1. Executive Summary. The 2012 Preqin Infrastructure Review

Transcription

1 Executive Summary - Sample Pages The 2012 Preqin Infrastructure Review 1. Executive Summary Is the Market Regaining Momentum? The unlisted infrastructure fundraising market has undeniably struggled to regain momentum following the global fi nancial crisis. A number of factors have contributed to this, including increased investor caution, the view among some investors that there is a misalignment of GP/LP interests, and ongoing global economic uncertainty. Infrastructure fund managers are now faced with a highly competitive fundraising market featuring a large number of funds on the road seeking capital from a conservative investor base. Fundraising As illustrated in Fig. 1.1, unlisted infrastructure fundraising declined by 77% between 2008 and 2009 in the midst of the downturn, and although a healthy $32.1bn was raised by the 46 funds that reached a fi nal close in 2010, much of this capital was raised pre-crisis by funds that had been on the road for over two years. Subsequently, in 2011, 40 infrastructure funds closed having raised $22.4bn in aggregate capital, an unsurprising 30% decline on the amount raised by funds closing in the previous year. As of September 2012, 22 unlisted infrastructure funds had reached a fi nal close in the year so far, having raised $10.1bn from investors. This gradual fall in annual fundraising is evident from the average size of funds to close during the period; $698mn in 2010, $560mn in 2011, and $459mn between January and September This shows that although fund managers have continued to raise capital from institutional investors, their vehicles are generally smaller in size, due to GPs targeting lower and more realistic levels of capital. Therefore, although infrastructure GPs have managed to close a respectable number of funds year on year since 2010, the aggregate capital raised has been less. Despite this, it should be noted that many of the funds to reach a fi nal close over the past two years were relatively new to the market and closed having raised fresh institutional capital. A considerable $19bn was also raised by funds holding an interim close between January and September 2012, which suggests investor appetite for infrastructure funds remains resilient. Many of these funds expect to hold fi nal closes Fig. 1.1: Annual Unlisted Infrastructure Fundraising, September Jan-Sep 2012 Fig. 1.2: Unlisted Infrastructure Funds on the Road over Time Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Sep-12 No. of Funds Raised Aggregate Capital Commitments ($bn) No. of Funds Raising Aggregate Target Capital ($bn) 2012 Preqin Ltd 1

2 Executive Summary - Sample Pages in the coming months, which will boost fi nal 2012 fundraising fi gures by the end of the year. Fundraising conditions are expected to remain tough in 2013, although infrastructure fund managers continue to launch new vehicles. As shown in Fig. 1.2, 143 unlisted infrastructure funds are currently on the road seeking an aggregate $92.6bn, representing 17% more funds than were in market in January 2011 and 8% more in terms of aggregate capital sought. With investor interest in the infrastructure space on the increase, coupled with rising demand for private investment in infrastructure, we can expect fundraising to improve going forward, although fund managers must continue to adapt their terms in order to stand out in such a crowded marketplace. Deal Flow made by fund managers. Unrealistically high asset valuations have also contributed to a subdued level of growth. Fig. 1.3 shows the annual number of deals made by unlisted infrastructure fund managers since Although January to September 2012 deal fl ow fi gures will rise as more information becomes available, it is unlikely that the number of completed investments during calendar year 2012 will differ significantly from the 289 deals executed in However, deal fl ow has remained relatively steady year on year since 2009, showing that fund managers are still able to source and execute deals regardless of tough market conditions. As shown in Fig. 1.4, 33% of deals completed between January and September 2012 were valued at $500mn or more, a higher proportion than in each of the previous two years. Fig. 1.3: Annual Number of Deals Made by Unlisted Infrastructure Fund Managers, September 2012 No. of Deals Jan-Sep 2012 Fig. 1.4: Breakdown of Deals by Transaction Value, September % 134 Infrastructure deal fl ow also