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The Rise of a Global Infrastructure Market through Relational Investing

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  • Morag Torrance

Abstract

Infrastructure assets around the world are shifting from public to private ownership. This article investigates how institutional investors are investing beyond their traditional financial and geographic borders and are increasingly serving as owners of infrastructure assets. It shows how infrastructure assets have specific geographies of information embedded in their investment returns and discusses the growing interest of institutional investors in investing in the infrastructure landscape. While infrastructure investments are considered globally, opportunities depend on the availability of specialist information in the region of investment. The article demonstrates that the low-risk, geographically varied returns match the diversification objectives of pension fund portfolios. Relational investing is important in implementing strategies for investing in the infrastructure, since the bidding on and ensuing ownership and management of infrastructure assets around the world require a combination of financial, legal, and technical expertise. The article addresses three distinct economic geography literatures: the geography of finance, pension fund research, and emerging debates on “relational geometries.”

Suggested Citation

  • Morag Torrance, 2009. "The Rise of a Global Infrastructure Market through Relational Investing," Economic Geography, Taylor & Francis Journals, vol. 85(1), pages 75-97, January.
    • Handle: RePEc:taf:recgxx:v:85:y:2009:i:1:p:75-97
    DOI: 10.1111/j.1944-8287.2008.01004.x
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    Citations

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    Cited by:

    1. Paul Langley, 2018. "Frontier financialization: Urban infrastructure in the United Kingdom," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 172-184, June.
    2. Surbhi Gupta & Anil Kumar Sharma, 2022. "Evolution of infrastructure as an asset class: a systematic literature review and thematic analysis," Journal of Asset Management, Palgrave Macmillan, vol. 23(3), pages 173-200, May.
    3. Michael Pryke & John Allen, 2019. "Financialising urban water infrastructure: Extracting local value, distributing value globally," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1326-1346, May.
    4. J Miguel Kanai & Seth Schindler, 2019. "Peri-urban promises of connectivity: Linking project-led polycentrism to the infrastructure scramble," Environment and Planning A, , vol. 51(2), pages 302-322, March.
    5. Thierry Theurillat & Patrick Rérat & Olivier Crevoisier, 2015. "The real estate markets: Players, institutions and territories," Urban Studies, Urban Studies Journal Limited, vol. 52(8), pages 1414-1433, June.
    6. Phillip O’Neill, 2019. "The financialisation of urban infrastructure: A framework of analysis," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1304-1325, May.
    7. Tan, Jeff, 2012. "The Pitfalls of Water Privatization: Failure and Reform in Malaysia," World Development, Elsevier, vol. 40(12), pages 2552-2563.
    8. Wouter Thierie & Lieven Moor, 2016. "The characteristics of infrastructure as an investment class," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 30(3), pages 277-297, August.
    9. Jimmy, Charles & Falianty, Telisa Aulia, 2021. "Managing leverage of infrastructure projects: Aggregate and sectoral risk effect," Journal of Asian Economics, Elsevier, vol. 73(C).
    10. Callum Ward, 2021. "Contradictions of Financial Capital Switching: Reading the Corporate Leverage Crisis through The Port of Liverpool's Whole Business Securitization," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 249-265, March.
    11. Alex Loftus & Hug March, 2016. "Financializing Desalination: Rethinking the Returns of Big Infrastructure," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 40(1), pages 46-61, January.
    12. Muhammad Jufri Marzuki & Graeme Newell, 2020. "The investment opportunities in the innovation-led listed satellite and telecommunication infrastructure sectors," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 39(3), pages 223-238, April.
    13. Muhammad Jufri Marzuki & Graeme Newell, 2020. "A global investment opportunity in non-listed infrastructure for institutional investors," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 39(3), pages 239-255, May.
    14. Colin Turner, 2018. "The governance of polycentric national infrastructure systems: Evidence from the UK National Infrastructure Plan," Environment and Planning C, , vol. 36(3), pages 513-529, May.
    15. Malaquias, Rodrigo Fernandes & Zambra, Pablo, 2018. "Disclosure of financial instruments: Practices and challenges of Latin American firms from the mining industry," Research in International Business and Finance, Elsevier, vol. 45(C), pages 158-167.
    16. Rajiv Sharma & Eric Knight, 2016. "The Role of Information Density in Infrastructure Investment," Growth and Change, Wiley Blackwell, vol. 47(4), pages 520-534, December.

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