- January 1, 2014: Vol. 7, Number 1

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Core no more: The search for value leads some investors outside core markets

by Andrea Waitrovich

1 Core, core, core. This is not new news. For the past five years, core has been the safety net for portfolios. Investors want the stable and predictable returns/yields from their infrastructure portfolios — established, operational “brownfield” infrastructure assets in Europe and North America. Look at the amount of capital seeking to invest in core. Managers are targeting approximately $106 billion from investors and the majority of these funds are core strategies. In 2012 the largest unlisted infrastructure fund of all time closed — Global Infrastructure Partners II, managed by Global Infrastructure Partners, which raised $8.25 billion. And in 2013, Brookfield Infrastructure Fund II, managed by Brookfield Asset Management, closed with $7 billion. Both are core infrastructure funds. In addition to the equity raised, leverage will multiply

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