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DELOITTE INFRASTRUCTURE INVESTORS SURVEY 2013
WHERE NEXT ON THE ROAD AHEAD?
The third edition in this series provides an incisive and comprehensive analysis
of the infrastructure investors sector today, and predictions going forward.
The only study of its kind explores the major trends and drivers across performance,
the changing landscape and how funds are responding in this increasingly
competitive marketplace.

STRONGER & WISER

RESILIENT
THROUGH THE
ECONOMIC
DOWNTURN

7

%

OF INVESTORS’
PORTFOLIOS ARE
NOW ACHIEVING
OR EXCEEDING
TARGET IRRS

GREATER FOCUS ON ASSET MANAGEMENT
THIS STRONG PERFORMANCE REFLECTS AN INCREASING
FOCUS ON ASSET MANAGEMENT TO DELIVER RETURNS

41%

OF INVESTORS HAVE RECRUITED
DEDICATED ASSET MANAGEMENT
TEAMS, WHICH ON AVERAGE NOW
COMPRISE JUST OVER A THIRD
OF THEIR TOTAL WORKFORCE

ASSET PERFORMANCE
Which sub-classes are expected to deliver the highest returns?
16

14

12

Average target IRR

10

8

6

4

2

0
Infrastructure
services

Airports

Ports

Telecoms

Waste

Other
Rail/metro
transport

Roads

Renewables

Water

Other
regulated
utilities

PPP/PFI

THE RISE OF DIRECT INVESTORS
Contrary to expectations, direct investors have firmly established themselves in the
market over the last two years.
WHO DO LARGE FUNDS NOW SEE AS THEIR PRINCIPAL COMPETITION?

44%

31%

DIRECT INVESTORS

25%

OTHER INFRASTRUCTURE FUNDS

TRADE BUYERS

WHAT IS KEEPING INVESTORS AWAKE AT NIGHT?

8%
REGULATORY

35%

8%
TAX

REFINANCING

20%

29%

POLITICAL

BUSINESS/OPERATIONAL RISK

EXTERNAL RISKS

CONCENTRATING INVESTMENT ON CORE MARKETS
Over the next two years, the focus for the majority of investors will largely be on core
infrastructure assets in these ‘safe haven’ geographies, in particular Western Europe.

There is also an increasing appetite to invest outside of Europe, with the exception of
India and China, which have become less attractive as their economies have slowed.

EXITS AHEAD

Average number of assets that investors are considering exiting

Investment realisations have been scarce in recent years, but the number of assets
that funds will be exiting is set to pick up significantly in the short to medium term.
0
0.5

Next
Year

2-3
Years

5-7
Years

1.0
1.5
2.0
2.5
3.0

For more insight and analysis on the state of the infrastructure
investors sector, download the full report.
www.deloitte.co.uk/infrastructureinvestors

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Infrastructure Investors Survey 2013 Infographic

  • 1. DELOITTE INFRASTRUCTURE INVESTORS SURVEY 2013 WHERE NEXT ON THE ROAD AHEAD? The third edition in this series provides an incisive and comprehensive analysis of the infrastructure investors sector today, and predictions going forward. The only study of its kind explores the major trends and drivers across performance, the changing landscape and how funds are responding in this increasingly competitive marketplace. STRONGER & WISER RESILIENT THROUGH THE ECONOMIC DOWNTURN 7 % OF INVESTORS’ PORTFOLIOS ARE NOW ACHIEVING OR EXCEEDING TARGET IRRS GREATER FOCUS ON ASSET MANAGEMENT THIS STRONG PERFORMANCE REFLECTS AN INCREASING FOCUS ON ASSET MANAGEMENT TO DELIVER RETURNS 41% OF INVESTORS HAVE RECRUITED DEDICATED ASSET MANAGEMENT TEAMS, WHICH ON AVERAGE NOW COMPRISE JUST OVER A THIRD OF THEIR TOTAL WORKFORCE ASSET PERFORMANCE Which sub-classes are expected to deliver the highest returns? 16 14 12 Average target IRR 10 8 6 4 2 0 Infrastructure services Airports Ports Telecoms Waste Other Rail/metro transport Roads Renewables Water Other regulated utilities PPP/PFI THE RISE OF DIRECT INVESTORS Contrary to expectations, direct investors have firmly established themselves in the market over the last two years. WHO DO LARGE FUNDS NOW SEE AS THEIR PRINCIPAL COMPETITION? 44% 31% DIRECT INVESTORS 25% OTHER INFRASTRUCTURE FUNDS TRADE BUYERS WHAT IS KEEPING INVESTORS AWAKE AT NIGHT? 8% REGULATORY 35% 8% TAX REFINANCING 20% 29% POLITICAL BUSINESS/OPERATIONAL RISK EXTERNAL RISKS CONCENTRATING INVESTMENT ON CORE MARKETS Over the next two years, the focus for the majority of investors will largely be on core infrastructure assets in these ‘safe haven’ geographies, in particular Western Europe. There is also an increasing appetite to invest outside of Europe, with the exception of India and China, which have become less attractive as their economies have slowed. EXITS AHEAD Average number of assets that investors are considering exiting Investment realisations have been scarce in recent years, but the number of assets that funds will be exiting is set to pick up significantly in the short to medium term. 0 0.5 Next Year 2-3 Years 5-7 Years 1.0 1.5 2.0 2.5 3.0 For more insight and analysis on the state of the infrastructure investors sector, download the full report. www.deloitte.co.uk/infrastructureinvestors