1
may
2014
infrastructure
investor
ISSN 1759-9539
ISSUE 52 | MAY 2014
Let’s be honest, the banks have not received
great press coverage in recent years. But it’s
not out of sympathy that we decided to offer
them the chance to get their hands on an
award – it’s because we genuinely felt they
might deserve one.
After all, in launching our first Banking
Awards for Excellence for the year 2013 (see
p.33), we knew that – in spite of being amore
limited universe following the global financial
crisis – there were still plenty of banks operat-
ing successfully in the project financemarket.
But the awards are not theremerely to recog-
nise durability – they are there primarily to
recognise innovation. And we found plenty.
The response to our request for deal
submissions was strong and, among many
worthy contenders for recognition, we found
a number of truly outstanding examples of
banking prowess. It’s often said that institu-
tional investors are the future of long-term
infrastructure finance, but without the crea-
tiveness of the banks in shaping solutions that
allow them to commit capital from within
their comfort zones, they will be unable to
fill that role. Fortunately, as we believe our
awards evidence, such solutions are being
found.
While the leading banks are showing
plenty of pioneering spirit, so too are other
groups which offer investors the opportu-
nity to participate in the infrastructure asset
class in novel ways. In our new “Trailblazers”
series (see p.24), we put the Global Strategic
Investment Alliance (GSIA) – the Ontario
Municipal Employees’ Retirement System
initiative – under the spotlight.
GSIA is a platform designed to attract
large institutional co-investors to participate
in deals at the upper end of the market in
terms of deal size. The theory is that there
are some very large deals waiting to be done,
but very few investors able to write the size
of cheque that’s required. We elicit some
thought-provoking views from the market
on GSIA’s prospects for success.
Another organisation thinking big is
Australian fund manager Hastings Funds
Management, which has its sights set on
international expansion (see keynote inter-
view, p.28). We catch up with the firm’s chief
executive Andrew Day to find out all about
its priorities and latest initiatives, including a
couple of intriguing strategic moves in Asia.
Also, in a packed issue, we have a cover
story on risk that includes a look at the trou-
bling situation inUkraine and what the impli-
cations are for infrastructure investors in that
part of the world (turn to p.15 for the start
of the section). We also include a country
report on Canada (p.47), the latest “P3s in
Perspective” focusing on Florida (p.50) and
an examination of the merits or otherwise
of UK listed infrastructure (p.52).
Best wishes,
Andy Thomson
Senior Editor Infrastructure
Andy Thomson
+44 20 7566 5435
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Kalliope Gourntis
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Matthieu Favas
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Tian Mullarkey
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e:
ANDY THOMSON
EDITOR'S
LETTER
Pushing the boundaries
