With an outstanding track record spanning over 22 years, €6.5 billion in direct infrastructure debt and equity investments made since inception, and
€3.1 billion of funds currently under management,
we are one of the world’s largest and most experienced independent infrastructure managers.
We are a long-term investor, partnering with clients to invest in true infrastructure assets that protect real investment value, while providing predictable cash returns. This is achieved by investing in assets with clear and measurable cash flows and adding value through active asset management.
January 2020
Monetary policy in its current form has less firepower than ever before. Despite a decade of extremely accommodative monetary policy, global economic growth and inflation since the Global Financial Crisis (GFC) have been relatively subdued. During this time, cash rates have been at all-time lows and central bank balance sheets have multiplied.
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December 2019
This month’s feature article provides an overview of the general characteristics of investing in fibre networks, looks at the rollout of fibre generally across Europe, and takes a deep dive into the German market as a more detailed example of how the fibre investment landscape is changing.
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November 2019
This month’s feature article discusses the notion of Modern Monetary Theory. We explore flaws in current monetary policy approaches, the potential implications of the introduction of MMT, and assess whether MMT could really ever become a mainstream economic policy.
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October 2019
In last month’s article, we discussed whether the years in the lead-up to the Great Depression provided a precedent for what we are witnessing in markets today. In the latest edition of our thought leadership articles we set out our view on the current state of investment markets.
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September 2019
So far, 2019 has marked a year of stark turnaround by the US Federal Reserve (the Fed). From December 2015 to December 2018, the Fed raised rates 10 times, from its all-time low of 0% to a target range of 2.50-2.75%. At the end of 2018, the Fed was forecasting at least two further rate increases in 2019. By mid-2019, the Fed had not increased rates further, but rather delivered a 25 basis point rate cut at its late July meeting. What caused this sudden change of heart?
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August 2019
Whitehelm’s latest Thought Leadership article explores the key risks in renewable generation assets for investors and ways these can be addressed. The article presents case studies from a number of countries where sudden changes to the regulatory environment have impacted the viability of renewable energy projects.
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January 2019
Listed infrastructure and listed property funds hold similar underlying assets to their unlisted counterparts. Despite this, the return and volatility profiles of listed versus unlisted real assets are different.
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Sydney Airport is Australia’s largest airport and operates under a long-term lease from the Australian Government. Sydney Airport is listed on the Australian Securities Exchange (ASX: SYD). The capital indexed bonds mature in 2020 and provide an inflation-linked coupon of 3.76%.
APA Group owns and operates gas transmission, distribution and storage assets across mainland Australia, and has interests in a range of other energy infrastructure investments. The company is listed on the Australian Securities Exchange (ASX: APA). The APA Medium Term Notes pay a fixed coupon of 3.5% p.a. and mature in 2020.
Miaoli Wind is a 49.8MW wind farm located in Taiwan. Its revenues are underpinned by a 15+5-year energy offtake agreement with State-owned power utility Taipower. Enercon is responsible for the O&M of the wind farm under a 15-year agreement. There is no merchant risk with full output contracted under the terms of the PPA to Taipower.
One of the world’s most experienced infrastructure managers & investment strategy advisers
