TAILIEUCHUNG - Pension Fund Investment in Infrastructure: A Resource Paper

Barriers to low-carbon investment may be financial, structural or technical. Financial barriers include fossil fuel subsidies, and the unpriced carbon externality. These discourage local businesses, project developers, vendors, technology providers from offering low carbon solutions to the market, and hamper institutional and market financing mechanisms enabling such businesses to grow. Structural barriers include network effects (need for flexible and sufficient grid capacity), fragmentation and transactional costs due to smaller scale of low carbon technologies and simply „status quo bias‟. These affect the viability and economic attractiveness of low carbon options. Finally, neither policy nor financing will achieve much. | Occasional Paper Series Capita Matters December 2008 Pension Fund Investment in Infrastructure A Resource Paper By Larry W. Beeferman Pensions and CAPitAL StEWARdShip PROjEct Labor and WoRkLifE PROgRAM Harvard Law SchOOL Contents Abstract. 1 Introduction. 2 Section 1 Risk Reward and Other Financial Considerations A. Infrastructure definitions. 5 B. Why infrastructure investments may be attractive to pension funds. 7 C. The financial rewards and risks of investments in individual infrastructure facilities. 8 D. Where infrastructure investments fit in the fund portfolio. 15 E. Types of investment vehicles. 18 F. Financial performance. 23 G. Fees and other charges. 29 Section 2 Labor Implications and Responses A. Potential impacts. 32 B. Contractual and legislative responses. 35 C. Pension fund responses. 40 Conclusions. 50 Endnotes. 56 Occasional Papers December 2008 Pension Fund Investment in Infrastructure A Resource Paper By Larry W. Beeferman Abstract What is termed infrastructure appears to offer pension funds opportunities for investment that might yield substantial and predictable returns matching their long-term liabilities. But there are diverse ways by which infrastructure is defined and an increasing number and variety of facilities or services are being lumped under that term. Infrastructure appears to be attractive as a means for diversifying pension fund investment portfolios but it does not readily fit within a distinct asset class. This complicates the task of assessing how it diversifies a fund s portfolio and helps achieve its financial objectives. Whatever the infrastructure investment vehicle its profile of reward and risk ultimately derives from those of the underlying individual infrastructure project investments. At the project level many factors shape the profile. There are an increasing range and variety of investment vehicles from mutual fund-like public traded vehicles to private equity-like limited partnerships to direct investment. .

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• The moderating effect of psychological factors on consumer
• Electric and hybrid vehicles’ response purchase decisions
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