Infratil Limited · NZX:IFT
Infratil — Investor Day (2024)
17 slides from Infratil's investor day presentation, May 14, 2024
Slide 1: Infratil Investor Day: Morrison Update
I N F R AT I L I N V E S T O R D AY 2 0 2 4 Infratil Investor Day: Morrison Update P A UL NE W F I E L D , M O R R I S O N C E O A ND P A R T NE R W I L L S M A L E S , M O R R I S O N C I O A ND P A R T NE R P R I V A T E A N D C OMNAFRI D CEH N2T0I A 2 4L
Slide 2: A global infrastructure investor, born in New Zealand
A global infrastructure investor, born in New Zealand 35 YEARS OF INFRASTRUCTURE INVESTMENT EXPERIENCE ATTRACTIVE EXPERIENCED STRONG TRACK RECORD GLOBAL MANAGER ALIGNMENT 18%+ annualised return Established in 1988 in NZ$200m+ direct Morrison over 29 years1 New Zealand shareholding in IFT AUM USD 24+
Slide 3: Investment performance: Infratil vs the World
Investment performance: Infratil vs the World W E ARE COMMITTED TO KEEP DELIVERING THE EXTRAORDINARY PEER PERFORMANCE DISTRIBUTION, BY NET IRR RANGE, VINTAGE YEAR 19 99-2023, FUND # N = 201. Core, Core+ and Value-added. NA, EU and ANZ only. Fund size > US$300m IFT return • Since Inception: 18.7% • 1
Slide 4: Early mover in the infrastructure asset class
Early mover in the infrastructure asset class SUCCESSFULLY RECOGNISING AND CAPITALISING ON MARKET EVOLUTION M O R R I S O N A N D I N F R AT I L F I R S T I N V E S T M E N T S B Y S E C T O R Relative to global infrastructure investments (by value) | 1994 – 2022 USD 1 trillion Diagnostic Imaging |
Slide 5: Building our global capability to support Infratil's growth
Building our global capability to support Infratil's growth ONE OF THE W ORLD'S LARGEST SPECIALIST INFRASTRUCTURE MANAGERS North America Europe Asia Australia & NZ 190+ 22 28 7 142 professionals professionals professionals professionals professionals • Digital Infrastructure • Digital Infrastructure
Slide 6: Global infrastructure deal activity slowed significantly in 2023
Global infrastructure deal activity slowed significantly in 2023 INFRASTRUCTURE DEAL FLOW REACHED A 10 YEAR LOW IN JUNE 2023 G L O B A L I N F R A S T R U C T U R E A G G R E G AT E D E A L VA L U E , B Y Q U A R T E R , U S D B N 194 184 170 Signs of 165 recovery? 143 141 Slowest 136 quarter in 127
Slide 7: Infrastructure sector capital raising dropped c.50% in 2023
Infrastructure sector capital raising dropped c.50% in 2023 CONGESTION APPEARING IN THE TYPICAL PRIVATE FUND LIFE CYCLE INFRASTRUCTURE CAPITAL RAISED LP ALLOCATION TO INFRASTRUCTURE US$bn (funds closed in period) As at December each year Under Allocated At Target Over Allocated 176 149 42% 126 126 5
Slide 8: Infrastructure remains a strategic priority for major asset managers
Infrastructure remains a strategic priority for major asset managers BLACKROCK’S USD12.5B ACQUISITION OF GIP IS LIKELY TO ACCELERATE THIS TREND MAJOR ASSET MANAGERS EXPANDING IN INFRA (LTM) ATTRACTED BY THEMES IFT HAS INVESTED IN FOR YEARS “A number of long-term structural trends support an accelera
Slide 9: What does it all mean for Infratil?
What does it all mean for Infratil? OBSERVATIONS IMPLICATIONS We are investing in IFT equity and Morrison capability We are aligned and committed to outperformance IFT is well set in attractive global growth sectors Great options to grow our existing businesses Major global asset managers are enteri
Slide 10: To invest wisely in ideas that matter.
OUR PURPOSE: To invest wisely in ideas that matter. F OUND E R HUGH R I C HMOND L L OY D MOR R I S ON
Slide 11: To invest wisely in ideas that matter
To invest wisely in ideas that matter W E ADOPT A TARGETED ORIGINATION APPROACH GLOBAL THEMATICS INFRASTRUCTURE FIT Energy transition Essential to the economic prosperity and wellbeing of its community Digitisation & connectivity MORRISON Enduring social license to operate FOCUS Global mobility Idea
Slide 12: Global thematics
Global thematics MAJOR GLOBAL THEMES THAT W E BELIEVE W ILL SHAPE ECONOMIES, INDUST RIES AND SOCIETIES OVER THE LONG-TERM 01 02 03 04 05 E NE RGY T RA NS IT ION DIGIT IS A T ION A ND GLOB A L M OB ILIT Y A GE ING P OP ULA T ION CIRCULA R E CONOM Y CONNE CT IV IT Y A ND RE S OURCE CONS T RA INT S The
Slide 13: How Morrison assesses opportunities for Infratil
How Morrison assesses opportunities for Infratil INTERNAL OPTIONS CAN OFFER EXCEPTIONAL RISK ADJUSTED RETURNS T H E VA L U E O F P L AT F O R M S : C A P I TA L D E P L O Y E D B Y I F T THE ‘PLATFORM ADVANTAGE’ NZ $M Information advantage CAPEX (IFT proportionate share) 3,571 Timing of deployment I
Slide 14: How Morrison assesses opportunities for Infratil
How Morrison assesses opportunities for Infratil MARKETS W ILL REOPEN, PROVIDING INSIGHT AND POTENTIAL OPPORTUNITY G LO B AL F INANCIAL S P O NS O RS : SHORT-TERM : PRIVATE M ARKETS D I S T R I B U T I O N S T O PA I D I N C A P I TA L B Y F U N D V I N TA G E HOLDING THEIR BREATH … FOR NOW Dealmaki
Slide 15: Finding the right access point for Infratil
Finding the right access point for Infratil TYPICALLY, MORRISON EVALUATES OPPORTUNITIES FOR YEARS BEFORE RECOMMENDING AN INVESTMENT TO INFRATIL MORRISON ESTABLISHED BUSINESSES BILATERAL DEALS DEMERGED BUSINESSES 15
Slide 16: Important Information
Important Information The statements and opinions expressed in this document and any related discussions (the Document) are based on the information available as at the date of the Document. Morrison Private Markets Pty Limited (ABN 71 136 338 906, AFSL No 340502) including its related companies and
Slide 17: Morrison office locations
AUS TR AL I A NE W Z E AL AND S I NGAP OR E UNI TE D K I NGD OM UNI TE D S TATE S Level 31 Level 4-5 5 Market Lane Level 1, Level 7 Office 25.17, Level 25 56th Floor 60 Martin Place 447 Collins Street PO Box 1395 Northern Steamship Building CapitaSky The Shard Carnegie Hall Tower Sydney Melbourne We