remains subdued when compared to the steady growth in the number of deals completed by unlisted infrastructure fund managers prior to The fi nancial crisis placed a huge strain on the credit markets, and the ongoing volatility and the impending banking regulations on capital adequacy and liquidity have further contributed to the situation. Infrastructure assets traditionally require signifi cant levels of long-term debt fi nancing, which has become less available and more costly in recent years, causing a plateau in the annual number of deals being Investor Sentiment Preqin s Infrastructure Online database of institutional investors in infrastructure has grown considerably since it was launched in As of September 2012, the database featured profi les of over 1,650 investors actively investing in infrastructure opportunities, plus an additional 160 institutions potentially looking to add an infrastructure element to their investment portfolios in future. These investors gain exposure to infrastructure assets via several routes to market, although the vast majority Proportion of Deals 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 13% 13% 14% 7% 8% 19% 44% 41% 36% 35% 37% 31% Jan-Sep 2012 $1bn+ $ mn $ mn Less than $100mn 2012 Preqin Ltd 2

3 Executive Summary - Sample Pages Fig. 1.5: Investor Plans for Infrastructure Investment in the Next 12 Months Proportion of Respondents 40% 35% 30% 25% 20% 15% 10% 5% 0% 20% Commitment to One Fund 36% Commitments to More than One Fund 30% Co- Investments invest through commitments to unlisted infrastructure funds. The results of our August 2012 infrastructure investor study illustrate the growing prominence of infrastructure investment among the institutional investor community, with infrastructure now considered a core part of an alternatives portfolio alongside more established asset classes such as private equity and real estate. In the 12 months following August 2012, a signifi cant 78% of interviewed investors plan to make some form of infrastructure investment. As Fig. 1.5 shows, 36% of respondents plan to commit to multiple 34% Direct Investments 19% Opportunistic 9% No New Investments 13% Undecided infrastructure funds, while 20% will invest in a single fund and 19% will pursue an opportunistic investment strategy. Just 9% of investors do not plan to make investments in the next 12 months and 13% remain undecided. Institutional investor interest in direct investment is growing, with 34% of surveyed investors looking to make direct investments in the year following August However, direct investment is not feasible for the majority of institutional investors with smaller assets under management and limited internal resources. As such, those investors with more experience may look to make co-investments alongside fund managers in order to gain some degree of direct exposure to infrastructure assets. Thirty percent of respondents plan to make co-investments in the coming 12 months. These results suggest that despite ongoing investor caution, appetite for exposure to infrastructure assets is strong. This looks set to continue going forward, with 62% of surveyed investors planning to increase their exposure to infrastructure over the long term. However, the study also highlighted several issues currently limiting LP activity in infrastructure such as fund manager fees, a lack of manager experience and the absence of solid performance benchmarks for the industry. Fund managers must therefore seek to mitigate these concerns in order to successfully attract investor commitments in future. Outlook The private sector has grown into a vital source of investment capital for the infrastructure asset class over recent years. Although the current economic climate is not conducive to growth, demand for global infrastructure development is on the increase and the public sector is no longer capable of meeting this demand alone. As such, a greater reliance will be placed on institutional investors and infrastructure fund managers in future as governments look to reduce their growing infrastructure funding defi cits. Infrastructure fundraising has suffered since the global fi nancial crisis. However, fund managers continue to successfully raise fresh investor capital and more institutional investors are becoming active in the space. A signifi cant 78% of respondents to our August 2012 investor study are planning further infrastructure investments in the coming 12 months, showing positive investor