- Identify market opportunities in sectors and jurisdictions with strong credit characteristics and attractive relative pricing
- Leverage relationships with lending banks and infrastructure owners
Our Investment Process
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
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
