Craving infrastructure, Aussie pensions get creative
With steady yield hard to come by, superannuation funds are taking bold steps to satisfy their thirst for infrastructure, such as by making unsolicited proposals for regulated assets.
Large pension funds aren’t normally known for being fleet-footed mavericks, but desperation can force even such institutions to skip past market norms.
Just look at AustralianSuper and Melbourne-based fund manager IFM Investors. In October, the two organisations succeeded in an audacious bid for a controlling stake in electricity company Ausgrid, without going through a formal sale process.
The pair put forward a A$16.2 billion ($12.2 billion) offer to buy 50.4% of Ausgrid after…
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