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After a slow start, the private finance initiative is undergoing what many call a "golden age". New funds are entering the market looking to acquire existing investments in projects that are as diverse as the M40 motorway or the Dartford and Gravesend Hospital.

The launch of these recent funds shows the deepening maturity  of the primary PFI market, and illustrates the desire of some market participants to exit their investmens once they reached operational status. With an excess of £500 million of equity looking to find a home, it would seem likely that further new entrants will follow.

Chairman:

Richard Payne, Director - Head of Consulting, Currie & Brown

Keynote address:

Tony Mallin, CEO, Star Capital Partners

Key speakers include:

Robin Herzberg, Managing Director, Carillion Private Finance

Stephen Paine, Managing Director, Joint Global Head of Infrastructure, UBS Investment Bank

David Toplas, Chief Executive, Mill Group

Barry Williams, Partner, SMIF

Ian Simm, Managing Director, Impax Asset Management

Menno Witteveen, Managing Director, Dutch Infrastructure Fund

Joe Capra, Partner, Newport Partners (Advisor to Lighthouse Italian Infrastructure Fund)

Nick Rouse, Managing Director, Emerging Africa Infrastructure Fund

Craig Jamieson, Director, Standard and Poor’s

Euan McVicar, Partner, McGrigors

Benefits of attending and topics covered will include:

  • PPP investments as an asset class - how does it compare?
  • The evolution of primary, secondary and tertiary markets
  • New international funds in Italy, the Netherlands and more
  • New sector specific funds in infrastructure and social infrastructure including waste
  • Newly set up mixed PFI/ non PFI country and sector specific funds
  • Market capacity in the UK, Europe and Africa

Conference programme

8:30 Registration & Coffee

9:00 Chairman's Opening Remarks

Richard Payne

Richard Payne, Director, Currie & Brown

9:10 OVERVIEW OF SECONDARY MARKET POTENTIAL

Tony Mallin

Tony Mallin, Chief Executive Officer, Star Capital Partners

9:40 SELLING EQUITY IN THE SECONDARY MARKET

Robin Herzberg

Robin Herzberg, Managing Director, Carillion Private Finance

  • Barriers to disposal
  • Selection of investments for disposal
  • Protecting value
  • Purchaser due diligence
  • 10:10 Morning Coffee

    10:40 DEVELOPING THE DUTCH MARKET

    Wim  Blaasse

    Wim Blaasse, Managing Director, Dutch Infrastructure Fund

  • Characteristics: unity or division
  • Primary market
  • Secondary market
  • Dutch Infrastructure Fund: the first fund in the Netherlands
  • Conclusion
  • 11:10 THE EMERGING AFRICA INFRASTRUCTURE FUND

    Nick Rouse

    Nick Rouse, Managing Director, Emerging Africa Infrastructure Fund

  • A new financing approach for the long term alleviation of poverty in sub-Saharan Africa
  • Nature of African Infrastructure concessions
  • Challenges for Governments
  • Expectations of lenders
  • Lessons for Governments
  • 11:40 THE ITALIAN INFRASTRUCTURE MARKET

    Joe Capra

    Joe Capra, Director, Newport Partners

  • Economics
  • Key business drivers
  • Exit Strategies
  • Conclusions
  • 12:10 APPLYING PFI TO THE UK WASTE SECTOR

    Ian Simm

    Ian Simm, Managing Director, Impax Asset Management

  • UK local authorities under pressure to meet targets for recovery and recycling of municipal solid waste
  • Integrated waste facilities require significant capital investment and are well suited to project financing
  • Mitigating technical and regulatory risks is not always straightforward
  • The experience of PFI waste deals has been mixed
  • What are the prospects for future PFI deal flow in this sector?
  • 12:40 Networking Lunch

    14:00 EXIT THROUGH SECURITISATION

    Adam MacDonald

    Adam MacDonald, Director, UBS Investment Bank

  • Risk concentration
  • Rating implications
  • 14:30 LONG TERM SPONSORS/INVESTORS

    David Toplas

    David Toplas, Chief Executive, Mill Group Ltd

  • Financially led sponsors
  • In-house long term funds
  • Benefit for Tertiary market investors (eg pension funds)
  • Sound basis for long term partnering
  • 15:00 Afternoon Tea

    15:30 STRUCTURING SECONDARY MARKET TRANSACTIONS

  • Precedent transactions
  • Pre-emption rights, bilateral agreements and auctions
  • Ad hoc sales
  • Packaged portfolios
  • Barry Williams

    Barry Williams, Partner, Secondary Market Infrastructure Fund (SMIF)

    16:00 CONTRACTUAL ISSUES IN THE SECONDARY MARKET

    Euan McVicar

    Euan McVicar, Partner, McGrigors

  • Structuring transactions for ease and value
  • Vendor due diligence
  • Key issues in purchaser due diligence
  • What buyers and sellers need to know- current issues
  • 16:30 THE IMPACT OF SECONDARY MARKETS ACTIVITY ON CREDIT QUALITY

    Craig Jamieson

    Craig Jamieson, Director, Infrastrucure Ratings, Standard & Poor's

  • How credit ratings evolve over the life of a project
  • The impact of changes in debt or equity capital on the credit quality of a project
  • The impact of recycled capital on the credit quality of sponsors and contractors
  • Key features of recent securitisations
  • Recovery ratings vs. default ratings
  • 17:00 Chairman’s Closing Remarks and Close of Day One

    +

    Workshops

    Risk Assessment in PFI Projects
    Workshop

    Risk Assessment in PFI Projects

    Jurys Great Russell Street Hotel
    23rd November 2005
    London, United Kingdom

    Jurys Great Russell Street Hotel

    16-22 Great Russell Street
    London WC1B 3NN
    United Kingdom

    Jurys Great Russell Street Hotel

    HOTEL BOOKING FORM

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