Super fund VicSuper has granted a $100 million mandate to Colonial First State Global Asset Management (CFSGAM) to manage its newly listed infrastructure portfolio.
The mandate will invest in a broad range of global listed infrastructure asset classes including toll roads, airports, ports, railroads, utilities, pipelines, energy storage, mobile towers and satellites.
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CFSGAM said that this allocation will reflect its listed infrastructure team, security selection process and its integrated approach to environmental, social and corporate governance issues.
Oscar Fabian chief investment officer VicSuper said: "The fund likes the illiquidity premium of unlisted infrastructure; the growing interest in the asset class from institutional investors is making it a crowded trade.
Fabian said that VicSuper’s foray into listed infrastructure will add diversity as well as more liquidity than unlisted infrastructure.
Peter Meany head of global infrastructure CFSGAM said: "Market volatility of recent years has presented our team with a unique opportunity to highlight the defensive nature of this asset class, our skills as active managers and our disciplined approach to investing.
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By GlobalData"The outlook for Global Listed Infrastructure remains positive. The sector offers structural growth, real income and lower volatility. We have seen increasing demand from investors globally, who want to move cash back into equity markets without adding significant risk," he added.
CFSGAM currently manages over $4 billion in listed infrastructure on behalf of institutional and wholesale clients.
