What is Infrastructure? Ahmed A. Alshamsi FNCE 4060 summer 2014

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1 What is Infrastructure? FNCE 4060 summer 2014

2 What is Infrastructure? Contents Executive Summary Defining Infrastructure Assets Infrastructure as an Asset Class Display 1: Estimated need of infrastructure spending by Table 1 : Top 20 infrastructure investors worldwide Key Characteristics Display 2: Queensland project Display 3: Risk/Return profile of infrastructure asset types Roles of Infrastructure in a portfolio Display 4: Infrastructure correlation to other asset classes Display 5: Private Equity Vs Unlisted infrastructure IRR Display 6: Infrastructure compared to other asset class Classification of Infrastructure Display 7: Infrastructure Main Categories Table 2: Infrastructure Assets; Greenfield Vs. Brownfield Display 8: Infrastructure Expected Returns; Greenfield Vs. BrownField Table 3:Economic Infrastructure Drivers and Opportunities Access to Infrastructure Display 9: International Public Partnership (INPP) price Display 10: Brookfield Infrastructure Partners L.P (BIP) price Table 4: Brookfield Infrastructure Partners Funds list Display 11: Breakdown of Global Infrastructure Assets Display 12: RARE 200 universe Theory in Action Display 13: Add infrastructure investment to institutional investor s portfolio --- Conclusion Appendix: Interview Work Citation i

3 Executive Summary: After 2008 global financial crisis, institutional investors realized that they need a new investment instrument that provide them with a predicted and steady cash flow and reduce the risk in their portfolios. This new asset class should cover the gap that the crisis caused to those investors portfolios. Those investors were looking for a investment opportunity that has similar features to stock investments and alternative investments. They found that this new class is already existed within Real Estate asset class. Infrastructure had been always considered as a devision of real estate. After 2008, some of the big institutional investors considered infrastructure as an asset class on its own. Here is why : Infrastructure has low correlation to the other asset classes with a stable demand. This feature will help investors to add stability to their portfolio and reduce the risk specially during recession periods. Infrastructure is a diverse class within its own. Investors can chose between debt financing or Equity investment. Even within those two categories investors can chose the risk they want to take based on the type of the asset, greenfield or brownfield, and the they then can access those assets, publicly listed or private Equity style. Lastly, the recent global recession led investors to create a new strategy to protect their portfolios from these types of recession. This new strategy will help both the investors, to reduce the risk and increase the return on their portfolios, and governments, to cover their shortage in maintaing and developing their infrastructure. This paper start with definition of infrastructure. After that, the paper gives a background of the the assets class and the importance of the asset class for both institutional investors and governments worldwide. Third section delves in details the characteristics of infrastructure and its role in an investor portfolio. Forth, the paper moves us to the classification of infrastructure and takes us through some steps to how we classify an infrastructure asset to make it easier for us to analyze the assets as an investment opportunity. Fifth, it is important to explain the ways we can access to those opportunities and what are the options an investors have to access to the asset class. Finally, Credit Suisse Asset Management found a new theory that proves the importance of infrastructure in an investor portfolio and how invest in infrastructure impact the expected return and risk of the portfolio. Through my interview Brandon Prater, working for Partners Group (UK), he explained the important of infrastructure as an investment opportunity. He also talked about the ways we can access to those investments. 2

4 1Defining Infrastructure Assets: Many describe infrastructure as the backbone of the global economy. As an asset class, infrastructure investors invest in the underlying, essential networks and services that play an important role in the function of the global economy. Infrastructure assets incorporate long-life and physical assets that are divided into five main sectors. Those sectors are transportation (toll roads, airports), regulated utilities (water, waste), communication (cell towers), social infrastructure (hospitals, schools) and energy (pipeline, power plants). 1 I will go in more details about these sectors and how it was classified later in this report. 2Infrastructure as an asset class: Recently, investors started to look at infrastructure as an asset class that they need to look at seriously. Investors, especially institutional investors, have splits into two groups; one group looks at infrastructure assets as a part of real estate assets, other group view infrastructure as an asset class on its own. In many developed markets, such as Australia, the UK and North America, consider infrastructure as an asset class on split from real estate. They think they need to invest a lot in infrastructure to support their economy s growth. Quantifying the global infrastructure assets is a very difficult task because most of those assets are government owned and operated. In the same time, Most of the governments around the world are unable to supply infrastructure project because of the large deficits. This shows us that there are an immense potential for those government to privatize their infrastructure assets, which will help those government to reduce a great amount of the deficit they have. Through privatization, governments will be able to develop their economy faster by building new assets, and expand and renovate the existing assets. The OECD, Organization for Economic Co-operation and Development, estimated $40.8 Trillion is needed for infrastructure investment around the world through The graph shows the OECD estimation of infrastructure investment globally: 2 Display 1: Estimated need of infrastructure spending by ALTIUS Associates, Infrastructure as part of global investment portfolio (USA, 2013), 1 2. ALTIUS Associates, Infrastructure as part of global investment portfolio (USA, 2013), 1

