Ke Street, District 1, Ho Chi Minh City, Vietnam Established: 1994 Fax: +84 (0)8 3823 9366 gavinsmith@dragoncapital.com
Dragon Capital is an integrated financial services provider with an exclusive focus on Vietnam’s capital markets. Established in 1994, the group is now one of the largest and most experienced asset managers in the country, with total group
assets in excess of USD 1.5 billion. With the launch of subsequent funds, the group has evolved into a fully diversified investment institution, offering its client base a comprehensive range of financial services including corporate finance,
fund management, direct and indirect investments and capital markets. The firm plans to operate within the infrastructure sector through its clean energy investment vehicle which will seek investments in renewable energy projects.
Mekong Brahmaputra Clean Development Fund First Close
Fund Size (mn): 100 USD * Mekong Brahmaputra Clean Development Fund is the first green development fund to focus on deploying capital in renewable energy and low
Strategy: Primary carbon businesses and projects in some of Asia’s fastest developing countries, principally Vietnam, Thailand and Nepal, and also Sri Lanka,
Infrastructure Industry Preference: Laos, Cambodia, Bhutan and Bangladesh. The fund will invest in a variety of renewable energy fields including hydro, wind, waste
management and other energy saving facilities. It plans to work closely with experienced development companies throughout the sub-
- Economic: Clean Technology, Renewable Energy, Waste Management, Water
continent. The fund excludes investments in biofuels and the more developed emerging markets of India and China.
PPP/PFI Investments: Yes
Project Stage Strategy: Brownfield (33.3%), Greenfield (33.3%), Secondary Stage (33.3%)
Regions: Asia
Countries: Sri Lanka, Thailand, Vietnam, Bangladesh, Cambodia, Laos, Nepal, Bhutan
Fund Contact: Rachel Hill
Unlisted Funds Managed
Fund Status Size (mn) Vintage Geographic Focus
Mekong Brahmaputra Clean Development Fund First Close 100 USD * 2010 Sri Lanka, Thailand, Vietnam, Bangladesh, Cambodia, Laos, Nepal,
Bhutan
Contacts
Name Position Tel E-mail
Rachel Hill Director +44 (0)7971 214 852 rachelhill@dragoncapital.com
Gavin Smith Investment and Portfolio Manager +84 (0)8 38239 355 gavinsmith@dragoncapital.com

© 2010 Preqin Ltd * = Fund Target 14

 24. Deals Overview - Sample Pages

constant, as shown in Fig. 22.2. The increase in
average deal size seen between 2006 and 2007
can be attributed to a small number of exceptionally
large deals made during the period. These deals
included the $22bn leveraged buyout of Kinder
Morgan by a consortium featuring AIG Highstar
and GS Infrastructure Investment Group in 2006. In
2007 another consortium, including Energy Capital
Partners, acquired all outstanding shares in TXU
Corp. for $45bn, transforming it into Energy Future
Holdings. As a result, the average deal size for both
2006 and 2007 escalated to well over $1bn.
In 2009, the crisis in the debt markets directly affected
the leverage available for infrastructure deals. As
a result, the average deal size dropped to $400mn,
a 56% decrease on the $900mn average in 2008.
The restrictive credit market continues to affect both
the volume and average size of deals in 2010, with
many deals requiring increased equity ratios and/or a
reduction in asset valuations to be completed.
Fig. 22.3 shows the annual breakdown of all
infrastructure deals completed by unlisted
infrastructure fund managers since 2008 by deal size.
The proportion of deals of $1bn or more in size fell
from 17% in 2008 to 12% in 2009 and H1 2010.
Fund Manager Deal Activity
A variety of unlisted infrastructure managers are active
in the fund manager universe, but a large proportion
of the investment activity in the market stems from the
infrastructure arms of investment banks and private
equity firms. Goldman Sachs is one such example. In
December 2009, GS Infrastructure Investment Group,
the bank’s infrastructure arm, gained a 21.2% stake
in Eurotunnel for €650mn following an exchange
of subordinated deferred equity securities in the
company. The significant role of both investment banks
and private equity firms in the unlisted infrastructure
deal market is evident in Fig. 22.4, which lists the 10
most active unlisted infrastructure fund managers
during the last three years (sorted by number of deals
completed).
However, as Fig. 22.5 shows, private firms have
been more active than investment banks in the last
12 months and account for the majority of the top 10
firms.
The most active fund manager, based on known
deals in the past 12 months, has been Dutch
infrastructure firm DIF, which has completed 12 deals.
DIF’s investments were made via two of the three
infrastructure funds it manages, DIF Renewable
Energy and DIF Infrastructure II. Two recent deals
completed by DIF include the purchase of the
Hohenseefeld Wind Farm in Germany and the Pouillé-
les-Coteaux Wind Project in France, both finalized in
June 2010. Other significant fund managers active in
the deals market over the past 12 months include

