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, as a specialist fund manager of infrastructure assets, is dedicated to delivering reliable and consistent investment returns to a wide range of institutional and retail investors. Hastings’ stringent investment philosophy focuses on providing long-term value for investors through a disciplined and cautious approach.
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. As at 31 December 2011, Hastings had A$6.7 billion in funds under management, with an asset portfolio predominantly comprising utilities, airports, toll roads and seaports in Australia, UK, Europe and USA.
In the water sector specifically, Hastings manages interests in South East Water (a regulated water asset in the UK) and Ballarat Water (a portfolio of water treatment plants located in regional Victoria). 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), Metro Transport Sydney, Sydney Airport Rail Link, Mater Hospital and Bonnyrigg Housing.
The relevant Hastings managed entities that own SDP 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 17 assets across Australia, UK, Europe and USA and has a Net Asset Value of A$2.6 billion (as at 31 December 2011). 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$763 million (as at 31 December 2011). 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 Hastings Funds Management 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 303,000 active and retired teachers in the Province of Ontario. Teachers’ investments comprise a mix of equities (public and private), bonds, commodities, real assets (real estate, infrastructure and timberland) 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$129.5 billion as at 31 December 2012. During this period, the plan achieved an average annual rate of return of 10%, 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.
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 invests in countries that have a stable economic and political environment and have a history of transparent regulation. TIG targets assets that have a long economic life and offer low-risk, reliable, long-term returns linked to inflation that will help pay pension benefits for decades. TIG is primarily a direct investor in private companies and takes an active asset management and governance approach. Since 2001, TIG has developed strong experience in sourcing, financing, executing and managing infrastructure assets around the world. As at 31 December 2012, TIG managed assets valued at approximately C$9.6 billion including water and wastewater, electricity and gas distribution, airports, power generation, high-speed rail, port facilities and pipelines.
For more information please visit Ontario Teachers’ Pension Plan Board website.