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Infrastructure Investing: Managing Risks & Rewards for Pensions, Insurance Companies & Endowments


Over the next decade, North America, Europe, and the developing world will experience an unprecedented surge of investment in infrastructure. The promise for investors is great; the risks are similarly huge. In his Infrastructure Investing: Managing Risks and Rewards for Pensions, Insurance Companies, and Endowments, Rajeev Sawant has given us a road map to investing in infrastructure. His analysis and writing is crisp, clear, and politically and economically sophisticated. Rajeev's book is must reading for smart investors.—Frank G. Wisner, International Affairs Advisor, Patton Boggs, LLP, Vice Chairman External Affairs AIG, U.S. Ambassador to India

"Rajeev Sawant's Infrastructure Investing is at the intersection of two of the most daunting challenges of the first half of the twenty-first century: the surge of infrastructure investing necessary to sustain population growth and to improve living standards, and finding long-tenor assets for pension funds and insurance companies on behalf of an aging population with ever longer life expectancies. By unlocking the alchemy of project finance, Sawant uniquely establishes infrastructure investing as an asset class. A must-read for all asset managers and any serious student of global investing."—Laurent L. Jacque, Walter B. Wriston Professor of International Finance & Banking, Fletcher School, Tufts University

RAJEEV J. SAWANT is a Research Fellow at the Center for Emerging Market Enterprises at the Fletcher School, Tufts University. Prior to this, heconsulted for JSA Partners (an A.T. Kearney spin-off) in international strategic alliances in aerospace and defense. Sawant is a member of the Academy ofManagement and the Financial Management Association, is an Inlaks Shivdasani Foundation scholar, and has served as Aide de Camp to the President of India. He holds a PhD inbusiness strategy and international management.


Chapter 1 Infrastructure Demand and Investment Funds.

An Overview of Infrastructure Demand.

Availability of Funds.


Chapter 2 Infrastructure Asset Characteristics.

Defining Asset Classes.

Portfolio Perspective to Asset Classification.

Large Upfront Investments.

Strong Cash Flows.

Stable Cash Flows.

Long Life.

Irreversible Investments.

Location Specificity.

Growth Options.

Value under Default.


Chapter 3 Equity Infrastructure Indexes.

Infrastructure Investment Options.

Equity Infrastructure Indices.

Macquarie Global Infrastructure Index.

S&P Global Infrastructure Index.

CSFB Emerging Markets Infrastructure Index.

Efficient Frontier.


Chapter 4 Debt versus Equity Mode of Investment.

Theories of Capital Structure.

Pecking Order Theory.

Free Cash Flow Theory.

Trade-off Theory of Capital Structure.

Governance and Capital Structure.

Options Approach.

Private Equity Model of Investing.


Chapter 5 Infrastructure and the Threat of Holdup.

Transaction Cost Economics.

Solutions for the Holdup Problem.


Chapter 6 Infrastructure Assets and Political Risk.

Political Risk Typology.

Sovereign Holdup.

Types of Risk.

Hedging Sovereign Hold-up.

Risk Mitigation Strategies.


Chapter 7 Project Finance and Infrastructure.

Project Finance Structure.

Project Finance versus Corporate Finance.

Ras Laffan Revisited.

Project Risk Analysis.

Credit Rating Agencies.

Using the Project Finance Structure.

Role of Government.


Chapter 8 Infrastructure Asset Valuation and Bond Returns.

An Overview of Infrastructure Valuation Theory.

Basel II and Infrastructure Lending.

Infrastructure Bond Returns.


Chapter 9 Case Studies.

Case Study 1: Aguas Argentinas S.A.

Case Study 2: Dabhol Power Company.



About the Author.