Fig. 22.3: Breakdown of Deals by Transaction Value, 2008 - June 2010 Fig. 22.4: 10 Most Active Unlisted Infrastructure Fund Managers in Last
100% Three Years
12% 12%
90% 17% Number of Investments Total Raised through Unlisted
Fund Manger
12% $1bn + in Last Three Years Infrastructure Funds (bn)
80% 6% 14%
Pareto Project Finance 45 NOK 3.0
70% Macquarie Capital Funds 44 USD 19.8
24% 19% $500-999mn
60% DIF 38 EUR 0.6
34%
Barclays Private Equity -
50% 18 GBP 1.0
$100-499mn Infrastructure
40% Equitix 17 GBP 0.1
Less than IDFC Private Equity 16 USD 1.3
30%
53% 55% $100mn ArcLight Capital Partners 16 USD 6.8
20% 42% Energy Investors Funds 14 USD 2.4
10% LS Power Group 14 USD 4.3
Bouwfonds Real Estate
0% 14 EUR 0.7
Investment Management
2008 2009 H1 2010

© 2010 Preqin Ltd 15

 27. Investors in Infrastructure Funds - Sample Pages

Asian Development Bank Bank Contact Name Position Tel Email

6 ADB Avenue, Mandaluyong City, 1550, Philippines S. Jane Brett Investment Officer +63 (0)2 632 4444 sjbrett@adb.org
Tel: +63 (0)2 632 4444 Web: www.adb.org Mu Shin Kim Head of Private Equity +63 (0)2 632 6422 skim@adb.org
Fax: +63 (0)2 636 2444 Email: information@adb.org Johanna Klein Investment Officer +63 (0)2 632 5720 jklein@adb.org
Asian Development Bank (ADB) is an active provider of direct financing for infrastructure projects in Asia and also Robert van Zwieten Director of Capital Markets +63 (0)2 632 5731 rvanzwieten@adb.org
invests in the asset class via unlisted infrastructure funds. The bank is dedicated to the development of affordable
and reliable economic infrastructure facilities and services throughout Asia and has gained exposure to assets in the Industriens Pensionsforsikring Private Sector Pension Fund
energy, natural resources, renewable energy, telecoms, transportation and utilities sectors. ADB focuses solely on
Nørre Farimagsgade 3, Copenhagen, 1364, Denmark
emerging market economies within the Asian infrastructure market and has previously invested in countries
including India, Malaysia, Thailand and the Philippines. It has also invested in Central Asian emerging markets Tel: +45 33 66 80 80 Web: www.industrienspension.dk
through a USD 100 million commitment to Islamic Infrastructure Fund in April 2009. Fax: +45 33 66 80 90 Email: investments@industripension.dk
Industriens Pensionsforsikring is an active investor in the infrastructure asset class. The pension plan has a separate
Asian Development Bank has been investing in unlisted infrastructure funds since 1994 and has a flexible allocation allocation to infrastructure targeted at 5% of total assets under management. The target is not rigid as the pension
to the asset class. The bank aims to commit approximately USD 150 million per year to unlisted private equity funds fund prefers to operate flexibly and invest opportunistically. The pension fund began investing in infrastructure
(including infrastructure), and up to USD 1 billion per year in direct project financing, mainly in the form of loans. It vehicles in 2007 and does not allocate directly to infrastructure projects, preferring to follow the same indirect
works with first-time infrastructure fund managers and regularly invests in debut funds as well as those managed by strategy it pursues when investing in private equity and real estate. It only invests in the asset class via unlisted
experienced firms. infrastructure vehicles and does not consider co-investment opportunities.

