Of the 98 deals involving unlisted infrastructure funds in 2010 YTD, 17 have been located in emerging markets. In terms of industry sector, a large proportion of deals made in emerging markets are in transportation and renewable energy, with five deals made in each sector. Two deals took place in both the hospitals and utilities sectors and there was one deal made in each of the telecoms, logistics and natural resources sectors.
The most recent emerging markets deal, which took place in August 2010, was a USD 200 million investment in GMR Airports Holdings by Macquarie State Bank of India Infrastructure Fund. The investment may give the fund a stake of up to 39.1% in the company. GMR Airports Holding is a wholly owned subsidiary of GMR Infrastructure, which invests in Indian airports, including Delhi International Airport and GMR Hyderabad International Airport.
There are 40 unlisted infrastructure funds currently raising capital to invest in emerging markets, which equates to 38% of the total number of unlisted infrastructure vehicles on the road. The aggregate target size of such funds is USD 17.7 billion, which accounts for 22% of the global target.
For more information on deals made by unlisted infrastructure fund managers please see Preqin’s Infrastructure Online service.