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MIRA INFORM REPORT
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Report No. : |
509324 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL INFRASTRUCTURE
FUND, L.P. |
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Registered Office : |
Registered Agent Information Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle, DE, Postal Code 19808 |
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Country : |
United States |
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Financials (as on) : |
2016 [Summarized] |
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Date of Incorporation : |
1995 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Subject is an investment
management company that specialises in Debt Investments, Infrastructure,
Listed Equities and Private Equity. |
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No. of Employees : |
397 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 250 000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a
per capita GDP of $59,500. US firms are at or near the forefront in
technological advances, especially in computers, pharmaceuticals, and medical,
aerospace, and military equipment; however, their advantage has narrowed since
the end of World War II. Based on a comparison of GDP measured at purchasing
power parity conversion rates, the US economy in 2014, having stood as the
largest in the world for more than a century, slipped into second place behind
China, which has more than tripled the US growth rate for each year of the past
four decades.
In the US, private individuals and business firms make most of the
decisions, and the federal and state governments buy needed goods and services
predominantly in the private marketplace. US business firms enjoy greater
flexibility than their counterparts in Western Europe and Japan in decisions to
expand capital plant, to lay off surplus workers, and to develop new products.
At the same time, businesses face higher barriers to enter their rivals' home
markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for
lower-income families, inadequate investment in deteriorating infrastructure,
rapidly rising medical and pension costs of an aging population, energy shortages,
and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual
development of a "two-tier" labor market in which those at the bottom
lack the education and the professional/technical skills of those at the top
and, more and more, fail to get comparable pay raises, health insurance
coverage, and other benefits. But the globalization of trade, and especially
the rise of low-wage producers such as China, has put additional downward
pressure on wages and upward pressure on the return to capital. Since 1975,
practically all the gains in household income have gone to the top 20% of
households. Since 1996, dividends and capital gains have grown faster than
wages or any other category of after-tax income.
Imported oil accounts for more than 50% of US consumption and oil has a
major impact on the overall health of the economy. Crude oil prices doubled
between 2001 and 2006, the year home prices peaked; higher gasoline prices ate
into consumers' budgets and many individuals fell behind in their mortgage
payments. Oil prices climbed another 50% between 2006 and 2008, and bank
foreclosures more than doubled in the same period. Besides dampening the
housing market, soaring oil prices caused a drop in the value of the dollar and
a deterioration in the US merchandise trade deficit, which peaked at $840
billion in 2008. Because the US economy is energy-intensive, falling oil prices
since 2013 have alleviated many of the problems the earlier increases had
created.
The sub-prime mortgage crisis, falling home prices, investment bank
failures, tight credit, and the global economic downturn pushed the US into a
recession by mid-2008. GDP contracted until the third quarter of 2009, the
deepest and longest downturn since the Great Depression. To help stabilize
financial markets, the US Congress established a $700 billion Troubled Asset
Relief Program (TARP) in October 2008. The government used some of these funds
to purchase equity in US banks and industrial corporations, much of which had
been returned to the government by early 2011. In January 2009, Congress passed
and former President Barack OBAMA signed a bill providing an additional $787
billion fiscal stimulus to be used over 10 years - two-thirds on additional
spending and one-third on tax cuts - to create jobs and to help the economy
recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP.
In 2012, the Federal Government reduced the growth of spending and the deficit
shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries.
Wars in Iraq and Afghanistan required major shifts in national resources
from civilian to military purposes and contributed to the growth of the budget
deficit and public debt. Through FY 2018, the direct costs of the wars will
have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient
Protection and Affordable Care Act (ACA), a health insurance reform that was
designed to extend coverage to an additional 32 million Americans by 2016,
through private health insurance for the general population and Medicaid for
the impoverished. Total spending on healthcare - public plus private - rose
from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former president signed the DODD-FRANK Wall Street
Reform and Consumer Protection Act, a law designed to promote financial
stability by protecting consumers from financial abuses, ending taxpayer
bailouts of financial firms, dealing with troubled banks that are "too big
to fail," and improving accountability and transparency in the financial
system - in particular, by requiring certain financial derivatives to be traded
in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to
purchase $85 billion per month of mortgage-backed and Treasury securities in an
effort to hold down long-term interest rates, and to keep short-term rates near
zero until unemployment dropped below 6.5% or inflation rose above 2.5%. The
Fed ended its purchases during the summer of 2014, after the unemployment rate
dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP.
