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INTERNATIONAL FUTURES PROGRAMME
PROJECT ON STRATEGIC TRANSPORT INFRASTRUCTURE TO 2030
PENSION FUNDS INVESTMENT IN INFRASTRUCTURE
A SURVEY
September 2011
© 2011 OECD
Contact: Raffaele.DELLACROCE@oecd.org Pierre-Alain.SCHIEB@oecd.org Barrie.STEVENS@oecd.org
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ABOUT THE STUDY
The OECD Project on Infrastructure to 2030, published in 2006/7, already recognized the growing importance of investment needs to 2030 for infrastructure in telecommunication, electricity, water and transport, while highlighting at the same time the notion of an emerging “infrastructure gap”. To bridge this “infrastructure gap” institutional investors were identified as one of the most promising candidates and it was decided to further review opportunities and barriers to investment in infrastructure from the standpoint of pension funds.
A survey of a sample of the most significant actors was then launched by the OECD within the framework of the OECD Project on Transcontinental Infrastructure 2030-2050. The main countries that have been covered by the study are Australia, Canada, South Korea, USA and various jurisdictions throughout Europe.
The objective of this survey-based study was to understand the main problems encountered by pension funds when investing in infrastructure. In order to do so, a brief analysis of the evolution of the infrastructure and pension fund market in each country was undertaken. On the basis of the barriers to investment identified in the study some policy initiatives are proposed.
The focus of the study was mainly on (unlisted) equity investment given the different dynamics and drivers underlying pension fund investment in debt infrastructure and different subjects involved in the investment decision.
The analysis was structured on a country-by-country basis to underline different stages of evolution of investment in infrastructure and specific problems encountered and solutions proposed in each market. Although the development of each pension and infrastructure market has taken a unique path, they may provide useful examples and lessons in understanding the potential of infrastructure investment markets now developing in other countries.
Findings are mainly based on interviews with industry professionals as the existing data sources are limited, particularly with regard to infrastructure investment policy and risk management. The information acquired in interviews complements that obtained from a literature review, selected pension fund annual reports, and an analysis of the available data sources.
The selection of interviewees was tilted towards large-sized defined-benefit, occupational pension funds, since these funds represent a large share of overall infrastructure investment and in some cases have developed investment policies specific to infrastructure. Interviews were held with managers of institutional investors holding assets that collectively totalled over US$4tn at the end of 2010. Besides pension funds themselves, a number of investors from the insurance sector, and prominent financial consultants, infrastructure funds, multilaterals, academics, advisors to treasury and infrastructure departments, were also consulted.
The inputs to the present report also incorporate advice and guidance from participants in the Steering Group of the OECD Project, as well as work and publications of line Directorates of the OECD.
The study was conducted by the OECD’s International Futures Programme. The principal author was Raffaele Della Croce, working under the direction of Barrie Stevens and Pierre-Alain Schieb. Valuable comments were also provided by John White. Hyung soo Woo conducted research into and interviews for the Korean country study.
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Steering Committee
European Investment Bank
Overseas Infrastructure Alliance – India
Ministry of Transport – Turkey
Ministère de l`écologie, de l`énergie, du développement durable et de la mer – France
Institut National de Recherche sur les Transports et leur Sécurité (INRETS) – France
Flemish Department of Mobility and Public Works – Belgium
Swedish Road Administration – Sweden
State Planning Organization – Turkey
Macquarie Group – Australia
Ministry of Transport and Communications – Finland
Federal Ministry of Transport, Innovation and Technology (BMVIT) – Austria
Ministry of Transport – Denmark
Ministry of Transport, Public Works and Water Management – The Netherlands
CDC Infrastructure – France
Federal Department for Environment, Transport, Energy and Communications – Switzerland
Oliver Wyman – United States
Invited Experts and Guests
ATP – Denmark
Von Dewall Advisory & Management – Netherlands
Global Infrastructure Fund Research Foundation – Japan
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List of Interviewees1
Institutional Investors
California Public Employees Retirement System (CalPERS) – USA
California State Teachers Retirement System (CalSTRS) – USA
Los Angeles County Employees Retirement (LACERA) – USA
Illinois State Retirement System (SURS) – USA
Teacher Retirement System of Texas (TRS) – USA
New Jersey State Investment Council – USA
University of Texas Investment Management Company – USA
Union Labor Life Insurance Company (ULLICO) – USA
John Hancock – USA
Ontario Municipal Employees’ Retirement System (OMERS) – Canada
Canada Pension Plan Investment Board (CPPIB) – Canada
Ontario Teachers’ Pension Plan (OTPP) – Canada
OPTrust – Canada
PGGM – the Netherlands
APG – the Netherlands
ATP – Denmark
University Superannuation Scheme (USS) – United Kingdom
Varma Mutual Pension Insurance Company – Finland
London Pension Fund Authority (LPFA) – United Kingdom
Prudential (M&G) – United Kingdom
Aviva Investors – United Kingdom
1 Over sixty interviews were conducted through mainly face to face meetings or if not possible through conference calls between May and December 2010. Additional comments were also provided during the drafting of the document.
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