Ninety One launches infrastructure fund

You can also listen to this podcast on iono.fm here. ADVERTISEMENT CONTINUE READING BELOW JIMMY MOYAHA: For those of you who may have missed some of the news that came out around the budget speech and around the State of the Nation Address, and possibly around this time as we started the year, the government of South Africa at some point wanted to have conversations around the use of pension funds for investing in infrastructure development and the like.

ALASTAIR HERBERTSON: Absolutely. We’ve been looking at launching a fund for a number of years. We’ve actually been running the fund in a pilot phase for 18 months, and it’s convenient timing or lucky timing, I suppose. But we’ve been trying to focus on helping the economy recover with infrastructure investments in a focused manner.

JIMMY MOYAHA: Alastair, you touched on the Regulation 28 amendments, and obviously, we saw that there were amendments made for infrastructure allocations by pension funds. From an investment point of view, can you just tell us more about the strategic advantages that the fund that you are launching presents for these sorts of allocations?

ALASTAIR HERBERTSON: Well, we are applying an agnostic approach to how the capital arrives at building infrastructure. Infrastructure itself is actually a hard physical asset, and we are comfortable with providing financing through government vehicles, whether those are state-owned enterprises, through private corporates who are investing in infrastructure, someone like an MTN, or whether that’s going into the more bespoke project finance, IPP–type transactions.

But they do have various other projects that we are also investing in. We look at counterparties like Rand Water, who are purifying water and delivering it to the municipalities. We also look at the municipalities, so major providers of bulk infrastructure in the residential areas. ALASTAIR HERBERTSON: I think this fund shows a considered approach to focusing capital in investment into an area that is required, and it’s bringing a wealth of experience that we’ve built over around 20 years of infrastructure investment in the emerging markets. A lot of our experience has actually come from investments in Africa and Asia and some of the other emerging markets.

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