sentiment over the short term, with many of these investors intending to commit capital to unlisted funds. Irrespective of tough market conditions, infrastructure fundraising looks set to improve going forward. In order to ensure future market growth, infrastructure fund managers must continue to address investor concerns and seek to align GP/LP interests more closely. Issues such as fund manager fees and GP track records continue to restrict the fl ow of institutional capital into the infrastructure sector, meaning fund managers may need to make some concessions in fund terms for the private infrastructure industry to grow and develop going forward. The 2012 Preqin Infrastructure Review Now in its fi fth year, the 2012 Preqin Infrastructure Review represents the most comprehensive examination of the private infrastructure asset class ever produced. We feature exclusive information on over 350 infrastructure fi rms and 600 funds, including 121 with performance data. We 2012 Preqin Ltd 3

4 Executive Summary - Sample Pages also include intelligence for over 1,700 deals conducted by these fi rms. On the investor side, we show profi les for over 300 institutional investors actively investing in the infrastructure asset class, including our latest study into investor sentiment towards the sector. In addition, the Review features analysis of all aspects of the industry, allowing you to understand the latest trends. All data is gathered by our dedicated team of analysts from numerous sources, including via direct interaction with fund managers and investors to ensure the information in the Review is as accurate, comprehensive and exclusive as possible. We hope that you fi nd the Review to be a useful resource, and as ever we welcome any feedback and suggestions that you may have Preqin Ltd 4

5 The 2012 Preqin Infrastructure Review A comprehensive guide to the infrastructure market

6 Contents - Sample Pages Contents 1. Executive Summary 5 2. Data Sources 9 3. Unlisted Fund Market Overview 11 The growth of the unlisted infrastructure fund market, evolution of unlisted funds, fund geographic focus trends, industry focus trends, impact of PPP/P3/PFIs, predictions for the future of the asset class 4. Recent Unlisted Fundraising: September Review of recent fundraising trends, fundraising by geographic focus and manager location, breakdown of fundraising market by fund size, success in achieving targets, project stage focus, industry focus 5. Unlisted Funds Closed Historically - Listings Current Unlisted Fundraising Market Overview 47 Infrastructure funds on the road, interim closes, geographic focus of funds seeking capital, manager location, project stage focus of funds seeking capital, placement agent use, manager experience 7. Unlisted Funds on the Road - Listings Debt Fund Market Overview 61 The growth of the infrastructure debt/mezzanine fund market, investment strategy of debt funds, geographic focus, manager location, predictions for the future of the infrastructure debt fund market 9. Debt Fund Listings Fund of Funds Overview 69 The growth of the infrastructure-specific fund of funds market, emergence of real assets fund of funds vehicles, infrastructure funds of funds by vintage year, primary geographic focus, investors in funds of funds, manager location, project stage focus 11. Fund of Funds Listings Listed Fund Market Overview 77 The state of the current listed infrastructure fund market, listed fund manager universe, listed funds by geographic and industry focus, predictions for the future of the listed infrastructure fund market 13. Listed Fund Listings Fund Performance Overview 85 Infrastructure funds by median net IRR, funds by target net IRR, median net multiples by vintage year, infrastructure funds compared to other private equity strategies 15. Fund Performance Listings 88 Key performance for 121 vehicles. All performance shown is net to investor 16. Regional Focus: Key Facts and Figures 92 Europe, North America, Asia, MENA and Sub-Saharan Africa, South and Central America, Multi-Region 17. Fund Manager Universe Overview 110 Infrastructure fi rm location, manager experience, infrastructure assets under management, dry powder by fund size, dry powder by region 18. Fund Manager Investment Preferences 114 Matrix showing firm preferences by location, industry and project 19. Firm Profiles (Unlisted Fund Managers) Firm Profiles (Debt Fund Managers) Firm Profiles (Fund of Funds Managers) Firm Profiles (Listed Fund Managers) Deals