In 2009, Asian Development Bank established the ADB Energy Policy, a long-term plan to advance the development By mid-2008, Industriens Pensionsforsikring had committed to three infrastructure vehicles: a DKK 106 million
of the Asian energy and renewable energy sectors. The bank plans to increase its investments in these sectors over commitment to Alinda Infrastructure Fund I, as well as investments in Global Infrastructure Partners (GIP) and
the medium term as well as having a long-term goal to increase its lending capacity to clean energy projects to USD Morgan Stanley Infrastructure Partners. Through these vehicles Industriens has acquired a global portfolio of
1 billion annually. In keeping with this new strategy, between 2008 and 2009, the bank made six investments in clean infrastructure assets. It has gained exposure to economic opportunities in North America, South America, West
energy funds focused on various Asian markets. This included a USD 20 million commitment to MEACP Clean Europe, East Europe, Asia and emerging markets.
Energy Fund. ADB plans to make further commitments to funds with similar strategies in 2010.
In 2009, Industriens Pensionsforsikring made several further infrastructure fund commitments, including a renewal of
As of Q2 2010, Asian Development Bank’s fund portfolio included commitments of USD 245 million to eight unlisted its relationship with Alinda Capital Partners by investing in its second infrastructure vehicle, Alinda Infrastructure
infrastructure funds, which equated to approximately 0.3% of the bank’s total assets under management. Over the Fund II. The commitment increased its exposure to economic assets in the developed European and North American
coming 12 months, ADB will focus specifically on underdeveloped Asian economies, including potential infrastructure markets.
commitments throughout South and Southeast Asia. It typically invests between USD 15 million and USD 30 million
in any single fund, and will therefore likely commit to at least five vehicles in the coming 12 months to achieve its As of June 2010, Industriens Pensionsforsikring had committed to eight infrastructure funds and was in advanced
USD 150 million annual investment target. The bank will also continue with its direct financing initiatives, particularly stages of due diligence for an additional three funds. In the following 12 months, the pension plan intended to
in the energy and clean energy sectors. continue investing in the asset class, with a focus on re-ups but also very selectively with new managers. The
Total Assets (mn): 85,700 USD Year of First Investment in Infrastructure: 1994 pension scheme usually invests with experienced fund managers and this is unlikely to change as the infrastructure
Source of Allocation to Infrastructure: Part of Private Equity Allocation market continues to recover, but it will consider first-time fund managers on a case-by-case basis.
Committed to Unlisted Infra. Funds (mn): 245 USD 0.3% of Total Assets Total Assets (mn): 13,200 USD Year of First Investment in Infrastructure: 2007
Typically Invest Per Infrastructure Fund (mn): USD 15 to 30 Source of Allocation to Infrastructure: Separate Infrastructure Allocation
Preferences Allocation to Infra. Asset Class (mn): 488 USD 3.7% of Total Assets
Direct Unlisted Funds Listed Funds Co-investment Target Allocation to Infra. Asset Class (mn): 660 USD 5.0% of Total Assets
Yes Yes No Committed to Unlisted Infra. Funds (mn): 488 USD 3.7% of Total Assets
Greenfield Brownfield Secondary Primary Fund of Funds Secondaries Debt/Mezzanine Target Allocation to Unlisted Infra. Funds (mn): 660 USD 5.0% of Total Assets
Stage Infrastructure Consultant: In-House
• • • Preferences
N. America Europe Asia & RoW Emerging Mkts Global First-Time Funds PPP/PFI Direct Unlisted Funds Listed Funds Co-investment
• • Yes No Yes No No
Infrastructure Industry Preferences (Based on Past Investments and Stated Preferences) Greenfield Brownfield Secondary Primary Fund of Funds Secondaries Debt/Mezzanine
Airports, Clean Technology, Distribution/Storage Facilities, Energy, Environmental Services, Logistics, Railway, Stage
Renewable Energy, Roads, Sea Ports, Social, Telecom, Transportation, Utilities • • •
Sample Fund Investments N. America Europe Asia & RoW Emerging Mkts Global First-Time Funds PPP/PFI
Mekong Brahmaputra Clean Development Fund (2010), MEACP Clean Energy Fund (2010), Islamic Infrastructure • • • • • Considering Yes
Fund (2009), Darby Asia Mezzanine Fund II (2005), IDFC Private Equity Fund II (2005), AMP Capital - India Infrastructure Industry Preferences (Based on Past Investments and Stated Preferences)
Infrastructure Fund (2004), Darby Asian Infrastructure Mezzanine Capital Fund (1998), The Asian Infrastructure Airports, Energy, Railway, Renewable Energy, Roads, Sea Ports, Social, Telecom, Transportation, Utilities
Fund (1994) Sample Fund Investments
Alinda Infrastructure Fund II (2008), Global Infrastructure Partners (2008), Morgan Stanley Infrastructure Partners
(2008), Alinda Infrastructure Fund I (2006)

© 2010 Preqin Ltd 16

 27. Investors in Infrastructure Funds - Sample Pages

Contact Name Position Tel Email Sample Fund Investments

Jan Ostergaard CIO +45 33 66 80 80 jo@ipf.dk Macquarie Infrastructure Partners (2006), CFI Infrastructure Opportunities Fund (2005), Macquarie European
Henrik Poulsen Head of Equities & Alternative +45 33 66 80 80 hnp@ipf.dk Infrastructure Fund (2004), Macquarie Essential Assets Partnership (2003)
Investments Contact Name Position Tel Email
Kasper Struve Portfolio Manager - Private +45 33 66 80 01 kst@ipf.dk Chris Di Fonzo Investment Analyst +1 204 949 0048 cdifonzo@traf.mb.ca
Equity Ext. 28
Søren Thinggaard Hansen Head of Private Equity +45 33 66 80 80 sth@ipf.dk Jeff Norton President & CEO +1 204 942 3764 jnorton@traf.mb.ca