5 Infrastructure assets set to flourish due to number of critical factors: 1. Creating new infrastructure is needed due to population and economic growth around the world. 2. Much of infrastructure assets were built over 50 years ago and they need to be rebuilt or renovate. 3. Most of the governments running deficit and they need funds from the private sector as their traditional source of funding are shrinking. As a result, many governments understands the importance of privatize their infrastructure assets. For example, the UK government privatizes all of their water infrastructure assets and many other assets such as Heathrow airport and Gatwick airport. That had a good impact in the economy along with other factors. The UK economy is the second in the Euro- zone in economic growth after Germany. From the investor s prospection, we can see that many investors, especially investment banks, are investing heavily in infrastructure in recent years both to diversify their portfolio and fulfill the world need of 1 private sector to invest in infrastructure. The table below shows the top 20 infrastructure investors: Table 1: top 20 infrastructure investors worldwide Rank Name of investor Headquarters 5-year capital formed total ($bn) 1 Macquarie infrastructure and Real Assets Sydney Brookfield Asset Management Toronto Global Infrastructure partners New York Canada Pension Plan Investment Board Toronto APG Asset Management Amsterdam QIC Brisbane Ontario Teachers Pension Plan Toronto Alinda Capital Partners Greenwich Industry Funds Management Melbourne ArcLight Capital Partners Boston OMERS Toronto Arcus Infrastructure Partners London Energy Capital Partners Short Hills, NJ RREEF Infrastructure London Highstar Capital New York Future Fund Melbourne Goldman Sachs New York La Caisse de Dépôt et placement du Québec Montreal Morgan Stanly New York JPMorgan Asset Management New York PEI alternative insight, Infrastructure investors (USA, 2013), 2

6 Key 3Characteristics As an asset class, infrastructure assets characteristics attract investors to take advantage of those characteristics. The combination of large, longterm assets with predictable and steady cash flow that is protected against inflation. Moreover, Infrastructure assets provide investors with little or no competition due to the high berries to entry. All of those features will help investors to diversify their portfolio. According to Brookfield Asset Management in their article Why Infrastructure? They listed five main characteristics that is shared between listed and unlisted infrastructure asset. The following section is the list of the five feature they mentioned in their article with some extended details and real life example, which will make it easier to understand. Key Characteristics: Large, long-term assets providing essential services: As I mentioned the definition of infrastructure, infrastructure assets are the backbone of any economy around the world, which is necessary to support the economy and the social activity. As the community needed those essential services, the demand usually does not react much to price changing. In another word, infrastructure assets have an inelastic demand characteristic. Infrastructure often has long duration, over 60 years in some cases. For example: Roads and tunnels have 50-years life duration; Network cable can last up to 10 years and electricity gridlines can stand over 60 years before any maintenance is required. Those assets are ore durable by institutional investors. Limited or no competition & High barriers to entry: Infrastructure assets require very high initial investment, which make it difficult to any investor to invest in infrastructure. That is one of the reasons infrastructure investments are demeaned by institutional investors as we sow in display 1. Usually the regulatory parameters limited competition and in some cases they prefer to have monopolist. In the following tables are projects from around the world. You can notice the high barriers to entry and there is no competition. 5

