Private Infrastructure Strategy
Private Infrastructure Strategy

Private Infrastructure Strategy

 
 
 
Summary

Morgan Stanley Infrastructure (MSI) is a leading global infrastructure investment platform. MSI employs an established, disciplined process to invest in diverse infrastructure assets in predominantly OECD countries and seeks to create value through active asset management and operational improvements. MSI's team, one of the largest in the industry, is based in New York, London, Melbourne, Hong Kong, Amsterdam and Mumbai. Team members possess considerable infrastructure investing and asset management experience, and leverage their senior-level relationships as well as the unparalleled global network of Morgan Stanley to source investment opportunities.

 
 
Investment Approach
Philosophy

Morgan Stanley Infrastructure Partners seeks to pursue a global OECD core-plus strategy by focusing on the acquisition of infrastructure assets with the potential of being turned into core assets, but which, for various reasons, are being operated or managed in a less than optimal manner or where company functions need to be established or rebuilt. MSIP defines these situations as core-plus opportunities, as they allow for significant value creation through operational improvements and can include carve-outs of assets from larger entities, assets being privatized, or generally undermanaged assets requiring capital for organic growth, business development projects, or follow-on acquisitions. MSIP defines core infrastructure assets as mature businesses with long-term performance history, often operating in regulated environments or under concession or other long-term agreements, in many cases with a high degree of predictability and stability.

 
Differentiators
Global Network for Sourcing and Investing

MSIP's global network for sourcing and investing benefits from Morgan Stanley’s presence in 43 countries, providing access to a very strong network of relationships and proprietary information flows to identify investment opportunities, many of which are not generally available in the public domain.

Experienced Team, Established Process

MSIP benefits from a global team with deep experience in all aspects of infrastructure investing.  A carefully constructed, tested, and disciplined investment process is designed to ensure that investments are reviewed and compared on a global basis.  The size of the global team enables consideration of a large number of opportunities, which are filtered to identify and focus on those with the potential for the best risk-adjusted returns.

Operational Value-add Strategy

MSIP's methodical and intensive approach to asset management has created value for assets in its portfolio of investments.  Such efforts have translated into additional revenues and EBITDA, or have reduced risk. In addition, MSIP has improved the environmental profile of many of its portfolio companies.

 
Investment Process

MSIP has a well-organized, thorough, and tested investment process. This process is designed to ensure that investments are reviewed and compared on a global basis. MSIP's global scope allows the team to focus on deals that, in its view, offer particularly attractive risk-adjusted returns. Execution of this process is facilitated by the MSIP team's deep experience in all aspects of infrastructure investing.

1
Screening
  • Source through proprietary channels
  • Analyze to determine key characteristics
  • Analyze to determine expected returns
  • Enlist third-party expertise
2
Portfolio Construction
  • Seek diversification
  • Meet defined thresholds
  • Determine contribution to overall return
3
Due Diligence & Structuring
  • Dedicated transaction team
  • Review of key risks and assumptions
  • Development of view on value
  • Seek to minimize risks
  • Structure debt financing
  • Negotiate terms of transaction
4
Investment Review
  • Deal Team
  • Review Team
  • Partners
  • Investment Committee
5
Investment Decision
  • Submission to Investment Committee
    • Bid Price
    • Select terms and conditions
  • Investment Decision
6
Implementation
  • Enhancement of portfolio company management
  • Cost control and rationalization
  • Capex—growth, reinvestment, and technology
  • Economies of scale
  • Financial optimization
  • Operational partnerships
  • Governance, corporate control, and regulatory measures
Investments

OECD ASSETS WITHIN MORGAN STANLEY INFRASTRUCTURE PARTNERS PORTFOLIOS

CURRENT HOLDINGS
Red Oak Power Acquired June 2017
Red Oak is an 800 megawatt, baseload, gas-fired power plant located in the Northeastern United States that has been in operation since 2002.
Altán Redes Acquired March 2017
Altán Redes is an international consortium that holds a 20-year concession for the construction and operation of an operator-neutral, nationwide, 4G-LTE network in Mexico.
VTG AG Acquired October 2016
VTG is the largest private wagon hire company in Europe and one of the leading providers of rail and tank container logistics services.
Hornet Midstream Acquired July 2016
Hornet Midstream is a natural gas gathering pipeline system, strategically situated in the core of the Marcellus and Utica shale gas basins.
Ital Gas Storage Acquired August 2015
Ital Gas Storage holds a 40-year concession to convert and operate a depleted gas field in Northern Italy into a regulated gas storage facility.
Eureka Midstream Acquired September 2014
Eureka Midstream is a natural gas gathering pipeline system, strategically situated in shale gas basins of the U.S. Northeast.

