The 215 Preqin Quarterly Update Infrastructure Insight on the quarter from the leading provider of alternative assets data Content includes... Fundraising Capital secured by funds closed in drops for the fourth consecutive quarter. Funds in Market Unlisted infrastructure funds in market are seeking almost $1bn in capital commitments. Investors in Infrastructure Almost three-quarters of investors plan to invest in more than one fund over the next 12 months. Deals Europe saw the largest number of deals take place in the quarter. Fund Performance and Dry Powder PrEQIn Infrastructure Index outperforms the index for All Private Equity. alternative assets. intelligent data.
The Preqin Quarterly Update: Infrastructure, 215 Download the data pack at: Foreword - Andrew Moylan, Preqin Concerns over pricing and the availability of attractive investment opportunities appear to be affecting investor demand for infrastructure. Fundraising has slowed considerably in 215, with the level of institutional capital secured by fund managers decreasing for the fourth consecutive quarter; $4.4bn was raised by six funds, representing a considerable decline on 214, when 14 unlisted funds held a final close raising $15.5bn. Despite a slower fundraising environment, some fund managers have been very successful, as investors continue to be drawn to those teams with a proven track record within the asset class. So far in 215, those managers that have closed funds have done so at an average of 17% of their initial targets, an increase on the average of 13% in 214, and significantly up on the 84% average achieved in 29 and 21. Competition for investor capital is intense, however; with more than 15 funds being marketed, many firms may struggle to meet their fundraising goals in the months to come. The majority of funds in market (7%) have been fundraising for more than a year, while 41% have been fundraising for more than two years. The performance of the asset class in recent years has been strong, with the median IRRs of 212 vintage offerings standing at almost 17%, and the PrEQIn Infrastructure Index comfortably outperforming the PrEQIn Private Equity Index since December 27. Valuations, and the impact this may have on future returns, remain the biggest concern for investors at present however, and fund managers will have to convince investors that they can find value in the current market if they are to raise money successfully. Preqin s Infrastructure Online is an indispensable tool for all firms looking to market funds, develop new business, find new partners or conduct market analysis in the coming months. Behind every data point in this report is a wealth of individual firm-, fund transactionand asset-level data available on Infrastructure Online. We hope you find this report useful, and welcome any feedback you may have. For more information, please visit www.preqin.com or contact info@preqin.com. Key Facts $3bn The largest infrastructure fund to close in, ISQ Global Infrastructure Fund, raised $3bn. $3.6bn The largest completed infrastructure deal in was the awarding of the $3.6bn LaGuardia Airport Central Terminal Building replacement PPP/PFI project to a consortium of investors. 151 Number of infrastructure funds currently being marketed, with a combined target of $99bn. 61% Proportion of investors that are planning to commit less than $1mn to infrastructure over the next 12 months. 17% Fund managers that closed infrastructure funds in H1 215 raised an average of 17% of their initial targets. 16.8% Unlisted infrastructure funds of vintage year 212 have a median net IRR of 16.8%. All rights reserved. The entire contents of Preqin Quarterly Update: Infrastructure, 215 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Quarterly Update: Infrastructure, 215 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Quarterly Update: Infrastructure, 215. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Quarterly Update: Infrastructure, 215 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Quarterly Update: Infrastructure, 215 or for any expense or other loss alleged to have arisen in any way with a reader s use of this publication. 2 215 Preqin Ltd. / www.preqin.com
Download the data pack at: The Preqin Quarterly Update: Infrastructure, 215 Contents Fundraising in 215 4 Funds in Market 6 Institutional Investors in Infrastructure 7 Infrastructure Deals 9 Fund Performance and Dry Powder 11 Interested in Accessing Free Alternative Assets Data and Research Tools? Covering infrastructure, private equity, hedge funds, real estate and private debt, Preqin s Research Center Premium is a free online service providing access to up-to-date charts and league tables, research reports and newsletters, fund performance benchmarking tools and slide decks from recent Preqin presentations at conferences. Gaining access to Research Center Premium is quick and easy. For more information, please visit: www.preqin.com/rcp Source new investors for funds or deals Identify new investment opportunities Conduct competitor and market analysis Search for potential deal partners Develop new business Register for demo access to find out how Preqin s Infrastructure Online can help your business: www.preqin.com/infrastructure alternative assets. intelligent data.
