Each investment is subject to intense scrutiny and due diligence and must meet the Fund’s eligibility criteria with strict concentration limits on geography, project type and issuers.
Origination
Identify market opportunities in sectors and jurisdictions with strong credit characteristics and attractive relative pricing
Leverage relationships with lending banks and infrastructure owners
Initial screening
Eliminate assets unlikely to pass investment approval
Identify strong credits for inclusion in shortlist for full analysis
Detailed credit analysis
Due diligence and credit processes
Site visits, meetings with management, as appropriate
Run proprietary analytical models, if applicable
Determine risk characteristics and mitigants
Ensure no diversification, concentration or other limits are broken
Investment Committee review
Full credit memorandum and valuation/yield analysis is provided to the Investment Committee for review
A unanimous investment decision is required in order to make the recommendation to the Alternative Investment Fund Manager (AIFM)
Investment Committee minutes, credit memorandum and any other material credit documentation are submitted to the AIFM for detailed review
Investments with certain characteristics are reviewed by Board’s Risk Committee
The AIFM has full discretion on recommendation to approve or decline investments
Acquisition and ongoing monitoring
Investment Adviser executes the trade once the recommendation is approved
Execution of appropriate currency hedge, as necessary
All ongoing credit monitoring and updates including the Investment Committee reviews are sent to the AIFM
Every asset is monitored semi-annually at a minimum, and more frequently when required
A full portfolio presentation is provided to the Board semi-annually in addition to quarterly Board reviews
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