Real Assets & Infrastructure Private Equity (Private Equity School)

1 day 23 Nov 2016, Hong Kong Hong Kong $2,290.00 Download brochure Add to basket

* Claim back your VAT
Find out more

Request a different date or location for this course (we regularly add courses following requests).


* Claim back your VAT
Find out more


FTS Eligible - Financial Training Scheme for Singaporean citizens and PRs only (more information)

All Modules can be booked separately. Attend all the modules and save US$2,840:

Private Equity School

To register on the full 5 Day Private Equity School, please select 'Register' and follow the registration process. If you would like to register on an individual Module, please select your desired module below and follow the registration process on this product page.

Please note we cannot process multiple module registrations online. If you wish to attend more than one Module but not the whole 5-day course, then please download a PDF and either fax this back to us on +852 2866 7340 or email a scanned copy to You can also email us your registration details and one of our account managers will register your place for you.


This programme is approved for listing on the Financial Training Scheme (FTS) Programme Directory and is eligible for FTS claims subject to all eligibility criteria being met.

Please note that in no way does this represent an endorsement of the quality of the training provider and programme. Participants are advised to assess the suitability of the programme and its relevance to participants’ business activities or job roles.

The FTS is available to eligible entities, at a 50% funding level of programme fees, subject to a cap of $2,000/participant/programme and all eligibility criteria being met. FTS claims may only be made for programmes listed on the FTS Programme Directory with specified validity period. Please refer to for more information.

Please note that this course is only eligible for FTS Funding when registering for all modules.


We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

Hong Kong
Andrew Regan

Andrew, CFA, started in investment banking at Merrill Lynch; serving as a financial advisor to municipal entities and directing their efforts in raising public capital in the tax-exempt debt markets. After business school, he became a Retailing Analyst at Donaldson, Lufkin, and Jenrette in New York, where he counseled large institutional investors on their retail sector holdings. In addition to these conventional sell-side equity research duties, he was centrally engaged while at DLJ in a number of banking transactions involving merchants, including LBOs, IPOs, primary and secondary equity offerings, and private placements.

He then returned to Harvard Business School as a Charles M. Williams Fellow and Dean’s Doctoral Award Winner. His research interests included the performance of LBOs, privatization in emerging markets, competition in the securities markets, and capital availability in the airline industry. In 1994-95 he served as Secretary to Professor Samuel Hayes, Warren Buffet, GE Chairman John Welch, former Merrill Lynch Chairman Daniel Tully, and other members of the Compensation Practices Committee, a blue-ribbon panel of securities industry experts appointed by SEC Chairman Arthur Levitt to look at remuneration in the retail brokerage business.

Andrew provides consulting support to financial service organizations looking for organisational and staff development in the theory, practice, and products of corporate finance and financial markets. This includes both the sell-side process of such activity (advisory, M&A, and capital markets) as well as the concomitant buy-side analysis (investors and their analytical approaches).

He has delivered projects for clients in North America as well as Europe, Latin America, Asia, Africa, and the Middle East. Those clients include all the U.S. Bulge Bracket firms, as well as several Persian Gulf and Chinese financial institutions, and he has worked with private firms on a variety of financial and strategic issues. He has also worked with financial staff at China Petroleum and Chemical (Sinopec), the large Chinese downstream/integrated firm, on analysis and valuation.

Andrew received his A.B. magna cum laude with Highest Honors in Modern European History from Harvard College in 1983, his M.Sc., with Distinction, in West European Politics from the London School of Economics in 1986, and his M.B.A., with High Honors, from HBS, where he was a George F. Baker Scholar, in 1988. He holds the CFA Charter.


Hong Kong

4-5 Star Hotel in Hong Kong

All of our courses are held in 4 – 5 star hotels, chosen for their location, facilities and level of service. You can be assured of a comfortable, convenient learning environment throughout the duration of the course.

Due to the variation in delegate numbers, we will send confirmation of the venue to you approximately 2 weeks before the start of the course. Course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Related Courses


We can bring this course to your company's office.

If you simply want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

We produce learning solutions that are completely unique to your business. Our tailored learning solutions are designed specifically for your organisation’s needs.

We’ll be here to support you every step of the way. From the initial consultancy through to evaluating the success of the full learning experience. We'll ensure you get the maximum return on your training investment.

