IPM Infrastructure

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IPM Infrastructure primary strategy is on enabling private equity investments in this typically stable, long- term and yielding asset class. IPM’s team have an extensive track record of making and managing investments in infrastructure projects in both developed and emerging markets.

IPM is currently working on investing in emerging markets infrastructure assets on behalf of blue-chip financial institutions using a variety of financial structures, via our innovative asset-specific investment vehicles for larger infrastructure projects, and through collective infrastructure fund initiatives, such as the IPM Central & Eastern European Infrastructure Fund I (“IPM CEEIF I”).

The team’s experience also enables us to support emerging market infrastructure project sponsors and developers to bring their projects to successful financial close and beyond, seeking to enhance value from origination, development, and construction through to operations, financial restructuring and asset sales. We have helped a number of firms progress their infrastructure financing initiatives over the course of our careers, particularly in raising debt/equity financing, advising on investment financial structuring and modelling, conducting due diligence and coordinating projects with our network of experienced specialist advisors (including legal, technical, market and tax).

Case studies

Geography
South Korea

Status
Active

Open to new investors
No

Sector
Solar

Photos

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The OCI Solar Energy Fund 1 (“Fund”) was conceived and established to address the growing demand for access to investments in solar projects within the South Korean market which has been fueled by a government drive to promote renewable energy to 20 percent of its energy mix by 2030 and pledge to reduce the country’s reliance on nuclear power. South Korea plans to add 30.8 GW of generating capacity from solar power over this period. As of 2017, it has 5.7 GW of generating capacity from solar power.

The Fund is established in South Korea in collaboration with Samsung Asset Management Co., Ltd. and OCI Company (“OCI”), and is a first-of-its-kind fund in South Korea to be established with joint efforts by financial investors and a strategic partner. OCI provides the Fund’s investors access to their development expertise and network in the region, as well as a pipeline of projects developed and owned by OCI or constructed and operated by OCI. OCI, headquartered in Seoul, is a leading global renewable energy and chemical company with operations in Korea, China, Vietnam, Malaysia, Philippines, Europe and North America, and revenues exceeding US$3bn.

Geography
Turkey

Status
Invested

Open to new investors
No

Sector
Social Infrastructure

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IPM in collaboration with KDB Infrastructure Investments Asset Management Co., Ltd. (KIAMCO), established an investment trust fund (“KIAMCO Turkey Mersin Hospital Fund”) to make a EUR46m investment in the Mersin Integrated Health Campus PPP. This investment marks the first-time Korean institutional investors have invested in an operational hospital in Turkey without any other Korean content. The investment is covered by political risk insurance provided by a private insurer rated S&P AA-.

Geography
Central & Eastern Europe

Status
Established

Open to new investors
Yes

Sector
All Infrastructure (predominantly renewable energy)

Photos

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IPM CEEIF I aims to address the growing demand for access to investments in infrastructure projects while opportunities in markets widely regarded as more “established” (such as Western Europe, North America and Australasia) have become more competitive, driving returns down and increasing investors’ deployment risk. IPM CEEIF I’s unique strategy and IPM’s relationships with reputable developers in the CEE region provides proprietary access (but without being ‘captive’) to a predominantly renewable energy project investment pipeline, aiming to increase investor confidence of deployment while still targeting attractive returns. The focus on CEE is derived from IPM’s unique expertise and network in the region, and the prevailing investment pipeline of predominantly renewable energy infrastructure projects backed by government revenue streams, driven largely by internal and external pressures to increase the proportion of energy produced from renewable sources (e.g. from the EU’s National Action Plans for Renewable Energy) and the desire to achieve greater energy security and independence. IPM CEEIF I, however, remains opportunistic and may invest across the transport and social infrastructure sectors as well as energy, having the strategy to create a diversified portfolio which when aggregated, aims to provide returns from both yields during the holding period and capital appreciation upon divestment to larger ticket investors. The Fund is established as a Guernsey limited partnership and IPM CEEIF I is licensed by the Guernsey Financial Services Commission as an authorised, closed-ended collective investment scheme and regulated as a Qualifying Investor Fund (“QIF”).

Geography
Turkey

Status
Invested

Open to new investors
No

Sector
Social Infrastructure

Photos

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IPM and their onshore Turkey partners, Actus Asset Management, established a Private Equity Investment Fund (“PEIF”) to make a EUR60m investment in the Gaziantep Healthcare PPP on behalf of KDB Infrastructure Investments Asset Management Co. Ltd (“KIAMCO”), representing the KIAMCO Global Infrastructure Fund No. 3 and KIAMCO Turkey Gaziantep Hospital Fund. This investment represents one of IPM’s “first of its kind” transactions, using the Private Equity Investment Fund initiative introduced by Turkey’s Capital Markets Board in 2014, and the first time such a vehicle has been used to invest in Turkey’s infrastructure. The KIAMCO funds’ investment benefits further from political risk insurance provided by the Multilateral Investment Guarantee Agency (“MIGA”, part of the World Bank Group).

Visit us

London

IPM at Augentius
Two London Bridge
London SE1 9RA

Bratislava

Savoy 2 at Carlton
Mostova Street 2
Bratislava I

Istanbul

Dereboyu Cad. Bilim
Sk. Sun Plaza No:5
K:10 Maslak 34398

Guernsey

PO Box 60, Ground Floor
Cambridge House, Le Truchot, St. Peter Port
Guernsey GY1 4BF

Shanghai

18F, No. 399,
West Nanjing Road, Huangpu District
Shanghai, China p.c., 200003

Seoul

Seoul Finance Center,
23rd Floor 136 Sejong-daero,
Jung-gu, Seoul, Korea