ADB to invest in Philippines infrastructure fund

By Sarah Ann McCay31 July 2012

Asian Development Bank

Asian Development Bank

The Asian Development Bank (ADB) is to invest in the first-ever private equity fund for Philippine infrastructure investments.

The bank will contribute to the US$ 625 million Philippine Investment Alliance for Infrastructure (PINAI) fund. Other investors include Philippines' state-owned pension fund Government Service Insurance System (GSIS), Dutch pension fund asset manager APG, and the Macquarie Group.

The fund will invest in domestic core infrastructure assets with an initial focus on existing projects that need expansion or rehabilitation. However, PINAI will also be in a position to support the development of critical infrastructure projects from the ground up.

According to the Philippine Development Plan, 12% of the country's US$ 120 billion investment requirements need to come from the private sector. PINAI will target five to 10 investments of approximately US$ 50 million to US$ 125 million each to provide for portfolio diversification.

Macquarie Infrastructure and Real Assets (MIRA), the world's largest infrastructure fund manager, will manage PINAI.

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