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The manager was originally targeting $1.75bn for its second mezzanine fund, expected to reach a final close as early as end of October.
MIDIS’s sub-investment grade infra debt fund is already roughly 60% invested in 14 borrowers in the US, UK and continental Europe with an average internal rating of BB-.
The first transaction comes in the form of a A$130m senior syndicated loan facility, with capital funded via a separate account.
The Dutch manager has split the fund into a sub-fund structure, targeting €750m for senior debt and €350m for junior debt.
Sustainability needs to be at the heart of their approach if private lenders are to become an essential part of the financing landscape post-pandemic, says Deborah Zurkow of Allianz Global Investors.
The investment unit is building its credit exposure to the Asia-Pacific region by deploying proprietary capital and expanding staff numbers.
Early signs indicate the nascent asset class is proving resilient to the pandemic’s shock, its first big test.
Australia, farm, windmill
Oxley Capital Partners founder Ben Craw says new opportunities are emerging as covid-19 disruption plays out.
In a recent survey, infrastructure’s 20 largest managers and investors were asked a series of questions, from how they were reducing their carbon footprint to whether they were divesting from fossil fuels. With some notable exceptions, the industry doesn’t seem to be rising to the challenge.
If today’s crisis were a repeat of the GFC, lenders could use those references to guide their approach, but covid-19 has brought the world into uncharted territory.
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