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

Author

Listed:
  • Georg Inderst
  • Raffaele Della Croce

    (OECD)

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.

Suggested Citation

  • Georg Inderst & Raffaele Della Croce, 2013. "Pension Fund Investment in Infrastructure: A Comparison Between Australia and Canada," OECD Working Papers on Finance, Insurance and Private Pensions 32, OECD Publishing.
  • Handle: RePEc:oec:dafaad:32-en
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    File URL: http://dx.doi.org/10.1787/5k43f5dv3mhf-en
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    References listed on IDEAS

    as
    1. Pablo Antolín & Debbie Harrison, 2012. "Annual DC Pension Statements and the Communications Challenge," OECD Working Papers on Finance, Insurance and Private Pensions 19, OECD Publishing.
    2. Berstein, Solange & Fuentes, Olga & Villatoro, Félix, 2013. "Default investment strategies in a defined contribution pension system: a pension risk model application for the chilean case," Journal of Pension Economics and Finance, Cambridge University Press, vol. 12(04), pages 379-414, October.
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    Cited by:

    1. Inderst, Georg & Stewart, Fiona, 2014. "Institutional Investment in Infrastructure in Emerging Markets and Developing Economies," MPRA Paper 62522, University Library of Munich, Germany.
    2. Trianti, Nikoletta, 2015. "Portfolio Management in Public Pension Reserve Funds/Gestión de carteras en los Fondos de Reserva de las Pensiones Públicas," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 33, pages 985-1008, Septiembr.
    3. Emily Poole & Carl Toohey & Peter Harris, 2014. "Public Infrastructure: A Framework for Decision-making," RBA Annual Conference Volume,in: Alexandra Heath & Matthew Read (ed.), Financial Flows and Infrastructure Financing Reserve Bank of Australia.
    4. Inderst, Georg, 2013. "Private infrastructure finance and investment in Europe," EIB Working Papers 2013/02, European Investment Bank (EIB).
    5. Inderst, Georg, 2015. "Social infrastructure investment: private finance and institutional investors," MPRA Paper 69504, University Library of Munich, Germany.

    More about this item

    Keywords

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

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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