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Trends in Large Pension Fund Investment in Infrastructure

  • Raffaele Della Croce
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    Favourable conditions such as the growth of pension fund assets, privatisation trends and changing regulations have increased the interest of institutional investors in infrastructure investment. However, data on pension fund investment in infrastructure is limited. National statistical agencies do not currently collect separate data on these investments, and the different modes available to investors to gain exposure to infrastructure means that information is buried under different headings. This paper is based on a recent survey of some of the largest pension funds across different regions, accounting for over USD 7 trillion of assets under management. We look at how much these investors have allocated to infrastructure, what is considered as infrastructure, where it fits in the total portfolio allocation, what approaches and forms of investment have been taken, what are recent trends in relation to infrastructure and asset allocation, regulation and green investment. A better understanding of these issues is necessary from a policy perspective in order to be able to attract institutional investors to the infrastructure sector. Tendances dans les investissements des grands fonds de pension dans les infrasctructures Des conditions propices, comme la croissance de l’actif des fonds de pension, l’orientation des privatisations et l’évolution de la réglementation, ont attisé l’intérêt des investisseurs institutionnels en faveur des investissements dans les infrastructures. Pour le moment, les données disponibles à ce sujet sont toutefois limitées. Les instituts de la statistique des différents pays ne compilent pas, pour l’heure, de données distinctes sur cette catégorie d’investissements, ces informations étant ventilées et dissimulées sous différents intitulés en raison de la diversité des vecteurs par lesquels les investisseurs peuvent se doter d’une telle exposition. Le présent rapport se fonde sur une enquête récente consacrée à certains des plus grands fonds de pension des différentes régions du monde, dont l’actif total sous gestion s’élève à plus de 7 000 milliards USD. Y sont analysés : la part allouée aux infrastructures par les investisseurs ; ce qui est considéré comme une infrastructure, la place de ces investissements dans les allocations globales de portefeuille, les approches retenues pour les réaliser et les formes qu’ils prennent, les récentes tendances dans le domaine des infrastructures et en matière d’allocation d’actifs, la réglementation et les investissements verts. Du point de vue des pouvoirs publics, il est indispensable d’acquérir une meilleure compréhension de ces questions pour pouvoir attirer les investisseurs institutionnels vers ce secteur.

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    Paper provided by OECD Publishing in its series OECD Working Papers on Finance, Insurance and Private Pensions with number 29.

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    Date of creation: 07 Dec 2012
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    Handle: RePEc:oec:dafaad:29-en
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