The Preqin Quarterly Update: Infrastructure, 215 Download the data pack at: Fundraising in 215 In 215, the level of institutional capital secured by fund managers decreased for the fourth consecutive quarter (Fig. 1). The $4.4bn raised by six funds represents a considerable decline on 214, when 14 unlisted funds held a fi nal close, raising $15.5bn. The average size of funds closed in 215 so far is $1bn, suggesting that it is typically the largest fund managers that are securing investor capital (Fig. 2). Despite a slower fundraising environment, fund managers that do reach a fi nal close are increasingly able to reach or exceed their target size, as investors continue to be drawn to those fund managers with a proven track record within the asset class. So far in 215, the average proportion of target size achieved by unlisted funds stands at 17%, an increase on the 13% in 214, and a signifi cant growth on the 84% average achieved in 29 and 21 (Fig. 3). The average time spent on the road for unlisted infrastructure funds in H1 215 has increased to 27 months, the longest in the period 28 to H1 215 (Fig. 4). It is also taking longer for fi rms to reach that all-important fi rst close; so far in 215, unlisted infrastructure funds spent an average 11 months on the road before reaching fi rst close, compared to 1 months and eight months respectively for 214 and 213. As shown in Fig. 5, the largest unlisted infrastructure fund to close in 215 was ISQ Global Infrastructure Fund, managed by I Squared Capital, which focuses primarily on the energy, utilities and transportation sectors on a global basis. Approximately twothirds of the $3bn raised by ISQ Global Infrastructure Fund will be allocated to North America and Europe, with the remainder slated for fast-growing economies such as China and India. Key Fundraising Facts: 215 $4.4bn Amount of capital raised by just six infrastructure funds reaching a final close. $3bn Amount secured by the largest fund closed: ISQ Global Infrastructure Fund. Number 4 of consecutive quarters for which fundraising has declined. 27 Average number of months spent on the road by funds closed in H1 215. Fig. 1: Global Quarterly Unlisted Infrastructure Fundraising, 21-215 3 Fig. 2: Average Size of Unlisted Infrastructure Funds, 28 - H1 215 1,2 25 1, 958 1,1 2 15 1 5 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Average Fund Size ($mn) 8 6 4 2 734 393 682 495 545 679 21 211 212 213 214 215 Date of Final Close No. of Funds Closed Aggregate Capital Raised ($bn) 28 29 21 211 212 213 214 H1 215 Date of Final Close 4 215 Preqin Ltd. / www.preqin.com
Download the data pack at: The Preqin Quarterly Update: Infrastructure, 215 Fig. 3: Average Proportion of Target Size Achieved by Unlisted Infrastructure Funds, 28 - H1 215 Fig. 4: Average Time Spent in Market by Unlisted Infrastructure Funds, 28 - H1 215 Average Proportion of Target Size Achieved 12% 1% 8% 6% 4% 2% % 13% 17% 91% 94% 93% 96% 84% 84% 28 29 21 211 212 213 214 H1 215 Average Time Spent in Market (Months) 3 25 2 15 1 5 27 25 23 2 21 2 18 16 28 29 21 211 212 213 214 H1 215 Date of Final Close Date of Final Close Fig. 5: Five Largest Unlisted Infrastructure Funds Closed in 215 Fund Firm Fund Size (mn) Geographic Focus ISQ Global Infrastructure Fund I Squared Capital 3, USD US icon Infrastructure Partners III icon Infrastructure 8 EUR Europe MC-Seamax Shipping Opportunities Fund MC-Seamax Management 3 USD US CVI Shipping Opportunities Fund CarVal Investors 252 USD US Equitix Energy Effi ciency Fund Equitix 15 GBP Europe Fig. 6: 1 Largest Unlisted Infrastructure Funds Closed, 214-215 Fund Firm Fund Size (mn) Geographic Focus ISQ Global Infrastructure Fund I Squared Capital 3, USD US Macquarie Infrastructure Partners III Macquarie Infrastructure and Real Assets (MIRA) 3, USD US First State European Diversifi ed Infrastructure Fund Colonial First State Global Asset Management/ First State Investments 2, EUR Europe