How one road paved the way for a global business
7 February 2015
Twenty years ago, Macquarie achieved a world first, publicly listing a Sydney toll road.
The transaction pioneered a new asset class, enabling pension funds and other institutions to directly invest in infrastructure.
Macquarie is now the world’s largest infrastructure asset manager, with more than 50 unlisted and listed funds globally and $A114 billion in infrastructure and real assets under management.
Macquarie has evolved its infrastructure expertise since 1977, when it established a specialist project finance division advising businesses and government agencies on the delivery of major projects.
The successful listing of the Hills Motorway Group on the Australian Securities Exchange in 1994 was a particular milestone, highlighting the investor demand that infrastructure could attract.
Building on its extensive knowledge of the sector, Macquarie began acquiring and managing infrastructure assets and has since developed a number of independent businesses specialising in infrastructure.
Macquarie is now the world’s largest infrastructure asset manager, operating more than 50 listed and unlisted funds globally, with $A114 billion in infrastructure and real assets under management.
In 1996, it launched Australia’s first listed infrastructure fund and, from 2002 to 2004, its first international funds were established. This included the listing of Macquarie Infrastructure Company on the New York Stock Exchange (NYSE: MIC) and a series of unlisted infrastructure funds in Europe, Asia and the Americas.
Macquarie is a leader in infrastructure globally, having advised on 69 infrastructure-related transactions worth $A24 billion in the year to 31 March 2014 and significant public private partnerships, including the successful closing of the £600 million Mersey Gateway project in the UK and the $A4.4 billion Queensland Government initiative to build 75 new six-car trains, Australia’s largest rolling stock public-private partnership since 2006.
Macquarie continues to evolve its infrastructure expertise. It now has significant activities in both developed and emerging markets, while infrastructure debt and infrastructure securities businesses enable investors to invest in long-term investment grade debt and the listed securities of infrastructure operators worldwide.
With government budgets constrained, Macquarie is uniquely placed to help communities attract the long-term capital required to bring critical infrastructure to fruition.