Infra investors aim to adapt to rising rates 인프라 투자자들은 금리 증가에 적응하는 것이 목표

Infra investors aim to adapt to rising rates

Infra investors aim to adapt to rising rates Investors are turning to pooled vehicles and co-investments, as they seek to anticipate a rotation of assets into fixed incomes, a new survey by AsianInve…

인프라 투자자들은 금리 증가에 적응하는 것이 목표

투자자들은 고정 수입원으로의 자산 순환을 기대하며 공동 투자로 전환하고 있다.

인프라 투자자들은 증가하는 금리와 채권 수익률을 보상하기 위해 더 많은 

수익률을 원하며, 아시아/유럽 공동체 및 IBC에서 실시한 투자 조사 결과에 

따라 적극적으로 운용되고 있다.

황기철 콘페이퍼 에디터 큐레이터

Ki Chul Hwang, conpaper editor, curator

Infrastructure investors want higher returns to compensate for rising interest rates and bond yields and are increasingly turning to actively managed pooled investments, according to the results of an investor survey conducted by AsianInvestor and QIC.

A total of 30% of respondents ranked “cash yield and income” as the main factor influencing their investment decisions. They also want meaty returns, with 53% quoting a target of 8% to 10% and and another 22% of respondents targeting a return of 10% to 12%.

The March survey asked investors to provide information about their allocation strategies and to indicate their preferred investment approach. A similar survey was conducted by AsianInvestor and QIC in 2016.

The latest results predict a swing back into traditional assets like bonds and fixed income as global interest rates rise. They also highlight the need for asset owners to pick opportunities that off…

In tandem with a focus on yield is an increased interest in pooled products. Indeed, the survey results show a clear shift away from direct investment, falling from 30% as the preferred access point for investors in 2016 to 20% in the latest survey. At the same time, preference for pooled investments has increased from 41% in 2016 to 48% in 2018.

ACTIVE VALUE 

Melannie Pyzik, an investment specialist in QIC’s global infrastructure team, said the popularity of pooled vehicles is related to investors seeing value in active management.

“You really need strong expertise in the sector to deliver value and you need to be an active manager,” Pyzik said. “If investors want to reach the allocation targets that offer the higher returns th…

Over the coming months, QIC expects allocations to pooled vehicles to grow, in line with the market’s understanding of how the products work.

“The biggest challenge for investors who are new to these vehicles is gaining comfort around elements like currency and liquidity risk, and how [net asset values] are calculated using unrealised valu…

QIC is confident that its track record in performing through cycles will attract asset owners to its products.

The Brisbane-based asset manager is in the process of investing a A$2.35 billion ($1.82 billion) Global Infrastructure Fund, which it closed in February 2017. QIC has a two-year target to invest the …

As a manager of A$9.9 billion in infrastructure assets, QIC is a keen observer of industry trends

NEW INVESTMENT VEHICLES

Pyzik said the market in pooled products has expanded over the past few years as more managers have joined the infrastructure bandwagon. New hybrid structures are appearing with optionality around op…

Co-investment offers a pension fund investor the right to invest in certain targets directly with the asset manager. The targets are often large and held outside of the pooled fund.

“We get asked regularly about co-investments,” said Ross Israel, head of global infrastructure at QIC, claiming the topic gets as much airtime in some meetings as performance. “Co-investments have ap…

The co-investment process brings added costs and its own staffing challenges to investors but it has the positive benefits of reducing management fees and potentially offering the investor governance…

View Full Text

http://www.asianinvestor.net/article/infra-investors-aim-to-adapt-to-rising-rates/443643

kcontents