
Overview
Privately held infrastructure funds has raised USD102 billion globally in 2021, which is up from USD34 billion a decade earlier according to Preqin. In Asia Pacific, there are significant opportunities for infrastructure investments as ADB has estimated that an approximate USD1.7 trillion of infrastructure investments are required in Asia every year until 2030 with a study by Bain indicating that USD2 trillion of sustainable infrastructure is needed between 2021 and 2030 if South-east Asia is to achieve climate and sustainable development goals. Outside infrastructure funds, there are multiple ways to participate in the infrastructure boom via asset classes such as listed equity and public bonds. The rise of infrastructure as an asset class and the emergence of sustainable infrastructure in recent years has driven the need for investors and financiers to understand and keep up to date with the evolving infrastructure ecosystem and landscape, particularly in a market that is as heterogeneous as Asia Pacific.
CFA Society Singapore and Keppel Capital have thus collaborated to deliver this unique and highly relevant infrastructure investing/financing workshop. The workshop will enable the participant to have a comprehensive view of the landscape of investing/financing, how do practitioners do it and what are the risk factors involved. A case study will be run by an equity investor. The workshop will close with a virtual site visit to a sustainable infrastructure project, enhancing the learning experience of participants.
The workshop is an expert-led workshop with senior industry practitioners with a total of over 100 years of experience, teaching topics in their respective domain with their roles being:
- Equity Investor
- Legal
- Multilateral
- Bank
- Insurance
- Rating Agency
What skills will you gain through this course?
- Understand how do infrastructure equity investor generate returns, what is sustainable infrastructure and the investable space
- Understand how do debt providers-banks, public debt investors, multilaterals approach infrastructure financing and the lifecycle of project investments from entry to exit
- Appreciate the ESG considerations for equity, bank, multilateral and public debt investors
- Obtain an understanding of key project structures and contracts
- Identify key risks and risk mitigation strategies and approaches
Who should attend?
- Infrastructure investment, banking professionals, project and financial advisors with less than 6 years’ experience in infrastructure industry
- Private bankers, family offices and investors in direct or indirect infrastructure private equity and public equity/debt
- Individuals working in corporates which are developing, operating and/or investing in infrastructure
Course Outline
11 to 12 November 2021
(Thurs & Fri)
Day 1: 8:45am to 5:45pm
Day 2: 9:00am to 4:00pm
Virtual via Zoom
Course Fee
CFA Society Singapore member: S$1,680*
Non-Member: S$1,980*
*Price subject to 7% GST
Professional Learning Credits
(CFA Institute)
11.5 PL hours
DAY 1
0845 - 0900
Welcome Message
0900 - 0945
Introduction to Infrastructure Asset
a. Long-term Concessions
b. Regulated Tariffs
c. Governmental Interface
d. High Barriers to Entry
What are the types of Investable Assets
a. Power (Thermal, Renewable)
b. Environmental Utilities (Water, WTE)
c. Energy
d. Transport
e. Telecommunications

Hector Wang, Senior Vice President, Keppel Capital
0945 - 1045
Risk Analysis
Typical Risks and Mitigants
a. Revenue
b. Construction
c. Political
d. Operating Expenses
e. Regulatory

David Richardson, Director, Keppel Capital
1045 - 1115
Tea Break
1115 - 1210
Bank Lending
a. Types of Lenders
b. Financing Instruments – PF Loans, Green /
Sustainability Bonds, Project Bonds
c. Summary Risk Analysis from a Lender’s Perspective
d. Sample Financing Terms for a PF Loan
e. Project Accounts
f. Equator Principles

1210 - 1315
Lunch
1315 - 1430
Common Project Structures and Contracts
a. PPP
b. BOT
c. BOOT
d. EPC, O&M, PPA, SHA, FA, Fuel Supply


David Platt, Partner, Finance & Projects, Pinsent Masons
1430 - 1530
Public Markets – Bonds
a. Ratings Methodology
b. Rating Process
c. Project Finance default and recovery studies
d. Bayfront
e. Cases
f. ESG

1530 - 1600
Tea Break
1600 - 1645
Public Agency
a. Role of Multilaterals
b. Preferred Creditor Status
c. Type of Instruments – Equity/A-B loan/Guarantees
d. Cases
e. ESG

Thomas Walenta, CFA, Senior Investment Officer, Asian Infrastructure Investment Bank (AIIB)
1645 - 1745
Risk Mitigants and Alternatives Distribution
a. Construction Risks- DSU
b. Cyber Risk
c. Terrorism Risk
d. Transition into Operating Risk
e. PRI
f. CRI and unfunded risk participation


Victor Ong, CFA,, Senior Deputy Global Head, Portfolio Management, CRS, Axis Capital
DAY 2
0900 - 1000
Private Equity, Infrastructure Funds and Venture Capital Funds: Structure, Key Terms and Trends
a. Fund Structuring
b. Hot Button Issues
– Funding Economics
– GP Investment
– Transparency and Reporting
– Fund Governance and Affiliate Transactions
– Termination
– Co-Investment Rights

Mark Davies, Partner, Corporate, Finance and Investments, King & Spalding
1000 - 1100
Case Study 1

1100 - 1130
Tea Break
1130 - 1215
Fireside Chat

1215 - 1245
Presentation of Certificates of Participation / Closing Address
1245 - 1345
Lunch
1345 - 1545
Virtual Site Visit
1600 onwards
End of Workshop
Supporting Partners


