Who we are
Ownership StructureSydney Desalination Plant Pty Ltd, is jointly owned by the Ontario Teachers' Pension Plan Board and Hastings Funds Management Limited.
Hastings Funds Management Limited
Hastings is a specialist manager dedicated to transforming global infrastructure investment opportunities to deliver long-term value for its investors. Established in 1994, Hastings was one of Australia’s first infrastructure fund managers and has a proven investment and asset management track record through its strong fiduciary culture and focus on core infrastructure equity and debt. Hastings is dedicated to delivering reliable and consistent investment returns to a wide range of institutional investors. It currently manages approximately A$9.8 billion across a number of funds and mandates as at 31 December 2014. Hastings’ clientele totals some 70 institutional investors. From its headquarters in Melbourne, Hastings has built a global footprint with offices in Sydney, Singapore, Seoul, London and New York now collectively employing over 100 staff.
The Hastings asset portfolio predominantly comprises utilities, airports, toll roads and seaports in Australia, the UK, Europe and the US. The primary focus is on building a diversified portfolio of equity and debt-based infrastructure investments. The Hastings team covers asset finance, business development, client services, portfolio construction, origination, and infrastructure investing.
Hastings is dedicated to the infrastructure sector and with almost two decades of experience is one of Australia’s longest running and most qualified infrastructure managers. It established one of the first infrastructure equity funds, Utilities Trust of Australia, in 1994 and one of the first infrastructure debt funds when it launched the Hastings Yield Fund in 1999.
In the water sector specifically, Hastings manages interests in South East Water a regulated water asset in the UK. Hastings also has a strong understanding of Australian regulatory regimes through its interest in ElectraNet (the South Australian electricity transmission network). Additionally, Hastings has enjoyed a collaborative relationship with the NSW Government with regard to its management of interests in a number of NSW infrastructure assets, including Interlink (the M5 Motorway) and Port of Newcastle.
The relevant Hastings managed entities that own Sydney Desalination Plant are the Utilities Trust of Australia (UTA) and The Infrastructure Fund (TIF). Both UTA and TIF seek to take influential positions in global infrastructure projects. UTA currently has a portfolio of 12 assets across Australia, UK, and USA and has a Net Asset Value of A$3.8 billion (as at 31 December 2014). The independent trustee Board of UTA provides oversight and governance and predominantly comprises unit-holder nominated Directors. TIF currently has a portfolio of 12 assets across Australia and USA and has a Net Asset Value of A$1.6 billion (as at 31 December 2014). The Private Capital Group is a unit-holder representative Board, providing oversight and governance for TIF. Both funds have been large investors in infrastructure projects and privatisations in Australia, investing on behalf of institutional investors and corporate and industry superannuation funds.
For more information please visit the Hastings website.
Ontario Teachers' Pension Plan Board
Teachers’ is the largest single-profession pension plan in Canada. An independent organisation, it invests and administers the pensions of 311,000 active and retired teachers in the province of Ontario. Teachers’ investments comprise a mix of equities (public and private), bonds, natural resources, real assets (real estate and infrastructure) and absolute return strategies. When Teachers’ started as an independent organisation in 1990, the plan’s assets totalled C$19 billion. Since then, the plan has grown to C$154.5 billion as at 31 December 2014. During this period, the plan achieved an average annual rate of return of 10.2%, consistent with its investment mandate to administer the pension plan and manage its investments to earn the best possible rate of return at an appropriate level of risk. Teachers’ has an implied credit rating of AAA from Standard and Poor’s and is headquartered in Toronto, with offices in London and Hong Kong.
Teachers’ has a dedicated infrastructure investment management arm known as Teachers’ Infrastructure Group (“TIG”). TIG is an internal, highly-specialised investment team formed in 2001 to invest and manage the plan’s infrastructure portfolio. TIG has developed strong experience in sourcing, financing, executing and managing infrastructure assets around the world. As at 31 December 2014, TIG managed assets valued at approximately C$12.6 billion including water and wastewater, electricity and gas distribution, airports, power generation, high-speed rail and port facilities.
For more information please visit Ontario Teachers’ Pension Plan Board website.