Investment Process

Each investment is subject to intense scrutiny and due diligence and must meet the Fund’s eligibility criteria with strict concentration limits on geography, project type and issuers.

Step 1

Origination

  • Identify market opportunities in sectors and jurisdictions with strong credit characteristics and attractive relative pricing
  • Leverage relationships with lending banks and infrastructure owners

Step 2

Initial screening

  • Eliminate assets unlikely to pass investment approval
  • Identify strong credits for inclusion in shortlist for full analysis

Step 3

Detailed credit analysis

  • Due diligence and credit processes
  • Site visits, meetings with management, as appropriate
  • Run proprietary analytical models, if applicable
  • Determine risk characteristics and mitigants
  • Ensure no diversification, concentration or other limits are broken

Step 4

Investment Committee review

  • Full credit memorandum and valuation/yield analysis is provided to the Investment Committee for review
  • A unanimous investment decision is required in order to make the recommendation to the Alternative Investment Fund Manager (AIFM)
  • Investment Committee minutes, credit memorandum and any other material credit documentation are submitted to the AIFM for detailed review
  • Investments with certain characteristics are reviewed by Board’s Risk Committee
  • The AIFM has full discretion on recommendation to approve or decline investments

Step 5

Acquisition and ongoing monitoring

  • Investment Adviser executes the trade once the recommendation is approved
  • Execution of appropriate currency hedge, as necessary
  • All ongoing credit monitoring and updates including the Investment Committee reviews are sent to the AIFM
  • Every asset is monitored semi-annually at a minimum, and more frequently when required
  • A full portfolio presentation is provided to the Board semi-annually in addition to quarterly Board reviews
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