Infracapital Partners II Infracapital 1,3 GBP Europe P2Brasil III P2Brasil 1,674 USD Americas Energy Spectrum Partners VII Energy Spectrum Capital 1,225 USD US AMP Capital Global Infrastructure Debt Fund II AMP Capital Investors 1,1 USD Europe Equis Asia Fund II Equis Funds Group 1, USD Asia Sunvision Capital Urban PPP Infrastructure Fund Sunvision Capital 6, CNY Asia India Infrastructure Fund II IDFC Alternatives 894 USD Asia Data Source: Preqin s Infrastructure Online contains detailed information on all aspects of the fundraising market, with extensive profi les for all 16 funds currently being marketed and over 6 closed historically. Profi les include information on interim and fi nal close sizes, known investors, investment preferences and much more. For more information, please visit: www.preqin.com/infrastructure 215 Preqin Ltd. / www.preqin.com 5
The Preqin Quarterly Update: Infrastructure, 215 Download the data pack at: Funds in Market As of the start of Q3 215, there were 151 unlisted infrastructure funds in market, seeking an aggregate $99bn in investor capital (Fig. 1). The fundraising market remains competitive, with a slight increase on the 147 funds in market targeting $97bn in investor capital at the start of. Some fund managers are experiencing diffi culties in gaining traction in the marketplace; the majority of funds in market (7%) have been fundraising for more than a year, while 41% have been fundraising for more than two years (Fig. 2). Furthermore, 56% of funds in market have not yet held an interim close. Regionally, 59 funds in market are primarily targeting European infrastructure assets and are seeking more capital than North America-focused funds ($4bn versus $32bn), as shown in Fig. 3. Fig. 1: Unlisted Infrastructure Funds in Market over Time, January 21 - July 215 16 14 12 1 8 6 4 2 17 9 144 93 137 85 145 97 136 86 151 99 No. of Funds Raising Aggregate Target Capital ($bn) The largest fund in market is Alinda Infrastructure Fund III, seeking $5bn in institutional capital (Fig. 4). Other sizeable funds include the $4bn Morgan Stanley Infrastructure Partners II, the 2.5bn ASF IV Infrastructure fund and the 2.5bn UK TMT & Infrastructures Fund. Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 Jul-15 Fig. 2: Breakdown of Unlisted Infrastructure Funds in Market by Time Spent in Market Fig. 3: Breakdown of Unlisted Infrastructure Funds in Market by Primary Geographic Focus 3% 29% 7 Proportion of Funds in Market 25% 2% 15% 1% 5% 16% 15% 19% 22% 6 5 4 3 2 1 31 32 59 4 15 9 46 18 No. of Funds Raising Aggregate Target Capital ($bn) % Less than 6 Months 6-12 Months 13-24 Months 25-36 Months More than 36 Months North America Europe Asia Rest of World Time Spent in Market Primary Geographic Focus Fig. 4: Five Largest Unlisted Infrastructure Funds Currently in Market Fund Firm Target Size (mn) Geographic Focus Alinda Infrastructure Fund III Alinda Capital Partners 5, USD North America, Europe Firm Headquarters ArcLight Energy Partners Fund VI ArcLight Capital Partners 4, USD North America, West Europe US Morgan Stanley Infrastructure Partners II Morgan Stanley Infrastructure 4, USD Global US ASF IV Infrastructure Ardian 2,5 EUR West Europe France UK TMT & Infrastructures Fund NSL & Co 2,5 EUR UK Netherlands US 6 215 Preqin Ltd. / www.preqin.com
Download the data pack at: The Preqin Quarterly Update: Infrastructure, 215 Institutional Investors in Infrastructure When investing in the infrastructure space, the majority of investors will target domestic opportunities in the next year (Fig. 1). However, a large proportion of investors also seek geographical diversification when making investments, particularly North America-based institutions, with 57% of these investors targeting global opportunities in the next 12 months. As the infrastructure asset class matures and investors become more sophisticated, many establish separate infrastructure Fig. 1: Regions Targeted by Infrastructure