7 The following two charts show unlisted infrastructure project in Australia. Queensland Motorways is responsible for managing a 70-kilometer network of toll roads, bridges and infrastructure, which have expanded to include the Gateway and Logan motorways, Brisbane's Go-Between Bridge, the Clem7 1 tunnel, and the planned Legacy Way motorway. The competition of buying the asset was strong and limited to 4 consortium only; Hastings-led consortium, ADIA-Trans- AusSup consortium, IFM-led consortium and Khazanah-led consortium. ADIA-Trans-AusSup consortium won the bid. As we can see the competition is very limited due to high barriers to entry and the winning consortium now has monopolist to operate the whole project with no competition from other companies to control and operate the project. We can notice from this example that infrastructure investors usually partners to invest in those big project. This is one way that investors can access to infrastructure investment and their are many other ways that will be explained later in this paper. Queensland Motorways Sale (2014) Transport / Roads Acquirer Allocation Amount ($ mn) Transurban Group % AustralianSuper % Abu Dhabi Investment Authority (ADIA) % Queensland Motorways Sale (2014) Transport / Roads Display 2: Queensland project Predictable and steady cash flows with a strong yield component: We know by now that infrastructure assets are long-term assets with life duration over 60 years. Most of infrastructure investors are look for assets with long term predicated and steady cash flows. investors in those assets sign contracts of operation with regulators to operate the asset and improve them in a way that increase the investors profitability. Those contracts or concessions usually last for more then 20 years. As i mentioned in the definition of infrastructure, it provide essential services to consumers. That mean infrastructure assets have inelastic demand characteristics, which help the investors to predict and steady cash flows. These stable cash flow will result in high leverage ratio on brownfield assets. The graph next page, display 3, shows the Risk/Return profile of major infrastructure assets types. We can see that three of the assets provide low risk- adjusted return, approximately 8%- 10% IRR. the last type is privet-equity type, which is treated as investing in privet equity, has the highes internal rate of return (IRR) of +15% in the same time the expected Risk/ Return is the highest. This type of infrastructure asset is driven by the managers ability to add value and the ability to use the capital efficiently. 6 1.Edwards, Alyse. Queensland motorways sells for more then $7b to private consortium. ABC News, 24 Apl Web. 10 June 2014.

8 Display 3: Risk/ Return profile of infrastructure asset types Inflation- correlated Revenues: I mentioned in the definition of the Infrastructure that its the backbone of any economy and it support the development of the economy by providing essential service to consumers. Usually infrastructure assets are linked to gross domestics products (GDP) and inflation, which both are measurements of any economy. Infrastructure investors are protected against inflation where owners can pass inflation to consumer through price increase. Investors also protected by the regulators through the concessions against any legal movement from consumer against price increases. This point help us understand better why investors have predicted and steady cash flows. Low Volatility and correlation to other asset classes: Most of investors nowadays looking for ways to diversify their portfolio and to recovery from the recession. The Great Recession showed correlation are dynamic and can change dramatically. Investors try to protect themselves against correlation by diversify their portfolio by adding low volatility assets to that has low correlation to other assets class. Both Real Estate and infrastructure has low correlation to other asset class as it shows next page. 7

9 Display 4: Infrastructure correlation to other asset classes Roles of Infrastructure in a Portfolio: Infrastructure assets have many similar feature as other assets classes, such as Private Equity, Fixed income, Real Estate and Equity. Infrastructure investors can use infrastructure as an alternative of the previous list asset which depends on the investors portfolio risk/return targets. Below is a summarized list of the similarity and differences of infrastructure compared to other asset classes: Private Equity: Private Equity feature with high barriers to entry the same as infrastructure. Investors are will to impose high initial cost for a higher payout. Investors of private equity know that the return of the early years tends to be low or negative but as the company mature their profitability tends to raise. It is the same scenario with infrastructure, specially with greenfield project, where investors may see J-curve of cash flow as the project mature to brownfield project. The graph below shows the Uk water infrastructure s internal rate of return (IRR) to investors and compare it private equity. Display 5: Private Equity Vs unlisted infrastructure IRR 8