Medical Area Total Energy Plant Acquired May 2010
Medical Area Total Energy Plant is the sole provider of essential electricity, steam and chilled water to off-takers in one of the busiest medical zones in the U.S.

Chicago Parking Meters Acquired February 2009
Chicago Parking Meters is the third-largest metered parking system in the U.S., the first and largest asset of its kind to be concessioned under a public-private partnership.

EXITED HOLDINGS
Affinity Water Exited May 2017
Affinity Water is the largest regulated water-only company in the U.K. by revenue.
Agorá Investimenti Exited April 2017
Agorá Investimenti is the manager of Venice area airports, the third-largest area in Italy after Rome and Milan.

Madrileña Red de Gas Exited May 2015
Madrileña Red de Gas is the second-largest gas distributor in Madrid and third largest in Spain
Southern Star Exited April 2015
Southern Star is a primary gas transmission/storage facility provider for several major Midwest U.S. cities.
Eversholt Rail Group Exited June 2015
Eversholt Rail Group is one of three leading train-leasing companies in the U.K., with approximately 29% of total current British passenger rail fleet.
Montreal Gateway Terminals Exited March 2015
Montreal Gateway Terminals is the dominant operator at Port of Montreal and second-largest container facility in Canada.
Chicago Loop Parking Exited January 2014
Chicago Loop Parking (CLP) holds a 99-year concession to operate the largest underground parking system in the U.S. in the heart of downtown Chicago.
Saesa Group Exited November 2011
SAESA Group is the second-largest electricity distributor in Chile, serving more than 15% of the country's population through hydro, diesel, and gas electric generation.

Sapphire Holdings Exited November 2009
Sapphire Holdings purchased subordinated-debt from BAA, which, at the time, owned a number of British airports.
 
 
 
 
Investment Professionals  View Team Details >
Chief Investment Officer, Infrastructure Partners
19 years industry experience
Global Head of Investment Strategy, Infrastructure Partners
26 years industry experience
Asia Pacific Investing, Infrastructure Partners
23 years industry experience
Americas Investing, Infrastructure Partners
29 years industry experience
Senior Advisor, Infrastructure Partners
36 years industry experience
Chairman of Europe, Infrastructure Partners
29 years industry experience

CONTACT US

For more information about Morgan Stanley Infrastructure Partners, please contact
msipinvestor@morganstanley.com

 
 
 
 

ご案内の運用戦略の中には、日本でご紹介していないものも含まれています。また、受託資産額が運用上限に達したため受託を一時的に停止している運用戦略が含まれている場合があります。詳細につきましては、お問い合わせ下さい。

リスクについて

受託資産の運用は、受託資産に組入れられた株式その他の有価証券等の価格変動リスクや株式その他の有価証券等の発行体の信用リスク等による影響を受けます。受託資産の運用による損益はすべてお客様に帰属し、元本が保証されているものではなく、元本損失又は受託資産に関して行われる取引に際し預託すべき委託証拠金その他の保証金の額を上回ることとなるおそれがあります。個別の受託資産ごとに投資対象資産の種類や投資制限、取引市場、投資対象国等が異なることから、リスクの内容や性質が異なりますので、投資一任契約を締結する際には、契約締結前交付書面をよくご覧ください。

受託資産の運用に係る費用について

投資顧問契約及び投資一任契約に係る投資顧問報酬として、契約資産額に対して年率2.16%(税込)を上限とする料率を乗じた金額が契約期間に応じてかかります。投資一任契約に基づいて投資信託を組み入れる場合は、投資する投資信託に係る費用等が投資顧問報酬に加えてかかる場合があります。また、一部の戦略では投資顧問報酬に加えて成功報酬がかかる場合があります。その他の費用として、組み入れ有価証券の売買手数料、先物・オプション取引に要する費用、有価証券の保管費用等を間接的にご負担頂いただく場合があります。これらの手数料等は契約内容、契約資産の額、運用状況等により異なる為、事前に料率、上限額等を示すことができません。

当ページの情報は、モルガン・スタンレー・インベストメント・マネジメント株式会社(以下、当社)が、投資一任契約においてご提供する運用プロダクトについての情報提供を目的として作成したものです。本資料は当社が信頼できると判断した情報を元に、十分な注意を払い作成しておりますが、当社はその正確性や完全性をお約束するものではありません。