Investors in the Next 12 Months by Investor Location allocations, as opposed to targeting the asset class through other allocations such as private equity or real asset buckets; 38% invest through a separate infrastructure allocation (Fig. 2). When looking at the amount of capital and the number of funds investors plan to invest in in the year ahead, Fig. 3 and Fig. 4 respectively reveal that while 61% of investors plan to invest less than $1mn, 74% plan to invest in multiple vehicles. Fig. 2: Breakdown of Infrastructure Investors by Source of Allocation 8% 4% 38% Proportion of Investors 7% 6% 5% 4% 3% 2% 1% % 64% 18% 57% 2% 69% 12% 13% 7% 6% North America- Based Investors 44% Europe-Based Investors 64% 27% 26% 7% 4% Asia-Based Investors North America Europe Asia Rest of World Global Proportion of Investors 35% 3% 25% 2% 15% 1% 5% % 24% Separate Part of Infrastructure Private Equity Allocation Allocation 19% Part of Real Assets Allocation Source of Allocation 13% General Alternatives Allocation 6% Other Fig. 3: Amount of Capital Infrastructure Investors Plan to Commit to Infrastructure Funds in the Next 12 Months Fig. 4: Number of Funds Infrastructure Investors Plan to Commit to in the Next 12 Months 17% 13% 26% Less than $1mn 1 Fund $1-499mn 2-3 Funds 22% 61% $5mn or More 4-9 Funds 61% Fig. 5: Sample of Investors Targeting Infrastructure Funds in the Next 12 Months Investor Type Location Investment Plans for the Next 12 Months Equiter Shin Kong Life Insurance Combined Super Fund Investment Company Insurance Company Superannuation Scheme Italy Taiwan Australia Will seek to invest 5mn in Italy-based infrastructure via a mixture of direct investments and unlisted fund commitments. Looking to commit $4-5mn in one or two unlisted infrastructure vehicles over the next year. Will target unlisted infrastructure funds on a global scale, across both primary and debt strategies. 215 Preqin Ltd. / www.preqin.com 7
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Download the data pack at: The Preqin Quarterly Update: Infrastructure, 215 Infrastructure Deals In 215, 121 infrastructure deals were completed with an estimated aggregate deal value of $7bn (Fig. 1). This value is based on reported deal values and estimates where a deal size is not disclosed. These fi gures may see a small increase as more data is reported in the near term. As shown in Fig. 2, average deal size in 215 ($574mn) is in line with the average for all transactions completed since 212 ($533mn). Europe saw the largest number of deals take place in the quarter, with 49 transactions taking place on the continent, although the region s reported aggregate deal value is below that of North America ($12.3bn) and Asia ($4.4bn) (Fig. 3). Completed transactions in 215 were predominantly in the renewable energy sector (39%), over three times the proportion that took place in other energy-related industries (Fig. 4). Secondary stage infrastructure assets represented two-thirds (67%) of transactions in 215, while a quarter of deals were for new infrastructure developments (Fig. 5). Notable transactions completed during the quarter include the contract awarded to a consortium of investors for the $3.6bn LaGuardia Airport Central Terminal Building replacement PPP/ PFI project (Fig. 6). Other signifi cant deals include Toyo-Thai Corporation s winning bid of Ye Township Power Plant for $2.8bn, and Global Infrastructure Partners $2.7bn deal for 5% of Hess Midstream Crude Oil and Natural Gas Portfolio. Key Deals Facts: 215 $7bn Estimated aggregate value of infrastructure deals completed. $3.6bn Value of the largest completed infrastructure deal, the replacement PPP/PFI project for LaGuardia Airport Central Terminal Building. 47 The largest number of completed infrastructure deals took place in the renewable energy sector. 49 Europe had the highest number of completed infrastructure deals. Fig. 1: Quarterly Number and Aggregate Value of Infrastructure Deals Completed Globally, 212-215 Fig. 2: Average Quarterly Infrastructure Deal Size, 212-215 No. of Deals 35 3 25 2 15 1 5 276 234 192 326 272 249 21 325 238 225 216 21 14 121 2 18 16 14 12 1 8 6 4 2 Aggregate Deal Value ($bn) Average Deal Size ($mn) 9 8 7 6 5 4 3 2 427 564 649 381 739 471 335 357 457 711 564 68 86 574 Q3 Q4 Q3 Q4 Q3 Q4 212 213 214 215 No. of Deals Reported Aggregate Deal Value ($bn) Estimated Aggregate Deal Value ($bn) 1 Q3 Q4 Q3 Q4 Q3 Q4 212 213 214 215 215 Preqin Ltd. / www.preqin.com 9