Overview 362 The growth in annual deal fl ow, infrastructure deals by transaction size, fund manager deal activity, deals by region and industry focus, project stage, predictions for future deal fl ow 24. Investor Survey - September Analysis of current institutional investor sentiment towards unlisted infrastructure funds and the current issues facing the asset class 25. Institutional Investors in Infrastructure Overview 372 Why investors are attracted to infrastructure, make-up of investor universe, infrastructure investors by assets under management, infrastructure investors by target allocation and commitment levels, breakdown of investors by location, sources of infrastructure allocations, project stage preferences, investors in fi rst-time infrastructure funds 26. Key Investors in Infrastructure Profiles 378 Detailed profi les of over 300 investors in infrastructure funds 27. Index Glossary Preqin Ltd 6

7 Unlisted Fund Market Overview - Sample Pages The 2012 Preqin Infrastructure Review 3. Unlisted Fund Market Overview Infrastructure is now widely accepted as an independent asset class within the alternatives space, supported by a burgeoning unlisted infrastructure fundraising market. Since the mid-1990s and the early offerings from Australia-based fi rms, the level of private capital being channelled into infrastructure development has increased dramatically. This trend is likely to continue as governments around the world look to address the shortfall in public capital available for infrastructure investment by encouraging greater private sector involvement in the industry. Growing demand for infrastructure development in recent years has led to a rising number of unlisted infrastructure funds coming to market, attracting capital commitments from an increasing number of institutional investors. Unlisted infrastructure funds now make a signifi cant capital contribution to global infrastructure projects, and although other routes to market are growing in prominence as the industry matures, unlisted funds will continue to be the primary way to access the infrastructure asset class going forward. The Unlisted Fund Market Today Preqin has identified 280 unlisted infrastructure fund managers active in the market as of September The universe features 109 unlisted infrastructure managers based in Europe, 76 located in North America, 46 headquartered in Asia, and 49 based outside of these regions in areas such as the Middle East, Africa and South America. Since the global fi nancial crisis, unlisted infrastructure fund managers have experienced highly challenging fundraising conditions. Ongoing market volatility and investor caution has resulted in the fundraising market failing to emulate the growth experienced pre-crisis, despite greater investor interest and more fund offerings. However, fund managers continue to attract investor commitments and are successfully holding fi nal and interim closes in the current environment. This shows a healthy demand for infrastructure exposure from both a GP and LP perspective, irrespective of market conditions. Fig. 3.1 highlights the growth of the closedend unlisted infrastructure fundraising Fig. 3.1: Annual Unlisted Infrastructure Fundraising, September market over time. The industry experienced impressive growth prior to reaching its peak in 2007 when $44.5bn was raised by the 39 funds that reached a fi nal close during the year. As the fi nancial crisis took hold, investor appetite for unlisted infrastructure funds waned, resulting in $39.8bn being raised by funds holding a fi nal close in 2008, a fall of 11%. This intensifi ed in 2009 when just $9.3bn was raised by the unlisted infrastructure funds that reached a fi nal close during the year, a signifi cant 79% drop from the amount raised by funds closed in Fundraising recovered in 2010, with 46 funds reaching a fi nal close having raised an Year of Fund Final Close Jan-Sep 2012 No. of Funds Raised Aggregate Capital Commitments ($bn) aggregate $32.1bn. However, many of the funds to close in 2010 had been fundraising prior to the onset of the fi nancial downturn and much of the capital was committed pre-crisis. As such, the majority of funds which remained in market going into 2011 had been launched post-crisis and were targeting fresh investor capital. Fundraising levels therefore unsurprisingly fell 30% in 2011 as institutional investors continued to follow more conservative investment strategies and fund managers found it diffi cult to attract fresh commitments Preqin Ltd 7

