Focus and Agenda
Event Focus for 2015
For 2015, IIF Americas explored how the US market was maturing and producing unique opportunities for the infrastructure investor.
Big deals were inked over the past year. We have seen dealflow across the spectrum from ports, to development-stage midstream assets, to liquefied natural gas, to toll roads. A variety of buyer and seller profiles, and a profusion of funding structures, have been part of what made these deals possible. The US regulatory environment has not proved a hindrance either, with the DOE, FERC, and local public utility commissions scrutinizing and approving deals under their purview.
Partnerships too; continued to be a valuable way for funds to access attractive assets and for strategics to access capital and financing.
At the same time, several toll roads from the first wave of greenfield P3s were undergoing restructuring, presenting an opening for investors to acquire those operating assets.
Pensions funds were active in educating themselves about infrastructure, setting allocation targets, and making plans to meet allocation targets. While Canadian pensions have historically led the charge, a strong contingent of US pensions is following suit.
Competition and risk
The market had steadily pushed the boundaries of what was considered core in order to grow, and much of this growth occurred in the core-plus category. Increased competition in auctions had led infra funds to retreat from "cost of capital shootouts," but had also led them towards innovative deal sourcing methods and towards a variety of deal structures for such assets.
2015's agenda featured discussions around deal sourcing, negotiations, unusual deal structures and the right place for infra funds in the emerging ecosystem.
The diversifying and growing stream of capital aimed at this asset class is a positive development for US infrastructure - greenfield, brownfield and everything in between.
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