Buyout firms and asset managers are moving in on billions of dollars of infrastructure assets across Southeast Asia, lured by the sector's growth prospects and stable, long-term returns, bankers and analysts say.
In contrast, the IMF pegs Asia's overall economic growth at 4.2 percent"Favourable structural drivers such as local market reforms and rising urbanisation and consumption" have also fostered rapid growth in investment opportunities in recent years, said Michael De Guzman, a managing director at KKR's infrastructure team.
Analysts warned, at the same time, that regulatory and other risks remained, requiring investors to be discerning. "Markets with the inability to offer a good pipeline of projects or lack of regulatory and legislative clarity can impede the ability to attract institutional capital," said said Sharad Somani, KPMG's Asia Pacific head of infrastructure advisory.KKR said last month it had raised more than $4 billion for its latest Asia infrastructure fund, topping the $3.
A number of big M&A deals have already been sealed in recent months, including record transactions in the Philippines., and EdgePoint Infrastructure agreed to buy thousands of cell towers and related infrastructure from PLDT for 77 billion Philippine pesos .last month clinched a separate sale and leaseback deal for thousands of its towers with KKR-backed Frontier Towers and U.S. alternative investment firm Stonepeak's associated investment vehicles.
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