8 Recent Unlisted Fundraising: 2008 September Sample Pages Fig. 4.5: 10 Largest Infrastructure Funds Closed by Fund Size, September 2012 Fund Firm Name Fund Size (mn) Regional Focus Global Infrastructure Partners II Global Infrastructure Partners 8,000 USD* Global Global Infrastructure Partners Global Infrastructure Partners 5,640 USD Global Energy Capital Partners II Energy Capital Partners 4,335 USD North America EIG Energy Fund XV EIG Global Energy Partners 4,121 USD Global Alinda Infrastructure Fund II Alinda Capital Partners 4,097 USD North America, Europe Morgan Stanley Infrastructure Partners Morgan Stanley Infrastructure 4,000 USD Global Citi Infrastructure Partners Citi Infrastructure Investors 3,400 USD OECD ArcLight Energy Partners Fund V ArcLight Capital Partners 3,310 USD North America, Europe GS Infrastructure Partners II GS Infrastructure Investment Group 3,100 USD North America, Europe Brookfield Americas Infrastructure Fund Brookfield Asset Management 2,655 USD North America, South America * Global Infrastructure Partners II has a hard-cap target of $8bn, and has collected a total of $7.5bn in commitments through its three closes so far. The 10 largest unlisted infrastructure funds raised between 2008 and September 2012 are illustrated in Fig Global Infrastructure Partners dominated the fundraising market during the period. Although GIP s second vehicle was yet to reach a fi nal close as of September 2012, it had already secured over $7.5bn in investor capital, thus becoming the largest unlisted infrastructure ever raised. Its predecessor closed in 2008 with $5.6bn in total committed capital, the second largest fund raised during the period. Success in Achieving Fundraising Targets The volatile nature of the unlisted infrastructure fund market since the global fi nancial crisis is highlighted by the lower proportion of funds meeting or exceeding their initial fundraising goals over recent years, as shown in Fig Prior to the downturn, infrastructure fund managers were able to raise much higher levels of investor capital, but increased investor caution has restricted the fl ow of capital since In 2007, a signifi cant 73% of unlisted infrastructure funds either met or exceeded their fundraising targets, but in 2008 this fell to 56% with 38% exceeding their original targets. This overall percentage fell even further in 2009 when just 44% of infrastructure funds met or exceeded their pre-determined fundraising targets, with just 15% exceeding this amount. As previously explained, the much improved level of capital raised by unlisted infrastructure funds in 2010 is deceptive. Although a sizeable $32.1bn was raised Fig. 4.6: Final Close as a Percentage of Target Value, September 2012 Proportion of Funds 100% 5% 13% 10% 9% 15% 90% 10% 80% 10% 26% 25% 33% 29% 5% 70% 60% 50% 5% 18% 9% 21% 24% 40% 40% 20% 21% 30% 20% 13% 17% 19% 15% 21% 10% 21% 13% 14% 15% 6% 0% Jan-Sep 2012 Year of Fund Close % % 100% 80-99% 50-79% Below 50% 2012 Preqin Ltd 8

9 Firm Profiles (Unlisted Fund Managers) - Sample Pages The 2012 Preqin Infrastructure Review 19. Firm Profiles (Unlisted Fund Managers) Ancala Partners Established: Gracechurch Street, London, EC3V 0BT, UK Tel: +44 (0) contact@ancala.com Ancala Partners is an independent fund management firm established by Spence Clunie (former head of Macquarie s European debt business) and Sir Gerry Robinson (Chairman of Moto Hospitality, and former Chairman of Allied Domecq, Granada Plc, and BSkyB Plc). Ancala Partners is focused on investing in active infrastructure and essential service businesses in the UK and continental Europe which require new capital. Ancala will seek to invest over a 3 5 year period. Strategy: Primary Project Stage Focus: Brownfield, Secondary Stage Industry Focus: Distribution/Storage Facilities, Energy, Railway, Roads, Sea Ports, Telecom, Transportation, Utilities, Waste Management, Water Geographic Focus: Europe, UK Investment Size (mn): EUR Funds Managed: Fund Status Size (mn) Vintage Strategy Ancala European Partners Raising 500 EUR * 2012 Primary Contacts: Name Position Tel Spence Clunie Managing Director +44 (0) spence@ancala.com Lee Mellor Senior Associate +44 (0) lee.mellor@ancala.com Angra Infra Established: 2006 Avenida Dr. Cardoso de Melo, Cj. 72 Villa Olympia, Sao Paolo, SP CEP: , Brazil Tel: +55 (0) Fax: +55 (0) contato Angra Infra, formerly AG Angra, was formed in 2006 through an association between Grupo Andrade Gutierrez