The Preqin Quarterly Update: Infrastructure, 215 Download the data pack at: Fig. 3: Breakdown of Infrastructure Deals in 215 by Region Fig. 4: Breakdown of Infrastructure Deals in 215 by Industry 6 No. of Deals 5 4 3 2 49 43 16 12% 9% 4% 39% Renewable Energy Transport Social Energy (Other) 1 6 6 12% Utilities 1 Other Europe North America Asia Australasia South America Africa 24% Fig. 5: Breakdown of Infrastructure Deals in 215 by Project Stage Data Source: 24% 8% Secondary Stage Preqin s Infrastructure Online features comprehensive profi les for more than 11,8 infrastructure deals and bids globally, including information on deal date, type and location, equity invested and the percentage stake acquired by the fi rm, details of co-investors and more. 67% Greenfield Brownfield For more information, or to arrange a demonstration, please visit: www.preqin.com/infrastructure Fig. 6: Notable Infrastructure Deals Completed in 215 Asset Location Industry Investor(s) LaGuardia Airport Central Terminal Building US Airports Meridiam, Skanska, Unidentifi ed Investor(s) Total Deal Size (mn) Stake (%) Transaction Date 3,6 USD 1 May-15 Ye Township Power Plant Myanmar Power Plants Toyo-Thai Corporation 2,8 USD 1 Apr-15 Hess Midstream Crude Oil and Natural Gas Portfolio US Natural Resources Global Infrastructure Partners 2,65 USD 5 Jun-15 St. Lawrence Bridge Canada Bridges ACS Group, HOCHTIEF Concessions, SNC-Lavalin 2,15 CAD 1 Jun-15 Crown Castle Australia Holdings Madrileña Red de Gas Australia Spain Wireless Communication Natural Resources Pipelines CPV Valley Energy Center US Power Plants Macquarie Infrastructure and Real Assets (MIRA), UBS Infrastructure Asset Management, UniSuper EDF Invest, Gingko Tree Investment, PGGM Competitive Power Ventures Holdings, Diamond Generating Corporation 2, AUD 1 May-15 1,25 EUR 1 Apr-15 985 USD 1 Jun-15 Eurofi ber Netherlands Telecommunications Antin Infrastructure Partners 875 EUR 1 May-15 Abengoa and Enel Cogeneration Plant Mexico Power Plants Abengoa, Enel 95 USD 1 May-15 Niska Gas Storage Canada Natural Resources Storage Facility Brookfi eld Asset Management 912 USD 1 Jun-15 1 215 Preqin Ltd. / www.preqin.com
Download the data pack at: The Preqin Quarterly Update: Infrastructure, 215 Fund Performance and Dry Powder Infrastructure investment is typically favoured for its long-term nature and relatively stable returns; however, the median net IRR for infrastructure funds of recent vintage years stands at nearly 17% (Fig. 1). The PrEQIn Infrastructure Index has outperformed the index for All Private Equity in every quarter since its inception in December 27. In December 214, the Infrastructure Index stood at 171.9 and the All Private Equity Index at 149.1. With a handful of the largest fi rms increasingly dominating the fundraising market, the proportion of dry powder accounted for by funds of more than $1bn in size has increased steadily since December 212 and now accounts for 71% of all dry powder, as shown in Fig. 4. North America continues to hold the largest proportion of dry powder, with almost 5% of uncalled capital at June 215 (Fig. 5). While Asia and Rest of World levels of dry powder continue to grow, they stand at less than $25bn in aggregate. Fig. 2: Infrastructure vs. Other Private Equity Strategies - Median Net IRR by Vintage Year Fig. 1: Median, Maximum and Minimum Net IRRs for Unlisted Infrastructure Funds by Vintage Year Net IRR since