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June 14 - June 16 2006 • Mont Tremblant, Québec
Agenda
Conference
dress is business casual.
Dinner on Thursday is business attire.
Wednesday June 14 2006
4:00 p.m. – 5:00 p.m. Rehearsals
in the Kamichat Sasseville Room
6:00 p.m.
– 8:00 p.m. Cocktails and canapés on the Terrace
Thursday
June 15 2006
8:00 a.m.
– 9:00 a.m. Breakfast
in the Windigo Dining Room
9:00 a.m.
– 9:15 a.m. Opening
Remarks
9:15 a.m. – 10:00 a.m. Session 1: Global
Infrastructure Investing: the Emergence of an Alternative Asset Class
[Download the Presentation]
A) Understanding the origins of the infrastructure investing market
across regions
B) Exploring the development of
infrastructure industries on a regional basis and how institutional
investing in these industries is changing
C) Leveraging current
opportunities and innovations
D) Predicting future trends
through an analysis of the European and North American market size
Presenter: Peter
Hobbs, global head of Research, RREEF
Designated Responders: Gerald Boychuk and Errico
Cocchi
10:00 a.m. – 10:30 a.m. Speaker Photos and Break
10:30 a.m. – 12:00 p.m. Session 2a: Partnerships BC: A Provincial
Government’s Perspective
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the presentation]
Partnerships
BC was created in 2002 as an agency of the Province to structure and
implement partnership solutions which serve the public interest and to
serve as the BC government’s centre of expertise for establishing
policies and best practices for successful partnership projects. In
addition, Partnerships is committed to transparent operations and growing
the partnership market in BC. To date, Partnerships BC has completed
11 partnership agreements that are providing communities with bridges,
highways and health care facilities.
Presenter: Grant Main, vice-president, Partnerships British
Columbia
Session 2b: P3
Projects and Framework Policy
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the presentation]
Guy will discuss P3
Quebec’s recent infrastructure projects, profiling two university
hospital projects and two toll highways. Particular attention will be
paid to P3 Quebec’s Framework policy and process risk.
Presenter :
Guy
Choinière, vice-president, projects, P3 Québec
Session 2c: An Overview of
Ontario’s Infrastructure Program
[Download
the presentation]
Infrastructure is vital to our quality of life
and economic prosperity, however, past neglect has left Ontario with
deteriorating public infrastructure. That
is why the Ontario government implemented ReNew Ontario, a
five-year, $30 billion strategic investment plan to correct a formidable
“infrastructure deficit” in the province and prepare for
future growth.
While most public infrastructure
projects in the plan will be funded through direct investments by the
government, many of the largest projects, those typically costing
$50 million or more, will be delivered by
Infrastructure Ontario using alternative financing and procurement (AFP). AFP leverages private sector resources and expertise to provide
on-time, on-budget project delivery, which also takes into account
life-cycle costs. This approach allows the government to bring in
private-sector expertise, ingenuity and rigour to the process of managing and renewing Ontario’s public
infrastructure.
Presenter: John McKendrick, senior vice president, Project Delivery, Infrastructure Ontario
Designated Responders: Francois Quinty and
Philip Falls
12:00 p.m. – 12:15 p.m. Group Photos
12:15 p.m. – 1:15 p.m. Lunch in the Windigo Dining Room
1:15 p.m. – 2:00 p.m. Session 3: Planning and Developing a Successful
Infrastructure Project
[Download
the presentation]
A) Best use of a business case
B) Appropriate risk allocation
C) Successful techniques for structuring
an infrastructure project
D) The value of early input from
the pension fund
E) Effectively dealing with
stakeholders
F)
Project documents
G) Standards for measuring
success
Presenters: Brad McLellan, Partner, WeirFoulds LLP and Dan Ferguson,
Partner, WeirFoulds LLP
Designated Responders: Claire Kyle and Fern
Tardif
2:00 p.m. – 2:30 p.m. Break
2:30 p.m. – 3:15 p.m. Session
4: Investing in Infrastructure:
A Plan Sponsor’s Perspective and Experiences
[Download
the presentation]
The
Canadian Medical Protective Association started including infrastructure
investments in its private alternatives asset class in 2004. This presentation
will discuss CMPA’s experiences, as well as the challenges and
issues faced by small to mid-sized institutional investors when
considering to make allocations to
infrastructure assets.
Presenter: Serra Erdogmus,
specialist, Private Assets for the Canadian Medical Protective
Association (CMPA)
Designated
Responders: Lisa Moen and Bruno Roy
3:15 p.m. – 3:30
p.m. Closing
Remarks
6:00 p.m. – 9:00 p.m. Cocktails and Dinner in the
Loup Garou Room
Friday June
16 2006
8:00 a.m.
– 9:00 a.m. Breakfast
in the Windigo Dining Room
9:00 a.m.
– 9:15 a.m. Opening
Remarks
9:15 a.m. – 10:00 a.m. Session 5: Focus on Energy: Transmission and Infrastructure
Investment Issues and Opportunities
[Download
the presentation]
Energy
infrastructure has been the most fertile ground in recent years for
investors looking for strong and stable cash-flow returns to offset the
reduction in fixed income securities yields and availabilities.
Opportunities have come mostly from the restructuring of the North
American and Global energy markets, and while the distressed assets sales
are over, there is still a lot more to come.
The
world’s continued and insatiable appetite for energy and years of
under-investment are bringing a new wave of required investments in
energy infrastructure to meet the demand. The abundance of capital
chasing those opportunities and driving the risk adjusted returns to low
levels have turned the energy infrastructure "niche" into a hot
commodity. This is the biggest risk that investors face today.
Presenter: Cyrille Vittecoq, vice-president,
Investments, Energy Sector, Infrastructure and Energy Private Equity, Caisse de dépôt et placement du
Québec
Designated Responders: Jake De Leon and Farouk
Ratansi
10:00 a.m. – 10:30 a.m. Break
10:30 a.m.
– 11:15 a.m. Session 6:
Listed versus Private Equity
[Download
the presentation]
Infrastructure
has been a strong performer for early adopters in this asset class. As
the asset class matures, the opportunities set is now more clearly
divided between:-
a)
high risk, often early stage
infrastructure, which offers the opportunity for equity-plus type returns
and:-
b)
More traditional
“preferred” type infrastructure that offers access to
long-life assets offering inflation-linked income streams.
The
“preferred” infrastructure universe is attractive for
investors seeking to hedge long -term liabilities.
Traditionally, the primary
means of accessing infrastructure has been via unlisted trusts. More
recently, a number of strategies that invest in listed infrastructure
companies have been developed, one of which is the Lazard Global Listed
Infrastructure strategy. It invests in 25-50 equities listed on global
developed markets, where the company owns infrastructure assets or
concessions. The investable universe is focused upon companies that are
able to deliver inflation-linked performance with low risk of capital
loss. Within this tightly constrained universe, the fund aims to deliver
performance in excess of CPI+5% by using intensive bottom-up analysis to
assess intrinsic value for each stock and invest only in those expected
to outperform.
A portfolio of global listed
infrastructure companies offers the attractive characteristics of the
infrastructure asset class, together with the liquidity, access and
diversity which has been lacking in this sector up until now.
Presenter: Ian Smith,
portfolio manager, Lazard Global Listed Infrastructure Fund
Designated Responders: Mathieu Goulet and
Gayle McDade
11:15
p.m. – 1:15 p.m.
Session 7: Interactive Lunch
1:15 p.m. – 1:30 p.m. Closing Remarks and
Conference Adjourns
1:30 p.m. – 2:30 p.m. Closing Cocktail Reception
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