麻豆映画

New research from 麻豆映画 and Stirling Capital Partners suggests appetite for infrastructure is moderating among institutional investors.

The second  reveals a doubling in the number of investors recently considering but choosing not to invest, from 11.1% in 2013 to 21.2%.

The survey of 77 investors from 26 countries, conducted in October and November of this year, recorded a drop in the proportion of investors with 鈥渄efinite plans鈥� to invest in the future, from 13.9% last year to 6.1%.

But the proportion that 鈥渕ay invest in infrastructure in the future鈥� remained stable at just above 63%. Overall, the survey shows a slight drop in the proportion of respondents investing in the asset class, from 65% last year to 57%.

The most highly cited reason this year was 鈥渦nsuitability of investment structures and vehicles鈥�

Existing allocations to the asset class look set to be maintained over the next 18 months with 59.1% of respondents expecting a rise (63.2% in 2013), 36.4% expecting limited movement (31.6% in 2013) and 4.6% predicting a drop (5.3% in 2013).

The survey revealed that illiquidity is becoming less of a perceived obstacle to infrastructure investments. More than half (55.8%) said liquidity was important in an infrastructure portfolio, compared with 45.6% last year. One-quarter (25.6%) said liquidity was 鈥渟omewhat important鈥�, down from 31.1% in 2013, although the proportion that said illiquidity was 鈥渧ery important鈥� rose from 11.1% to 14%.

For those not invested in the asset class, the proportion that cited illiquidity as the main reason fell from 48.6% in 2013 to 30.3%.

The most highly cited reason this year (at 33.3%) was 鈥渦nsuitability of investment structures and vehicles鈥�, up from 14.3% in 2013.

Not being 鈥減ersuaded by risk/return or diversification properties鈥� rose from 25.7% to 30.3%, but being 鈥渢oo small to make a meaningful allocation鈥� fell from 31.4% to 24.2%.

A 鈥渓ack of internal resource to undertake due diligence鈥� rose from 25.7% to 30.3%, while 鈥渇ees鈥� fell from 20% to 15.2%. A 鈥渓ack of suitable external advice鈥� remained stable (from 8.6% to 9.1%).

The survey suggests more investors are placing infrastructure within 鈥榓lternatives鈥� portfolios. The proportion taking this approach was the biggest at 33.3%, up from 28.6% in 2013. Last year鈥檚 top answer was a 鈥渟tandalone鈥� allocation, but this has dropped from 32.1% to 31% in this year鈥檚 survey.

There was also clear preference for infrastructure equity versus infrastructure debt. Two-thirds (65.9%) are invested in the former (up from 43.8%), 9.1% in the latter (up from 4.2%), and 25% in both (down from 52.1%).