Find out more


Module 2: Real Assets & Infrastructure Private Equity (Private Equity School)

Day 3


  • Infrastructure and real asset investing vs. raditional project finance
    • Established, "stabilised" assets and cashflows vs. "greenfield" projects
  • Infrastructure and real assets vs. Traditional real estate investing
    • Infrastructure as an alternative to premier Class A properties
  • Role of real assets and infrastructure private equity in a portfolio
    • Current returns, diversification, inflation hedge
  • Transaction types:
    • All-equity acquisition of existing infrastructure or real assets
    • Leveraged acquisition of existing infrastructure or real assets
  • Target screening: Infrastructure assets
    • Barriers to entry: "Irreplaceability"
    • Geographic location
    • Tariff structure: Freedom, predictability, enforceability in pricing of the use of asset
    • Technical characteristics: Physical condition, maintenance burdens, operational complexity
    • Types: Transportation, communication, power generation, social infrastructure
  • Target screening: Real assets
    • Supply and demand
    • Geographic location
    • Tariff structure: Freedom, predictability, enforceability in pricing of the exploitation of the resource
    • Technical characteristics: Ease of extraction and transport, maintenance burdens, operational
      complexity, cost predictability
    • Market conditions
    • Types: Fossil fuels, metals, timberlands, agricultural land
  • A target investment problem: Finding quality assets
    • A shortage of established assets in developed economies
    • Developing economies: Governments as willing sellers in environments of excessive uncertainty
    • The unsuitability of "greenfield" assets for infrastructure/real asset private equity
    • Infrastructure: Politically sensitive sectors - water, electricity, social infrastructure
    • Real assets: The sensitivity of "selling the family silver"
  • Financial performance assessment
    • Cashflow consistency: Non-cyclicality, tariff stability and visibility, limited technological change
  • Financial strategy assessment
    • Incremental capital investment needs
    • Cash generation and capital use
    • Historical, target and current capital structures
    • Funding modes and sources
  • Forecasts: Debt capacity and future cashflows
    • "Topline" revenue growth rate projections
    • Forecasting margins
    • Forecasting capital expenditures and other capital outlays
    • Forecasting debt service burdens
    • Levered equity cashflows
  • Return requirements and discount rates
    • Target IRRs
    • Other return measures
  • The capital structure decision: Role in the portfolio
    • Conservative capitalisation: Seeking inflation-adjusted current returns
    • More aggressive capitalisation: Some bias toward capital gains
  • Exit strategies: “Harvesting” returns
    • Strategic buyers: A shortage of them in infrastructure assets
    • Financial buyers: Other infrastructure/real asset investors, direct investment by pension funds
    • Public market exit: The Macquarie Model
    • Leveraged recapitalisation: Episodic capital gains, with some current return
    • No exit: “Buy-and-hold” for longterm inflation-protected current returns
  • Review of target valuation in real assets and infrastructure assets

Transaction structure and funding

  • Debt funding
    • Bank and other senior debt
    • Bridge funding
    • Bonded debt financing
    • Subordinated and other long-term debt finance
    • Securitisation and structured finance
  • Credit analysis and credit ratings
  • Equity-linked debt
  • Equity funding
    • Publicly-traded open-end and closed-end infrastructure funds: The Macquarie Model
    • Private infrastructure/real asset funds
    • Direct investment by pension funds, sovereign wealth funds, and endowments
    • "Strategic partner" investment by suppliers, vendors to the specific type of project/sector
  • Use of funds: Capital structure and returns
    • Debt capacity
    • Leveraged vs. Unleveraged structures
    • Equity-linked securities and dilution impacts: Warrants with-debt, convertibles, pay-in-kind securities
  • Transaction process
    • Due diligence, deal documentation and structuring highlight for real assets and infrastructure assets
  • Sources of returns/manager value-added in real assets/infrastructure private equity
    • Timely entry
    • Financial: Aggressive substitution of debt for equity, with careful cashflow management, especially disciplined in cost control and capital expenditure
    • Operational: Post-closure performance improvement due to enhanced managerial resources,
      more highly-motivated management and workers
    • Strategic: Well-situated, "irreplaceable" assets with tariff autonomy in infrastructure, and
      scarce resources with consistent, price-insensitive demand in real assets
    • Timely exit
  • Public infrastructure/real asset managers: The Macquarie Model
  • Private real asset/infrastructure managers: Organisational structures and associated funds flows
    • General vs. Limited partners
    • Legal: Specified life, withdrawal prohibitions, transfer restrictions, liability
    • Capital flows: "Takedown" schedules, capital calls, distributions
    • Manager fees and compensation, reporting and accounting policies

Case studies

  • Morgan Stanley infrastructure partners
  • The emergence of infrastructure in private equity: Global infrastructure partners
  • Macquarie international infrastructure fund
  • Hochtief sells airports unit to PSP Investments in revamp
  • The BAA LBO: A Detailed Look at “the Tariff”
  • Funds abandon bids for UK water utility as Goldman eyes Veolia UK water assets
  • Felda Global Ventures Holding: Agricultural assets as infrastructure
  • Australia’s Transurban: Tollroads as infrastructure
  • American Tower: Cellphone towers as infrastructure
  • Private equity investment in PCCW
Why us

We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

  • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
  • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
  • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
  • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product