Preqin-实物资产透视（英文）-2018.6-15页

Summary of REAL ASSETS Newsletter

Core Content

This newsletter provides an overview of the current state and future outlook of the infrastructure and natural resources markets in Asia, as well as insights into the broader alternative assets landscape. It highlights key trends, performance metrics, and investment opportunities in these sectors.

Main Points

The Rise of Infrastructure in Asia

• Growth in AUM: As of September 2017, Asia-focused unlisted infrastructure assets under management (AUM) reached a record $57bn, up from $7.1bn at the end of 2008, representing an eightfold increase.
• Drivers of Growth: Continued economic development and population growth in Asia have fueled the need for infrastructure investment.
• AIIB Role: The Asian Infrastructure Investment Bank (AIIB) was established in 2015 to support infrastructure needs, with 57 founding member countries and ongoing expansion.
• Fundraising Trends: 2017 saw a decrease in fundraising compared to 2016, with only eight funds closing for $1.6bn. However, 2018 showed improvement, with the Macquarie Asia Infrastructure Fund II closing at $102% of its target.
• Deal Flow: 2017 recorded the fewest infrastructure deals in Asia since 2012, with 373 deals totaling $74bn. The average deal size increased significantly, surpassing the global average.
• Renewable Energy: Renewable energy deals have grown substantially over the past decade, accounting for 45% of all infrastructure deals in 2017. Notable deals include the $12.9bn Essar Oil acquisition and the TWD 180bn Taiwan Strait Wind Assets purchase.
• Investor Activity: North America-based investors represent the largest proportion (46%) of Asian infrastructure-focused investors. The majority (73%) of Asia-based investors use unlisted funds for infrastructure exposure.

Natural Resources: Back on Track?

• AUM Growth: Natural resources AUM reached a record $563bn as of September 2017, showing a rebound from previous years.
• Performance Trends: Natural resources funds have historically underperformed other private capital strategies, with the lowest median net IRR for 2010 vintage funds. However, 2015 vintage funds outperformed, with a median net IRR of 14.1%.
• Oil Impact: Oil prices have had a significant impact on natural resources fund performance. Despite a drop in 2015, the sector has recovered, with performance outperforming public S&P indices.
• Top Performing Funds: Aravis Energy I (2009 vintage) is the top-performing natural resources fund with a net IRR of 448.0%. Most top performers are energy-focused and based in North America.

Key Information

• Asia's Infrastructure Market:

  • AUM increased from $7.1bn in 2008 to $57bn in 2017.
  • 15 unlisted infrastructure funds are currently in market, targeting $8.3bn.
  • Renewable energy deals now make up 45% of all infrastructure deals in Asia.
  • The largest deals in 2017 involved oil and wind power assets.

• Natural Resources Market:

  • AUM reached $563bn in September 2017.
  • 31% of recent natural resources funds focus on oil.
  • Top performers are energy-focused and based in North America.
  • The PrEQIn Natural Resources Index has consistently outperformed public indices despite commodity price volatility.

• Investor Trends:

  • North America-based investors dominate the Asian infrastructure market.
  • Asia-based investors primarily use unlisted funds to access infrastructure opportunities.
  • Large institutional investors are diversifying into natural resources for better returns and risk-adjusted performance.

• Challenges:

  • High valuations and deal flow remain key concerns for infrastructure fund managers.
  • Commodity price fluctuations, particularly in oil, pose risks for natural resources investments.
  • Public markets are more volatile than unlisted markets, which offer better protection against price swings.

• Outlook:

  • Infrastructure in Asia is expected to continue growing due to government initiatives and investor appetite.
  • Natural resources performance is improving but remains sensitive to oil price changes.
  • The market is likely to adapt to future fluctuations, driven by continued investor interest and the need for sustainable development.

Key Figures and Tables

• Fig. 1: Asia-Focused Unlisted Infrastructure AUM growth from 2008 to 2017.
• Fig. 2: Annual Asia-Focused Unlisted Infrastructure Fundraising (2008-2018 YTD).
• Fig. 3: Largest Asia-Focused Unlisted Infrastructure Funds Closed in the Last 10 Years.
• Fig. 4: Infrastructure Deals in Asia by Country (2012-2018 YTD).
• Fig. 5: Largest Natural Resources Fund Managers by Estimated Dry Powder (As at September 2017).
• Fig. 6: Top Performing Unlisted Natural Resources Funds (All Vintages).
• Fig. 7: Median Net IRRs by Vintage Year: Natural Resources vs. Other Private Capital Strategies.

Additional Information

• The newsletter includes data from Preqin, offering insights into fundraising, deal flow, and performance across alternative asset classes.
• Preqin's platform allows users to identify top-performing fund managers and access comprehensive market data.
• The newsletter is available for free download in Excel format.