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This section includes investor type descriptions for professional clients and market counterparties.
Professional client
A Professional Client is either: (i) a ‘deemed’ professional client; (ii) serviced-based professional client; or (iii) an assessed professional Client
(i) Deemed Professional Client
A person is a “deemed” professional client if the person is:
- a supranational organisation whose members are either countries, central banks or national monetary authorities
• a government, government agency, central bank or other national monetary authority of any country or jurisdiction
• a public authority or state investment body
• an Authorised Market Institution, Regulated Exchange or regulated clearing house
• a Regulated Financial Institution or the management company of a regulated pension fund;
• a Collective Investment Fund or a regulated pension fund;
• a corporate body whose shares are listed or admitted to trading on any exchange of an IOCSO member country
• trustee of a trust which has, or had during the previous 12 months, assets of at least $10 million;
• a Single Family Office licensed under the Single Family Office Regulations
• a person classified as a ‘large undertaking’ who meetstwoof the following criteria (i) a balance sheet total of at least $20 million; (ii) a net annual turnover of at least $40 million or (iii) own funds or called up capital of at least $2 million
(ii) Service-based Professional Clients
A person is a ‘serviced-based’ professional client if
- the services provided to the client is in relation to the provision of credit including arranging and/or advising on credit
• the services provided to the client relates to corporate structuring and financing such as advice relating to an acquisition, disposal, structuring, restructuring, financing or refinancing of a corporation or other legal entity i.e. takeovers, mergers and capital raising
(iii) Assessed-based Professional Clients
Assessed-based professional clients can be either (i) individuals; or (ii) undertakings
Individuals
An individual (and associated joint account holders) would be classified as an ‘assessed-based professional client’ if:
- the individual (and primary account holder, if relevant) has net assets of at least $1 million; and
• the individual is, or has been, an employee of an authorised firm or a regulated financial institution in the past two years; or
• the individual can provide evidence which demonstrates that they have sufficient knowledge and experience of relevant markets, products and associated risks
Where there is a joint account in place, the secondary account holder must obtain confirmation in writing that investment decisions relating to the joint account are made for or on behalf of the secondary account holder
Undertakings
Undertakings, which are generally not individuals, would be classified as ‘assessed-based’ professional clients if it:
- has own funds or called up capital of at least $1 million; and
• can evidence that they have sufficient knowledge and experience of relevant markets, products and associated risks
Market counterparties
A Market Counterparty is any person who is either:
- authorised firm;
• regulated financial institution; or
• professional client
Infrastructure Secondaries: Taking Off
Following the rapid growth seen in the infrastructure primary market over the last decade, secondaries are growing sub-segment within the infrastructure asset class, expected to reach new heights in the coming years.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Infrastructure primaries of today, secondaries of tomorrow
The time for infra secondaries is now. We believe infrastructure secondaries reaching new heights in the coming years.
We explore how secondary investors may be presented with opportunities that are interesting from both a risk-adjusted return and a portfolio construction perspective.
Why infrastructure secondaries
Infrastructure secondaries not only provide the traditional benefits of secondary investments, but may also offer additional distinct benefits specific to the infrastructure asset class.
Infrastructure is just beginning to catch up
Attractive pricing: Transacted infrastructure market pricing
Source
BlackRock, Campbell Lutyens Infrastructure Market Report H2 2023 and H1 2024 Secondary Market Overview, Evercore Private Capital Advisory H1 2024 Secondary Market Review, as of August 2024.
The formation and development of a secondary marketplace is a natural progression for illiquid asset classes, as seen in private equity and real estate. Over the past decade, Limited Partner (LP)-leds and General Partner (GP)-leds have each accounted for about half of transactions. LP-led secondary investments are typically acquired at a discount to NAV (Net Asset Value), driving immediate uplift. Pricing is often based on a historical reference date valuation, which may be stale at acquisition, potentially resulting in an effective discount higher than the optical discount, further enhanced through deferred payments.
The time is now
Infrastructure secondaries can play a variety of roles within a portfolio, for both new and existing infrastructure investors alike.
As infrastructure secondary penetration rates begin to catch up to the levels seen in private equity in the early 2000s, transaction volumes are expected to ascend to new heights in the coming years. As these conditions persist, we anticipate buyers could be presented with attractive investments at compelling prices. The time is now.
There are several ways for investors to engage with infrastructure secondaries. Institutional & high-net-worth investors can access infrastructure secondaries opportunities via LP-led, GP-led secondaries or bespoke structured solutions, through private funds and separately managed accounts.
There is no guarantee that any forecasts made will come to pass.
Sources: BlackRock, as of August 2024.
1) Campbell Lutyens – Infrastructure Market Report H2 2023, CBRE, 2023.
2) Inframation – Infrastructure M&A transaction; Campbell Lutyens – Infrastructure Secondary Volume. All figures in USD unless otherwise stated.
Authors
Serge Lauper
Global Head & CIO of Infrastructure Solutions
Jérôme Leyvigne
Co-Head of EMEA Investments, Global Lead for Infrastructure Secondaries, and ESG Officer for Infrastructure Solutions
Louis Grawehr
Lead Secondaries Underwriter, Senior Investment Professional
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