Everbright Overseas Infrastructure Investment Fund LP
Everbright Overseas Infrastructure Investment Fund LP (the “Fund”) is a fund targeting infrastructure investment opportunities globally. With first close in June 2017 for USD300 million, the Fund has a target size of USD1 billion.
The Fund is managed by indirect wholly owned subsidiaries of China Everbright Limited. There are two seed assets in the Fund, which were contributed in kind by China Everbright Limited.
Approximately USD150 million was invested in the two seed assets: 100% of the concession for Tirana International Airport in Albania; and an optical fibre network company in Hong Kong. These two seed assets showcase the investment style of the Fund and are able to generate solid cash yield with low risk for our investors.
The Fund primarily invests in equity and equity-linked securities of companies or projects located in Europe, North America and Asia-Pacific areas. Investment opportunities in other areas such as South America and Middle-East areas may also be considered.
The Fund targets to invest between USD50 million and USD200 million for a single investment. Investment targets should have excellent management team, good operating track record and strong recurrent cash flows so that investors in the Fund can enjoy both a satisfactory cash yield and long-term capital appreciation.
The target industries include, without limitation, roads (including toll roads, bridges and tunnels), transport terminals (including airport terminals and related facilities), railway stations and similar, sea and shipping ports, communication towers, water distribution networks, wastewater networks, water and wastewater treatment facilities, power generation facilities, power transmission and distribution networks, oil and gas storage facilities, oil and gas distribution networks, etc.
As the parent company of China Everbright Limited, China Everbright Group’s business mainly includes retail banking, securities, insurance and asset management. Meanwhile, the group is also engaged in infrastructure related industries, such as environmental protection, waste-to-energy, property management, clean energy, aviation, etc. The Fund can leverage the knowledge and network of the group in deal sourcing, technical know-how, operational improvement, and capital structure optimization to create synergies. Since 1980s when the reform and opening-up of China started, China Everbright Group expanded its footprint to Hong Kong. With years of overseas investment and asset management experience, the group is able to provide a strong support for the fund’s global strategy.
China’s “One Belt One Road” strategy could comparatively give the Fund better access to opportunities along the countries covered by the Belt Road strategy.
The investment team is made up of seasoned investment professionals with experience from big corporates, bulge bracket investment banks and top tier private equity funds. Having gone through the full market cycles, the team has accumulated extensive experience from investment, post-investment management to exit, and demonstrated its capability to identify attractive investment opportunities and achieve an exit with risk-adjusted returns.
Tirana International Airport
Reserves 100% long-term franchising of Tirana International Airport.
An optical fibre network company in Hong Kong
A provider of “last mile” optical fibre networks in Hong Kong, investment in the form of convertible bonds with the benefits of guaranteed return and potential of high equity-like return.
Mr. Hu is Managing Director of the Overseas Infrastructure Fund Department, China Everbright Limited (CEL) and sits on the Investment Committee of Everbright Overseas Infrastructure Investment Fund LP. He possesses over 20 years’ of investment experience. He served as Assistant General Manager of the investment management department of China Everbright Group (Hong Kong), Investment Committee member of Citicorp Everbright China Fund. He was responsible for managing China Everbright Group (Hong Kong) ‘s overseas investment assets between 1998 and 2006. Prior joining the Fund, Mr. Hu was the General Manager of the Strategic Investment Department of the China Travel International Investment (H.K.) Limited (CTII) and a deputy general manager of CTII’s subsidiary in China, responsible for CTII’s cross border investment, corporate strategy, performance management and corporate governance.
Mr. Hu Holds a bachelor degree in Business Management in Guangzhou Zhongshan University and an MBA from Baylor University of US. He is a member of CFA and a member of ACCA.
Mr. Hu is Managing Director of the Overseas Infrastructure Fund Department, China Everbright Limited and sits on the Investment Committee of Everbright Overseas Infrastructure Investment Fund LP. He possesses more than 20 years’ experience in Corporate Finance and Direct Investment. Prior joining the fund Mr. Hu was an Executive Director from J.P. Morgan Asset Management Real Assets (Asia) Limited in charge of an Asian infrastructure fund’s investments in Greater China. He was a Director at Capital China Holdings Limited, responsible for investments in infrastructure and financial sectors in China. He was also a Director at Emerging Markets Partnership, managing AIG infrastructure funds’ investments in Greater China.
Mr. Hu holds a Bachelor Degree in Economics from the University of Hong Kong and a Master Degree in Business Administration from the Chinese University of Hong Kong. Mr. Hu is a charter holder of CFA.
Mr. Poon is Executive Director of the Overseas Infrastructure Fund Department, China Everbright Limited and sits on the Investment Committee of Everbright Overseas Infrastructure Investment Fund LP. He possesses more than 15 years’ of investment experience. Prior joining the fund he was a Senior Vice President at Macquarie Everbright Greater China Infrastructure Fund, responsible for Investment, Asset Management, Fund Raising and participated in the Investment Committee. He was also the IC Observer for Everbright Ashmore Real Estate USD Fund. In 2004, Mr. Poon joined Lehman Brothers and worked at the Tokyo and HK office of the Global Real Estate Department. Later, he served as Vice President in Nomura International, in charge of the underwriting business for the mezzanine syndication related to the infrastructure industry across Asia-Pacific region. Kelvin also worked for PricewaterhouseCoopers.
Mr. Poon graduated from the Macquarie University, major in Finance and minor in Actuary. He is a charter holder of Australia CPA and HKICPA in 2001 and 2002 respectively. Mr. Poon also received a Diploma in Civil Law awarded by Tsinghua University and Hong Kong University in 2003.
Investment Vice President
Mr. Cheng is the Investment Vice President of the Overseas Infrastructure Fund Department, China Everbright Limited. He possesses more than 12 years’ experience in assessment of investments. Prior to joining the team, he worked in Singapore office of Platinum Equity, a leveraged buyout fund specializing in operational improvements of businesses, covering investment opportunities in Asia focusing on Greater China. Earlier in his career, Mr. Cheng advised potential corporate and institutional investors on investment opportunities during his spell in KPMG Hong Kong and New York, with his latest position as associate director in deal advisory team in Hong Kong.
Mr. Cheng graduated from The Chinese University of Hong Kong majoring in Economics, and is a CPA in the US and Hong Kong, as well as a CFA charter holder.
Mr. Lau is Senior Associate of the Overseas Infrastructure Fund Department, China Everbright Limited. He possesses more than 7 years of investment related experience. Mr. Lau started his career as a Financial Analyst in an Investment Management company based in London, covering infrastructure, real estates, hotels and resort, student accommodations and town redevelopment. Returning to Hong Kong, he continued his career with the same organization as a management consultant and for one year as an Aviation Business Consultant. Mr. Lau has started his career in Private Equity in 2013 through joining a boutique family office with its headquarter in United Kingdom mainly focusing in property investment in particular data centres, schools, warehouse and storages.
Mr. Lau graduated from the University of Hong Kong in 2010 holding a degree in Real Estate and Finance.
Mr. Xu is Associate of the Overseas Infrastructure Fund Department, China Everbright Limited. Before joining Everbright, Mr. Xu was working in a family office based in Hong Kong, responsible for private equity and venture capital fund investments, direct investment in early-stage TMT companies as well as advising Asian institutions in acquiring overseas real assets.
Mr. Xu graduated from the Chinese University of Hong Kong, major in Insurance, Financial and Actuarial Analysis, and is a charter holder of FRM.