TAILIEUCHUNG - OECD Working Papers on Insurance and Private Pensions No. 32: Pension Fund Investment in Infrastructure

Our regression models, however, can only explain a small amount of the variation in selection ability, suggesting that individual manager skill is likely an important driver of selection success. In contrast, while overall timing ability appears to be negligible or negative for the population of both public and private portfolio managers, portfolio characteristics can explain a larger portion of the variance in timing ability. Characteristic timing appears to be positively related to portfolio average property holding period for public portfolio managers, while it is negatively related to portfolio average property holding period for private portfolio managers. In contrast to the characteristic selectivity measures, our models for relating portfolio. | OE publishing Please cite this paper as Inderst G. 2009 Pension Fund Investment in Infrastructure OECD Working Papers on Insurance and Private Pensions No. 32 OECD publishing OECD. doi 227416754242 OECD OECD Working Papers on Insurance and Private Pensions No. 32 Pension Fund Investment in Infrastructure Georg Inderst JEL Classification G15 G18 G23 G28 J26 PENSION FUND INVESTMENT IN INFRASTRUCTURE Georg Inderst January 2009 OECD WORKING PAPER ON INSURANCE AND PRIVATE PENSIONS No. 32 Financial Affairs Division Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 Rue André Pascal Paris 75116 France daf fin wp ABSTRACT RÉSUMÉ Pension Fund Investment in Infrastructure As the need for investment in infrastructure continues to grow private sector financing for infrastructure projects has developed around the world. Given the long-term growth and potentially low correlation aspects of infrastructure investments pension funds have also shown interest in increasing their exposure to this area along with their move into alternative assets. Such investments cover a wide spectrum of projects - from economic infrastructure such as transport to social projects such as hospitals -and involve different forms of financing primary vs. secondary debt vs. equity private vs. listed direct vs. indirect . Data explaining the size risk return and correlations of this diverse asset class is therefore limited which may be making pension fund investors cautious. Given investing in such assets also involves new types of investment vehicles and risk for pension funds to manage - such as exposure to leverage legal and ownership issues environmental risks as well as regulatory and political challenges -such caution may well be justified. However if governments wish to help infrastructure developers tap into potentially important sources of financing such as pension funds certain steps can be taken. This paper is designed .

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