On June 1, 2010, Infrastructure Investor magazine released "The Infrastructure Investor 30", its global ranking of the largest infrastructure direct-investment programmes. According to the magazine, the 30 largest infrastructure investment programmes in the world formed $140.5 billion in investment capital over the past five years, with investment bank-affiliated funds raising at least $48.6 billion in the past five years for infrastructure.
The full list available on Infrastructure Investor's website can be accessed here.
The ranking, which is based on a proprietary methodology developed by Infrastructure Investor, challenges the common assertion that independent fund managers are likely to enjoy more fundraising success than captive funds managed by investment banks or private equity firms. Non-investment bank affiliated funds raised $47.9 billion, $700 million less than the bank-sponsored funds and about one-third of the $140.5 total for The Infrastructure Investor 30.
Macquarie Group, the Sydney-based investment bank best known for its infrastructure investment activities topped the ranking with $30.6 billion in direct-investment capital formed for infrastructure. Approximately $8.5 billion of that was raised across Macquarie's listed funds, $21.7 billion across its unlisted funds, and about $500 million in direct balance sheet investments by the firm over the last five years.
Goldman Sachs, the New York-based investment bank, came in second, at $9.1 billion. In April 2010, Goldman Sachs Principle Investment Area topped the list of the world's largest private equity firms, complied by Infrastructure Investor's sister publication Private Equity International.
Among pension plans, Canadian-based Ontario Municipal Employees Retirement System, at $6.2 billion, and Caisse de Dépôt et Placement du Québec, at $6.1 billion, figured prominently in the ranking, at 5th and 6th place, respectively. All together, pensions accounted for $32 billion, or about 23 percent, of the total infrastructure direct-investment capital created by the Infrastructure Investor 30.
As for infrastructure developers, which often take minority equity stakes in projects, of the three developers to make the list, conglomerate Ferrovial of Spain, UK's Balfour Beatty and Madrid-based ACS all finished in the bottom half of the list, with Ferrovial earning 16th place in the ranking at $2.9 billion.
The Infrastructure Investor 30 was created using a proprietary methodology that takes into account the total direct-investment equity created by an investor for infrastructure in the last five years. The methodology was created to measure the size of the three major investor types in the asset class, fund managers, pension plans and infrastructure developers, in an apples-to-apples manner.