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Pension Fund Investment in Infrastructure: A Comparison Between Australia and Canada

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  • Georg Inderst
  • Raffaele Della Croce
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    Abstract

    Australian and Canadian pension funds have been pioneers in infrastructure investing since the early 1990s. They also have the highest asset allocation to infrastructure around the globe today. This paper compares and contrasts the experience of institutional investors in the two countries looking at factors such as infrastructure policies, the pension system, investment strategies and governance of pension funds. The ‘Canadian model’ and the ‘(new) Australian model’ of infrastructure pose a challenge to the ‘private equity model’, dominant in Europe and the USA. Important lessons can be learnt by both policy makers and investors. Investissements des fonds de pension dans les infrastructures : Comparaison entre l'Australie et le Canada Les fonds de pension australiens et canadiens sont parmi les premiers à avoir investi en infrastructures, dans les années 1990. Aujourd’hui, la part des actifs qu’ils y consacrent est inégalée dans le monde. Le présent document met en lumière les similitudes et les différences du cadre de l’investissement institutionnel dans les deux pays, en s’intéressant à des facteurs tels que les politiques en matière d’infrastructures, les systèmes de retraite, les stratégies d’investissement et la gouvernance des fonds de pension. Le « modèle canadien » et le « (nouveau) modèle australien » d’infrastructures remettent en cause le « modèle du capital-investissement » prédominant en Europe et aux États-Unis. Les observer peut être riche d’enseignements pour les décideurs comme pour les investisseurs.

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    File URL: http://dx.doi.org/10.1787/5k43f5dv3mhf-en
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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Working Papers on Finance, Insurance and Private Pensions with number 32.

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    Date of creation: 18 Jul 2013
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    Handle: RePEc:oec:dafaad:32-en

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    Keywords: infrastructure; Canada; asset allocation; private finance; pension regulation; pension funds; institutional investors; infrastructure policy; Australia; infrastructure investment; Australie; politique des infrastructures; investisseurs institutionnels; réglementation des pensions; financement privé; investissement dans les infrastructures; Canada; infrastructure; fonds de pension; allocation d'actifs;

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