and Angra Partners. The firm was established to manage Brazil-focused private equity infrastructure vehicles. Strategy: Primary Project Stage Focus: Secondary Stage Industry Focus: Clean Technology, Logistics, Natural Resources, Railway, Renewable Energy, Sea Ports, Telecom, Transportation, Utilities, Waste Management, Water Geographic Focus: Brazil Investment Size (mn): 0-20 USD Sample Investors: Banco do Brasil, Brazilian National Development Bank, CERES, FUNCEF, PETROS Funds Managed: Fund Status Size (mn) Vintage Strategy Angra Infra Fund II Raising 700 BRL * 2012 Primary Angra Infra Fund Closed 698 BRL 2006 Primary Sample Deal Activity: Asset Type Year Industry Country % Stake Estre Ambiental Investment 2011 Waste Management Brazil 9 NovaAgri Sale 2010 Logistics Brazil 50 Rocha Top Terminais e Operadores Portuários Investment 2010 Logistics Brazil 49 Georadar Levantamentos Sale 2010 Natural Resources Brazil 15 Geofísicos Georadar Levantamentos Investment 2009 Natural Resources Brazil 50 Geofísicos Resicontrol Serviços Ambientais Investment 2009 Waste Management Brazil 50 NovaAgri Investment 2008 Logistics Brazil 50 TG Agro Participações Investment 2007 Biomass/Biofuel Brazil 64 Contacts: Name Position Tel Daniel Abdo Principal +55 (0) daniel.abdo Ricardo Andrade Associate +55 (0) ricardo.andrade Ricardo Bisordi Managing Partner & CEO +55 (0) ricardo.bisordi Miguel Noronha Managing Partner +55 (0) miguel.noronha Bruno Sena Managing Partner +55 (0) bruno.sena Estevan Taguchi Associate +55 (0) estevan.taguchi Antin Infrastructure Partners Established: rue Saint-Honoré, Paris, 75001, France Tel: +33 (0) Fax: +33 (0) sebastien.lecaudey@antin-ip.com Antin Infrastructure Partners (Antin IP) is an independent European brownfield infrastructure fund manager based in Paris, led by Managing Partners Alain Rauscher and Mark Crosbie. The firm targets predominantly eurozone assets operating in the transport, energy and environment and telecom sectors. Strategy: Primary Project Stage Focus: Brownfield Industry Focus: Distribution/Storage Facilities, Energy, Environmental Services, Railway, Renewable Energy, Sea Ports, Telecom, Transportation, Waste Management, Water Geographic Focus: Europe PPP/PFI Investments: No Investment Size (mn): EUR Sample Investors: Asset Super, Emergency Services & State Super, Ilmarinen Mutual Pension Insurance Company, Industriens Pensionsforsikring, John Lewis Partnership Pension Trust, Pensionskassernes Administration, Skandia, UMR Corem, Université Laval Pension Plan 2012 Preqin Ltd 9

10 Key Investors in Infrastructure Profiles - Sample Pages The 2012 Preqin Infrastructure Review 26. Key Investors in Infrastructure Profiles Illinois State Board of Investment Public Pension Fund 180 North LaSalle Street, Suite 2015, Chicago, IL, 60601, US Tel: Fundamentals: Total Assets (mn): 11,878 USD Year of First Investment: 2005 Source of Allocation: Separate Infrastructure allocation Target Allocation to Infrastructure (mn): 594 USD (5.0% of Total Assets) Committed to Infrastructure (mn): 600 USD (5.1% of Total Assets) Investment Consultant(s): Marquette Associates Investment Size - Fund (mn): USD Unlisted Funds Listed Funds Direct Yes No No Primary Fund of Funds Debt/Mezzanine Secondaries Co-Investments Greenfield Brownfield Secondary Stage First-Time Funds PPP/PFI Yes Yes North America Europe Asia & RoW Emerging Markets Global Industry Preferences: Economic and Social: Airports, Bridges, Energy, Natural Resources, Parking Lots, Railway, Roads, Sea Ports, Transportation, Utilities, Waste Management, Water Sample Fund Investments: Alinda Infrastructure Fund I, Alinda Infrastructure Fund II, Macquarie European Infrastructure Fund III, Macquarie Infrastructure Partners, Macquarie Infrastructure Partners II Contacts: Name Position Tel William Atwood Executive Director watwood@mail.state.il.us Tim Kominiarek Portfolio Manager - Private Investments tim.kominiarek@illinois.gov Scott Richards Senior Portfolio Manager scott.richards@illinois.gov Ilmarinen Mutual Pension Insurance Company Insurance Company Porkkalankatu 1, Ilmarinen, 00018, Finland Tel: +358 (0) Fax: +358 (0) info@ilmarinen.fi Fundamentals: Total Assets (mn): 29,000 EUR Source of Allocation: Part of Real Assets allocation Target Allocation to Infrastructure (mn): 280 EUR (1.0% of Total Assets) Investment Size - Fund (mn): EUR Unlisted Funds Listed Funds Direct No Yes Primary Fund of Funds Debt/Mezzanine Secondaries Co-Investments Greenfield Brownfield Secondary