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The infrastructure debt team of Allianz Global Investors has structured the transaction and will manage the fund on behalf of investors. IFC will originate, structure and administer the loans on behalf of the fund in addition to providing a first loss protection.
Oliver Bäte, CEO of Allianz SE, says: “We work to ensure that our activities are profitable and sustainable. We create long-term value by embedding sustainability in our core business. The partnership with IFC and our co-investment in infrastructure is a perfect example how Allianz can provide thought leading investment expertise to support the economic development of emerging countries as well as serving the interest of our customers.”
“Modern infrastructure is essential for economic growth and lasting prosperity,” said IFC CEO Philippe Le Houérou. “Yet a huge investment gap exists in this sector—totaling trillions of dollars a year in emerging markets alone. MCPP Infrastructure marks a breakthrough in the search for large-scale financing solutions to the challenges of development. It is a key building block in the global effort to move from billions to trillions in development finance.”
For this purpose, AllianzGI has established an infrastructure debt fund that will co-invest with IFC in a portfolio of loans which IFC has granted to infrastructure projects in emerging economies and fulfill a defined set of eligibility criteria. The IFC will provide a first loss protection in order to reflect the risk/reward profile of an institutional investor. This will offer Allianz insurance entities access to Emerging Markets infrastructure loans, which have historically been funded by international development institutions, local banks and some international banks only.
Andreas Gruber, Allianz Group Chief Investment Officer says: “This partnership underlines how we at Allianz can create value for our customers by combining entrepreneurial investment ideas with industry-leading implementation know-how. Together with IFC we were able to conceive a reliable investment vehicle appropriate to the very long-term perspectives of all parties involved.”
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
Together with its customers and sales partners, Allianz is one of the strongest financial communities. More than 85 million private and corporate customers insured by Allianz rely on its knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2015, around 142,000 employees in over 70 countries achieved total revenues of 125.2 billion euros and an operating profit of 10.7 billion euros. Benefits for our customers reached 107.4 billion euros.
This business success with insurance, asset management and assistance services is based increasingly on customer demand for crisis-proof financial solutions for an aging society and the challenges of climate change. Transparency and integrity are key components of sustainable corporate governance at Allianz SE.
About Allianz Global Investors
Allianz Global Investors is a diversified active investment manager with a strong parent company and a culture of risk management. With 25 offices in 18 countries, AllianzGI provides global investment and research capabilities with consultative local delivery. AllianzGI has more than EUR 469 billion in AUM for individuals, families and institutions worldwide and employ more than 500 investment professionals.
AllianzGI’s infrastructure debt team, led by Claus Fintzen, focuses on senior and stable debt investments in the essential infrastructure sector. The team currently has EUR8bn under management.
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