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SWFI Survey: Large Long-Term Asset Owners Cool on Listed Infrastructure

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Sovereign wealth funds, public pensions, endowments and other asset owners have steadily increased allocation to infrastructure over the past six years, according to asset allocation data from SWFI. However, hundreds of billions of capital allocated to infrastructure remain idle. According to the third quarter 2017 Global Asset Owner Survey conducted by SWFI, a large number of respondents plan to underweight listed infrastructure in the next 12 months. Just about 92% of the respondents plan to either underweight, strongly underweight or hold their allocation to listed infrastructure, while the survey showed a desire for private infrastructure investing. The debate over public or private access to infrastructure remains a bit intense.

Given the recent quarterly survey demographics, SWFI concludes that more long-term institutional investors with access to talent and sizeable balance sheets prefer private infrastructure investing over listed infrastructure allocations at the moment. A possible concern for listed infrastructure are its correlations to U.S. equity markets, versus the pure play of infrastructure exposure, even when suitable deals are hard to find. Historically, listed infrastructure has exhibited equity-like returns, which can be a pro or con, depending on one’s portfolio preferences.

StepStone Group Quits CalPERS Infrastructure Role

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Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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