10 Fixed Income: Both of the Asset classes feature with relatively steady cash flows and high yield with extended fixedterm contracts periods. Both of the asset classes provide investors with long-term investment and low market risk. But infrastructure give its investors the opportunity for growth/upside potential. As well as an ownership claim to the asset. Real Estate: Infrastructure and real estate are tangible assets that investors have a direct ownership claims and own them for a longer time then other asset classes. We need to mention that this scenario occurs only with unlisted infrastructure and real estate assets. In both of the asset classes, location plays an important role in the cost of the asset and the return of the asset. In real estate projects you will need to construct and develop the asset you want, it is the same with greenfield infrastructure. The major difference between both of the asset class that infrastructure cash flows depend mainly on operation. Equity: Investors can invest in listed infrastructure, which mean they are investing in infrastructure stock market. It is the same exact stock market that people invest in. Investors simply buy shares, ownership claims, in infrastructure assets. As in Equity, Investors of listed infrastructure are looking for a potential in upside return. The differences between both of the asset class that listed infrastructure have lower liquidity and investors can predict cash flows. The following graph shows three listed infrastructure in the UK. They are water utility companies. The data below as September 9, 2013, from Yahoo finance. Pennon Group PLC (PNN.L)-LSE Ticker: 18V863 / ISIN: GB00B18V8630 Prev Close: Open: Bid: Ask: y Target Est: N/A Beta: N/A Next Earnings Date: N/A Day's Range: wk Range: Volume: 562,754 Avg Vol (3m): 624,389 Market Cap: 2.98bn P/E (ttm): 2, EPS (ttm): 0.39 Div & Yield: N/A (N/A) Quotes delayed, except where indicated otherwise. Currency in GBp. 9

11 Severn Trent PLC (SVT.L)-LSE Ticker: 1FH8J7 / ISIN: GB00B1FH8J72 Prev Close: 1, Open: 1, Bid: 1, Ask: 1, y Target Est: N/A Beta: N/A Next Earnings Date: N/A Day's Range: 1, , wk Range: 1, , Volume: 397,979 Avg Vol (3m): 438,171 Market Cap: 4.68bn P/E (ttm): 1, EPS (ttm): 1.81 Div & Yield: N/A (N/A) Quotes delayed, except where indicated otherwise. Currency in GBp. United Utilities Group PLC (UU.L)-LSE Ticker: 39J2M4 / ISIN: GB00B39J2M42 Prev Close: Open: Bid: Ask: y Target Est: N/A Beta: N/A Next Earnings Date: N/A Day's Range: wk Range: Volume: 1,369,453 Avg Vol (3m): 1,600,640 Market Cap: 5.85bn P/E (ttm): N/A EPS (ttm): N/A Div & Yield: N/A (N/A) Quotes delayed, except where indicated otherwise. Currency in GBp. The chart blow summarizes the key similarity and differences of infrastructure compared to the other asset classes I mentioned: Display 6: Infrastructure compared to other asset classes 10

12 4classification of infrastructure We can categories infrastructure assets into two main general categories based on the type of services they provide. First category is economic infrastructure. This infrastructure category includes three main sub-categories include; communication, energy and utility, and transportation. Those subcategories support the development and the growth aspect of the economy. The second category is social infrastructure which support the social aspect of the country. For example, hospitals and housing. the table below shows the two main general categories with its sub-categories and provides some examples. Display 7: Infrastructure main categories Once we find the type of the project we want to invest in based on the previous classification, we need to take the next step of classification which it is based on the stage of development of the project. Based on the stage of development projects usually fits on greenfield projects or Brownfield projects. In Greenfield projects, investors working in developing and building new infrastructure assets. investors in greenfield project work in designing, financing and building those assets which means the risk is high and it is require high initial cost. The risk/return is very high because sometimes investors underestimate the cost of the project or some economic and environmental play a rule against the completion of the project. On the other hand, Brownfield projects are already excited assets that require more efficient operation or development. Brownfield infrastructure are safer then greenfield which mean investors expected less return in the same time a steady cash flows from the first year. In greenfield infrastructure, investors will be waiting the project to be completed then expecting cash flows from their investment. The table next page compare infrastructure assets based on its stage of development and the market they usually find in. 11

13 Table 2: Infrastructure assets; Greenfield vs. Brownfield Greenfield Brownfield Another name Growth infrastructure Mature infrastructure Risk/ Return High low Market Emerging markets Developing markets To show the differences in risk/return, Credit Suisse, in the chart below, showed us the differences in expected risk and expected return between greenfield and brownfield projects. As well as between those two categories and fixed income and equity. Display 8: Infrastructure expected returns, Greenfield vs. Brownfield As we can see, infrastructure assets are very diversified. As investors, we need to to understand the drivers for those sectors and look at their potential opportunities of investment. Credit Suisse came up with the following table that shows the biggest drivers and potential opportunities for the economic infrastructure sectors. Not forget to mention, Those are the general drivers. Investors need to study every aspect of the project from the economic and political stability of the market to the project s aspects itself. 12