Inception 6% 5% 4% 3% 2% 1% % -1% -2% -3% 1992-1999 2-25 26 27 28 29 Vintage Year 21 211 212 Maximum IRR (%) Median IRR (%) Minimum IRR (%) Fig. 3: PrEQIn Index - Infrastructure vs. All Private Equity Net IRR since Inception 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% % 1992-1999 2-25 26 27 28 29 Vintage Year 21 211 212 Infrastructure Real Estate Buyout Venture Capital Index Points (Rebased to 1 as of 31-Dec-27) 2 18 16 14 12 1 8 6 4 2 31-Dec-7 3-Jun-8 31-Dec-8 3-Jun-9 31-Dec-9 3-Jun-1 31-Dec-1 3-Jun-11 31-Dec-11 3-Jun-12 31-Dec-12 3-Jun-13 31-Dec-13 3-Jun-14 31-Dec-14 PrEQIn All Private Equity Index PrEQIn Infrastructure Index Fig. 5: Unlisted Infrastructure Fund Dry Powder by Primary Regional Focus, December 27 - June 215 6 5 4 3 2 1 North America Europe Asia Rest of World Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Dec-13 Dec-14 Jun-15 Fig. 4: Breakdown of Unlisted Infrastructure Fund Dry Powder by Fund Size, December 27 - June 215 Proportion of Total Dry Powder 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% 12% 1% 11% 15% 12% 11% 18% 22% 21% 7% 1% 13% 11% 12% 21% 18% 22% 22% 16% 16% 23% 24% 25% 27% 31% 24% 24% 59% 58% 52% 5% 45% 38% 39% 4% 4% Small Funds: Less than $5mn Medium Funds: $5-999mn Large Funds: $1-1.9bn Mega Funds: $2bn or More Dry Powder ($bn) % Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Dec-13 Dec-14 Jun-15 215 Preqin Ltd. / www.preqin.com 11
The 215 Preqin Quarterly Update: Infrastructure alternative assets. intelligent data. Preqin Infrastructure Online If you want any further information, or would like a demo of our products, please contact us: With global coverage and detailed information on all aspects of the infrastructure asset class, Preqin s industry-leading Infrastructure Online service keeps you up-to-date on all the latest developments in the infrastructure universe. Source new investors for funds and co-investments Find the most relevant investors, with access to detailed profiles for over 2,2 institutional investors actively investing in unlisted infrastructure, including insurance companies, pension funds, family offices, foundations, wealth managers, endowments, banks and more. Identify potential investment opportunities View in-depth profiles for over 9 unlisted infrastructure funds encompassing all strategies, including greenfi eld, brownfi eld, secondary stage, cleantech and renewable energies, debt, mezzanine and fund of funds. Find active fund managers in infrastructure Search for firms actively targeting infrastructure projects and assets, with detailed profiles on over 45 fund managers from around the world, including background, key contacts and funds raised. Analyze the latest infrastructure fundraising activity See which funds are currently on the road raising an infrastructure fund and which will be coming to market soon. Analyze fundraising over time by fund strategy, industry focus and location. Benchmark performance Identify which fund managers have the best track records with performance benchmarks for infrastructure funds and view performance details for 199 individual named funds. Examine infrastructure investment trends Search detailed information on over 11,8 infrastructure transactions and bids historically, including asset location, project stage and industry. Identify key geographic regions and sectors that are attracting infrastructure investment. Find out how Preqin s range of products and services can help you: New York: One Grand Central Place 6 E 42nd Street Suite 63, New York NY 1165 Tel: +1 212 35 1 Fax: +1 44 445 9595 London: 3rd Floor Vintners Place 68 Upper Thames Street London EC4V 3BJ Tel: +44 ()2 327 2 Fax: +44 ()87 33 5892 Singapore: One Finlayson Green, #11-2 Singapore 49246 Tel: +65 635 22 Fax: +65 6491 5365 San Francisco: 17 Montgomery Street Suite 134, San Francisco CA 94111 Tel: +1 415 835 9455 Fax: +1 44 445 9595 Email: info@preqin.com Web: www.preqin.com www.preqin.com/infrastructure