Teachers' Retirement Allowances Fund Public Pension Fund

330-25 Forks Market Road, Winnipeg, Manitoba, R3C 4S8, Canada
Tel: +1 204 949 0048 Web: www.traf.mb.ca
Fax: +1 204 944 0361 Email: info@traf.mb.ca
Teachers' Retirement Allowances Fund (TRAF) is one of a growing number of public pension funds that have
created a specific allocation to infrastructure investments. In a four-year period from 2004, the retirement system
increased its target allocation from 1% to 5% of total assets. The retirement system created the allocation because it
believes the asset class possesses the characteristics it requires to enhance the diversification of its overall
investment portfolio. TRAF has not appointed a permanent infrastructure consultant, but has utilized the services of
Aon and Northleaf Capital Partners for two of its past infrastructure investments.

TRAF has created a global investment program for infrastructure that primarily focuses on the major infrastructure
markets, including the US and Europe. TRAF expects its infrastructure portfolio to be weighted towards core
infrastructure assets but will consider exposure to social infrastructure, PPPs and emerging markets for portfolio
balance and diversification purposes. The retirement system will possibly consider infrastructure debt vehicles that
enter the marketplace but is not actively seeking to invest in such vehicle. The retirement system has no plans to
invest in listed infrastructure, and the amount of capital it has to invest in infrastructure allows for the possibility of a
co-investment through an investment club, but prevents direct investments. The retirement system’s typical bitesize
for infrastructure investments is CAD 10-25 million.

As of Q2 2010, TRAF had committed approximately 1.5% of its 5% target allocation to infrastructure and over the
following 12 months expected to invest USD 60 million in 2-3 unlisted funds. The new investments will be made with
its current managers, and possibly one new manager, but first-time funds are unlikely to be considered. In terms of
geographic exposure, along with additional investments in North America and Europe, TRAF is eager to gain
exposure to the infrastructure investment opportunities opening up in China and India.

TRAF expects to fulfil the 5% infrastructure target allocation by the end of 2011.
Total Assets (mn): 4,300 CAD Year of First Investment in Infrastructure: 2004
Source of Allocation to Infrastructure: Separate Infrastructure Allocation
Allocation to Infra. Asset Class (mn): 65 CAD 1.5% of Total Assets
Target Allocation to Infra. Asset Class (mn): 215 CAD 5.0% of Total Assets
Committed to Unlisted Infra. Funds (mn): 65 CAD 1.5% of Total Assets
Target Allocation to Unlisted Infra. Funds (mn): 215 CAD 5.0% of Total Assets
Infrastructure Consultant: In-House, Northleaf Capital Partners, Aon
Typically Invest Per Infrastructure Fund (mn): CAD 10 to 25
Preferences
Direct Unlisted Funds Listed Funds Co-investment
No Yes No Considering
Greenfield Brownfield Secondary Primary Fund of Funds Secondaries Debt/Mezzanine
Stage
• • • •
N. America Europe Asia & RoW Emerging Mkts Global First-Time Funds PPP/PFI
• • • • No Yes
Infrastructure Industry Preferences (Based on Past Investments and Stated Preferences)
Airports, Distribution/Storage Facilities, Energy, Railway, Renewable Energy, Roads, Sea Ports, Telecom, Utilities,
Social

© 2010 Preqin Ltd 17

 2010 Preqin Infrastructure Review:
Order Form

The market for unlisted infrastructure funds has grown dramatically in recent years, as an abundance
of new opportunities in both developed and emerging markets has paved the way for increasing
numbers of vehicles to successfully raise capital. Despite the impact of the financial crisis, there are
currently more funds on the road than ever before, as governments around the world establish new
The 2010 Preqin
initiatives for private sector involvement in infrastructure projects, enabling the industry to continue Infrastructure Review
its expansion into new areas and geographies.

Now in its third year, the 2010 Preqin Infrastructure Review is the most comprehensive examination
of the unlisted infrastructure fund market ever produced. Key features of this year’s publication
include:
• Detailed analysis sections showing the latest trends in all areas of the industry: deals,
fundraising, investors, terms and conditions, history and development and more…
• Profiles for 270 infrastructure firms and 450 funds, including 79 with performance data. Profiles
include strategy and deals data, direct contact information for key contacts and more…
• Profiles for over 170 investors in the sector, including investment plans, strategic preferences
and key contact details plus results of our investor survey.
• Detailed listings for all funds ever closed, plus funds currently raising capital.
• Information gathered from numerous data sources, including via direct interaction with fund www.preqin.com/infrastructurereview
managers to ensure the information in the Review is as accurate, comprehensive and exclusive
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