14 Table 3: Economic infrastructure drivers and opportunities 13

15 Access to 5Infrastructure Investors have four different ways to access and invest in infrastructure assets; publicly listed funds, private infrastructure funds (General partnerships or GPs), private fund of funds and lastly direct investment. Each of those option has its own pros and cons. In the same time, investors have many options to chose from on how they allocate their capital based on their portfolios need. Publicly listed fund: It is the traditional listed fund. It is the same as S&P 500 but for infrastructure assets only. This option includes both mutual funds and exchange traded funds. According to Credit Suisse, the advantages of this option include high liquidity and relatively low transaction cost and market price. Basically, investors look at the exchange market to buy equity of infrastructure assets. Amber infrastructure is a good example for this option. one of their publicly listed fund is International Public Partnership (INPP) that is listed in London stock exchange market. the graph below reflect their price as September 24th, Display 9: International Public Partnership (INPP) price: 14

16 Private Infrastructure funds (General Partnerships or GPs): This option has limited liquidity and average life span between 6 to 17 years. The most important key point of this option is investors works to improve the management and the operation of the underlying business to enhance the return and the value of the of the asset. According to Branden Prater, the head of infrastructure team in Partners Group-London, it is very important for GPs to analyze the cost of the capital and manage the risk to take better decision of investing in infrastructure project. In the same time, it is important to know who are you partner with before taking any further step in the deal. Brookfield Asset Management is a great example of this option. According to their website, brookfield.com, they own around $ 40 billion of infrastructure. They establish five infrastructure funds that investor can commit capital to any of them. The following graph is Brookfield price as September 24th, 2014 following by their funds list. Display 10: Brookfield Infrastructure Partners L.P (BIP) price: Table 4: Brookfield Infrastructure Partners Funds list: 15

17 Private Infrastructure fund of funds (FoFs): FoFs is a pension fund that raise capital from investors and invest in publicly listed funds and GPs. Investors take decision based on their targets and the asset manager invest based on that. FoFs give the investors the opportunity to invest in several GPs, typically eight to ten GPs per FoF. According to Credit and Suisse, the liquidity of this option is limited based on the fund requirements and fees and the type of GPs the fund invest in. The negative side of this option that FoF managers are specialized in financial and risk- management rather then operation. The following chart simplify the concept of FoFs. FoFs Investors Publicly listed funds Private Funds GPs Direct Investment: Only large institutional investors can chose this option because of the high barrier to entry. By using this option, investors is seeking to have a full or partial ownership of the asset. Investors choose this option to diverse their portfolio and have a steady and predicted cash flows. Most of the assets of direct investment are unlisted or private assets own by the government or by another investor. This type of project called unlisted infrastructure assets. By using this option, investors have two options; either lending (debt) or buy equity. RARE infrastructure produce the following chart to show us the breakdown of the global infrastructure assets. Bellow that chart is RARE 200 universe that shows the weightings across infrastructure sectors around the world for both listed and unlisted infrastructure. 16

18 Display 11:Breakdown of Global Infrastructure Assets Display 12: RARE 200 universe 17

19 Theory in 6Action Credit Suisse developed a new theory that shows the impact of infrastructure investment on an institutional portfolio. In their study case the study the impact of two different type of infrastructure allocation. the first type is investing in publicly listed infrastructure worldwide. The second type is a customize mix of private infrastructure from three sectors; airports, ports, and energy. First type: Credit Suisse chose Macquarie Global Infrastructure Total Return Index as a proxy for this type. Macquarie index covers a broad publicly listed infrastructure investment worldwide that includes mixed brownfield/ greenfield investments. Second type: Credit Suisse used a customize mixed of funds to show the impact of private investments in infrastructure with a growth potential. They used a hypothetical equal- weighted investment in three sectors; airports,ports and energy. Display 13: Add infrastructure investment to institutional investor s portfolio 18

