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Infrastructure Investing: Managing Risks & Rewards for Pensions, Insurance Companies & Endowments

ISBN: 978-0-470-53731-2
270 pages
March 2010
Infrastructure Investing: Managing Risks & Rewards for Pensions, Insurance Companies & Endowments (0470537310) cover image

Invaluable information regarding one of the biggest worldwide growth areas in investing-infrastructure assets

Infrastructure investing is about to explode on the worldwide scene. The fact is that real money will need to be spent on real projects-which will present real opportunities for stable, long-term returns. But infrastructure assets have unique characteristics and the investments and funds that will likely rise up must be suitably structured to serve investor needs.

Author Rajeev Sawant has been analyzing infrastructure investments, funds, and project financing programs for nearly five years, and with this book, he presents information that will be invaluable to lenders, pension funds, insurance companies, investment funds, rating agencies, and even governments.

  • Presents comprehensive data analysis on infrastructure cases worldwide
  • Analyzes the opportunities as well as the pitfalls of infrastructure investing
  • Focuses on the needs of pensions, insurance companies, and endowments interested in infrastructure investing

For the next decade, worldwide economic growth and increased employment-as well as investment returns-will come from infrastructure projects. This book will help you understand today's dynamic infrastructure asset class and quickly get you up to speed on the unique risks and rewards associated with it.

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Preface.

Acknowledgments.

Chapter 1 Infrastructure Demand and Investment Funds.

An Overview of Infrastructure Demand.

Availability of Funds.

Conclusion.

Chapter 2 Infrastructure Asset Characteristics.

Defining Asset Classes.

Portfolio Perspective to Asset Classification.

Large Upfront Investments.

Strong Cash Flows.

Stable Cash Flows.

Long Life.

Irreversible Investments.

Location Specificity.

Growth Options.

Value under Default.

Conclusion.

Chapter 3 Equity Infrastructure Indexes.

Infrastructure Investment Options.

Equity Infrastructure Indices.

Macquarie Global Infrastructure Index.

S&P Global Infrastructure Index.

CSFB Emerging Markets Infrastructure Index.

Efficient Frontier.

Conclusion.

Chapter 4 Debt versus Equity Mode of Investment.

Theories of Capital Structure.

Pecking Order Theory.

Free Cash Flow Theory.

Trade-off Theory of Capital Structure.

Governance and Capital Structure.

Options Approach.

Private Equity Model of Investing.

Conclusion.

Chapter 5 Infrastructure and the Threat of Holdup.

Transaction Cost Economics.

Solutions for the Holdup Problem.

Conclusion.

Chapter 6 Infrastructure Assets and Political Risk.

Political Risk Typology.

Sovereign Holdup.

Types of Risk.

Hedging Sovereign Hold-up.

Risk Mitigation Strategies.

Conclusion.

Chapter 7 Project Finance and Infrastructure.

Project Finance Structure.

Project Finance versus Corporate Finance.

Ras Laffan Revisited.

Project Risk Analysis.

Credit Rating Agencies.

Using the Project Finance Structure.

Role of Government.

Conclusion.

Chapter 8 Infrastructure Asset Valuation and Bond Returns.

An Overview of Infrastructure Valuation Theory.

Basel II and Infrastructure Lending.

Infrastructure Bond Returns.

Conclusion.

Chapter 9 Case Studies.

Case Study 1: Aguas Argentinas S.A.

Case Study 2: Dabhol Power Company.

Conclusion.

Notes.

About the Author.

Index.

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RAJEEV J. SAWANT is a Research Fellow at the Center for Emerging Market Enterprises at the Fletcher School, Tufts University. Prior to this, heconsulted for JSA Partners (an A.T. Kearney spin-off) in international strategic alliances in aerospace and defense. Sawant is a member of the Academy ofManagement and the Financial Management Association, is an Inlaks Shivdasani Foundation scholar, and has served as Aide de Camp to the President of India. He holds a PhD inbusiness strategy and international management.
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