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PRINT THIS PAGE Asian infrastructure gains investors’ growing interest11/04/2007. Source: Asia Private Equity Review (APER).
Infrastructure assets are fast assuming a pronounced profile in Asian asset class as investors are showing keen interest to infrastructure financing, says the Asia Private Equity Review. The latest to join the infrastructure investor party is Temasek Holdings, the Singapore government’s investment arm. According to the Singapore Business Times, Temasek Holdings is to launch a listed S$800 million (US$513 million) infrastructure fund. The domestic financial paper further revealed that for the fund’s public offering, Morgan Stanley has been mandated to sell as much as US$150 million of the shares at the fund’s initial public offering.
Temasek Holdings will inject its water and gas assets into the listed investment vehicle. It remains unclear whether this forthcoming infrastructure fund is intended to acquire unlisted or listed assets in infrastructure plays. Nonetheless, the move signals a return of infrastructure funds, which have been largely absent from the Asian private equity scene for a period of 10 years.
Since 1994, when the Washington-based EMP Global Partners (then known as Emerging Markets Partnership) raised the first and then single largest infrastructure fund. The AIG Asian Infrastructure Fund achieved a final closing at US$1.08 billion. Since then, infrastructure funds had established a significant profile on the Asian private equity landscape.
During the past few years, Australia’s Macquarie Bank has become a dominant player. In 2003, it initiated a joint venture infrastructure fund with South Korea’s Shinhan Financial Group. Following its dual public debuts on both the Korea Exchange as well as the London Stock Exchange, the Macquarie Korea Infrastructure Fund (formerly known as Korean Road Infrastructure Fund) has brought its fund pool from an initial 350 billion won (US$294 million) to over US$2.3 billion. It is the largest publicly-listed Asian infrastructure fund for a single market on record.
However, investors from the Middle East could soon be the dominant player in Asia’s unlisted infrastructure assets. The Kuwait government’s Kuwait Finance House is reportedly looking into China and Indonesia, where it intends to invest in energy and commodities (fig.13).
Asia Private Equity Review (APER) is the foremost voice on matters related to private equity/venture capital in the region. Well-recognised as being the singular source for accurate and timely news, in-depth analysis and global perspectives, APER is published by the Hong Kong-based Centre for Asia Private Equity Research. For further information please visit their website at www.asiape.com or email them at info@asiape.com
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