Stage First-Time Funds PPP/PFI Yes No North America Europe Asia & RoW Emerging Markets Global Industry Preferences: Economic and Social: Distribution/Storage Facilities, Energy, Environmental Services, Natural Resources, Railway, Roads, Sea Ports, Telecom, Transportation, Utilities, Waste Management, Water Sample Fund Investments: Antin Infrastructure Fund, Arcus European Infrastructure Fund I, Enfia Infrastructure Fund I Contacts: Name Position Tel Ville Helske Head of Allocation & Alternatives +358 (0) ville.helske@ilmarinen.fi Timo Ritakallio Deputy CEO & CIO +358 (0) timo.ritakallio@ilmarinen.fi Lauri Ström Alternatives Analyst +358 (0) lauri.strom@ilmarinen.fi Indiana Public Retirement System Public Pension Fund One North Capital, Suite 001, Indianapolis, IN, 46204, US Tel: Fax: questions@perf.in.gov Fundamentals: Total Assets (mn): 25,700 USD Year of First Investment: 2006 Committed to Infrastructure (mn): 215 USD (0.8% of Total Assets) Investment Consultant(s): ORG Portfolio Management, Strategic Investment Solutions Investment Size - Fund (mn): USD Unlisted Funds Listed Funds Direct Yes No No Primary Fund of Funds Debt/Mezzanine Secondaries Co-Investments Yes Greenfield Brownfield Secondary Stage First-Time Funds PPP/PFI Yes No North America Europe Asia & RoW Emerging Markets Global Industry Preferences: Economic: Clean Technology, Distribution/Storage Facilities, Energy, Environmental Services, Natural Resources, Renewable Energy, Utilities Sample Fund Investments: EnCap Flatrock Midstream Fund I, Energy Capital Partners, Energy Capital Partners II, Panda Power Generation Infrastructure Fund 2012 Preqin Ltd 10

11 alternative assets. intelligent data Preqin Infrastructure Review alternative assets. intelligent data. The 2012 Preqin Infrastructure Review, now in its fi fth edition, represents the largest and most comprehensive review of the unlisted infrastructure asset class available. With detailed analysis covering the breadth of the industry, including investors, fundraising, performance and more, plus in-depth profi les of GPs, funds and LPs across the world, this year s larger than ever Infrastructure Review is a must have purchase for infrastructure fund managers, investors and third-party service providers. This year s fully updated edition includes: Detailed analysis sections showing the latest trends in all areas of the industry: deals, fundraising, investors, terms and conditions, and the results of our latest in-depth survey of LPs intentions. Profi les of over 350 infrastructure fi rms and 640 funds. Profi les feature strategy and deals data, as well as direct contact information for key professionals. Profi les for over 310 institutional investors in the sector, including investment plans, strategic preferences and key personnel contact details. Detailed listings of all funds ever closed, plus funds currently raising capital. Information gathered by our dedicated team of analysts from numerous data sources, including via direct interaction with fund managers and investors to ensure the information in the Review is as accurate, comprehensive and exclusive as possible. The 2012 Preqin Infrastructure Review Visit for more information Completed Order Forms: Post (to Preqin): New York One Grand Central Place 60 E 42nd Street Suite 630 New York NY Tel: Fax: London Equitable House, 47 King William Street London, EC4R 9AF Tel: +44 (0) Fax: +44 (0) Singapore One Finlayson Green #11-02 Singapore Tel: Fax: I would like to purchase the 2012 Preqin Infrastructure Review: Single Copy: Additional Copies: Data Pack: $795 + $40 Shipping $180 + $20 Shipping Shipping Shipping Shipping Shipping Payment Details Cheque enclosed (please make cheque payable to Preqin ) Shipping Details: Name: Charge my: Visa Firm: Please invoice me Card Number: Name on Card: Mastercard Amex Shipping costs will not exceed a maximum of $60 / 15 / 37 per order when all shipped to same address. If shipped to multiple addresses then full postage rates apply for additional copies. Job Title: Address: City: State: $300 / 180 / 220 Data Pack contains all underlying data for charts and graphs contained in the publication. Only available alongside purchase of the publication. San Francisco 580 California Street Suite 1638 San Francisco CA Tel: Fax: Expiration Date: Security Code: Post/Zip: Country: Telephone: info@preqin.com American Express, four digit code printed on the front of the card. Visa and Mastercard, last three digits printed on the signature strip.