20 As you can see in Display #, Portfolio A represent an institutional portfolio without infrastructure investment. The portfolio has an allocation of 30% of US-equity and 13% of Non-US equity which made a total allocation of 43% to equity. Moreover, the portfolio has an allocation of 24% to fixed income and alternative, which includes REITs and private equity. Next step is to create portfolio B and C by adding 2.5% allocation to infrastructure in portfolio B and increase it to 5% in portfolio C. The results are more efficient on Return-per-Unite- of Risk. In portfolio B they decrease the allocation of Non-US equity by 2.5% and add infrastructure investment with the same percentage. That resulted in reducing volatility by 20bps and increase Return- per-unite from 0.75 to 0.76 without affecting the expected return. In portfolio C, they increased infrastructure investment to 5% and decrease Non-US equity allocation by another 2.5%. This scenario showed a decrease in volatility by 30bps from the original portfolio and increase in Return-per-Unite-of risk from 0.75, the original portfolio, to In portfolio D, Credit Suisse add the customize portfolio in the portfolio. They allocate 5% to the customize portfolio and reduced the US-equity allocation to 25%. This had a huge impact in the portfolio: Increase Expected return by 30bps from 8.8%, in the original portfolio, to 9.10% in portfolio D. Reduce volatility by 40 bps form the original portfolio. We can conclude that Credit Suisse theory had been applied in many firms around the world that includes Macquarie and Credit Suisse. Their theory improves the portfolio s efficiency as reduces risk without sacrificing potential return. 19

21 Conclusion: Due to the deficits most of the governments around the world run, infrastructure become a hot topic in the financial world. Most of the governments found that by privatizing their infrastructure assets and regulate them heavily, they would be able to maintain and develop their infrastructure. On the other hand, institutional investors try to find a new investment opportunity to help them reach their target return and protect them from what happened in the global financial crisis in infrastructure is the back bone for every economy due to its importance in supporting the development and stability of those economies. We saw that by 2030 the world will need around $40.8 trillions to maintain and develop the world infrastructure. Both institutional investors and governments will need to work hand on hand to fill out this huge gap of need. A lot of characteristics made infrastructure investments a unique class that attract many institutional investors. Their are 5 main characteristics that made this asset class unique; a long term assets that provide essential services, limited or no competition, predictable and steady cash flows, inflation correlation revenue and low volatility and correlation to the other asset classes. Moreover, infrastructure can play many roles in infrastructure in a portfolio, investors can use infrastructure as an alternative to private equity investment or fixed income even equity, where investors can invest in publicly listed infrastructure. The main target for institutional investors is to diversify their portfolios. This is one of the reasons why infrastructure had been classified as an asset class on it own. The result was a new asset class that help those investors to diversify their portfolios and a diversify asset class within its own. Investors have the ability to chose the type of the project they are willing to invest in, the geography, and the risk they are willing to take. In same time, investors can choose the way they want to invest in infrastructure though; publicly listed funds, private infrastructure (GPs), private fund of funds, and direct investment. Lastly, Credit Suisse did a great job in proving to us that infrastructure can diversify an investor s portfolio and effect its target return positively. The world needs more people to work in infrastructure investments. Analysts, business school students and investors should realize the huge potential in infrastructure as a career path or an investment opportunity. For myself, I am planning to seek a career path in infrastructure as the asset class get my attention. Infrastructure is a big asset class where I can learn more about many industries and in same time learning about other cultures. 20

22 What is Infrastructure? Appendix: Interview Brandon Parter Type: questions Firm: Partners Group (UK) What are the types of infrastructure Partners Group invest in? Brandon: Private type of infrastructure or what we call unlisted infrastructure. How do you raise the capital for those investments specially that infrastructure require high capital to entry? We general partner with other investors and some times we invest directly. It is based on the investors and our negotiation terms. It is also important to provide your partner with the right analysis. It is important to estimate the cost and to project your expected return. Sometime it is hard to invest with one investor than other one so it is very important to know your partners. 21

23 What is Infrastructure? Work Citation 1. ALTIUS Associates, Infrastructure as part of global investment portfolio (USA, 2013), June Brookfield Asset Management, Why infrastructure? The Global Investment Thesis, (UK, 2013), June Credit Suisse Asset Management, Can Infrastructure Investing Enhance Portfolio Efficiency? (US, May 2010) 4. Citi Research, UK water. (UK, 3 Sep. 2013, 12 June 2013), June Edwards, Alyse. Queensland motorways sells for more then $7b to private consortium. ABC News, 24 Apl Web. 10 June Infra-news.com Deals Data Base 7. PEI alternative insight, Infrastructure investors (USA, 2013) 8. RARE, RARE Gauid to Listed Vs. Unlisted Infrastructure, (Canada, 2012) 9. UBS, An Introduction to Infrastructure as an Asset Class (US) 22