In December 2015, the Fed raised its target for the benchmark federal funds
rate by 0.25%, the first increase since the recession began. With continued low
growth, the Fed opted to raise rates several times since then, and in December
2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the
Tax Cuts and Jobs Act, which, among its various provisions, reduces the
corporate tax rate from 35% to 21%; lowers the individual tax rate for those
with the highest incomes from 39.6% to 37%, and by lesser percentages for those
at lower income levels; changes many deductions and credits used to calculate
taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do
not obtain the minimum amount of health insurance required under the ACA. The
new taxes took effect on 1 January 2018; the tax cut for corporations are
permanent, but those for individuals are scheduled to expire after 2025. The
Joint Committee on Taxation (JCT) under the Congressional Budget Office
estimates that the new law will reduce tax revenues and increase the federal
deficit by about $1.45 trillion over the 2018-2027 period. This amount would
decline if economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal
Name: |
GLOBAL INFRASTRUCTURE FUND, L.P. |
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Trade
Name: |
IFM GLOBAL IFM |
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ID:
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4685126 |
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Date
Created: |
1995 |
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Date
Incorporated: |
5/8/2009 |
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Legal
Address: |
Registered Agent Information Name: Corporation Service Company Address: 251 Little Falls Drive City: WILMINGTON County: New Castle State: DE Postal Code: 19808 |
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Operative
Address: |
114 West 47th Street 26th Floor New York NY 10036 United States of America |
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Telephone:
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+1 212 784 2260 |
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Fax: |
+1 212 784 2261 |
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Legal
Form: |
Limited Partnership |
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Email: |
paul.burraston@ifminvestors.com |
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Registered
in: |
DELAWARE |
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Website:
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www.ifminvestors.com |
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Contact: |
Brett Himbury, Chief Executive
Officer |
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Staff:
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397 employees |
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Activity: |
Investment Firms |
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BANKS: |
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The company does not make its
banking data public |
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HISTORY: |
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The company was founded in 1995 |
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Key
Developments: |
NEW YORK--(BUSINESS WIRE)--Industry Funds Management
(IFM), an investor-owned global fund manager, announced today that 27
institutional investors in North America made new equity commitments to its
Global Infrastructure Fund in 2012, raising approximately $2 billion for the
Fund during the year. These new commitments marked IFM’s strongest
fundraising year in the region since 2009, raising infrastructure assets
under management to $14 billion and total firm assets to more than $40
billion. These new commitments were raised as part of a targeted campaign to
secure the capital needed for IFM’s current deal pipeline, including IFM’s
35.5% strategic stake in Manchester Airports Group (MAG) and MAG’s
corresponding acquisition of London Stansted Airport for $2.4 billion,
announced on January 18, 2013. In 2016, the OHL company sold to the Global
Infrastructure Fund (IFM) 24.01% of the Concesionaria Mexiquense (Conmex)
company for 8,644 million pesos (400 million euros). In this way, the
infrastructure fund increased its investment in the Aztec concessionaire to
49%; while the Villar Mir family controlled the remaining 51%. Conmex is a
company responsible for the management of the Circuito Exterior Mexiquense
(CEM). In 2018, the Fomento de Construcciones y
Contratas (FCC) decided to sell 49% of the capital of its subsidiary FCC
Aqualia for 1 024 million euros to the IFM Global Infrastructure Fund
(through Global Infraco Spain). |
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PRINCIPAL
ACTIVITY
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GLOBAL
INFRASTRUCTURE FUND, L.P. is an investment management company that specialises
in Debt Investments, Infrastructure, Listed Equities and Private Equity. |
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Products/Services description: |
DIVISIONS Investment management Debt investments Infrastructure investments Indexed and quantitative
equities Active equities Private equity Asset management |
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Brands: |
IFM |
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Sales are: |
Wholesale and Retail |
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Clients: |
National and International
companies, as well as private customers |
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Suppliers: |
NA |
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Operations area: |
National and International |
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The company exports to |
Worldwide |
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The subject
employs |
397 employees |
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Payments:
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Slow but correct |
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LOCATION
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Headquarters
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114 West 47th Street 26th Floor New York NY 10036 United States of America |
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Comments: |
NA |
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Branches: |
No branches found |
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Related
Companies: |
3rd Floor 60 Gresham Street London EC2V 7BB United Kingdom Tel: +44 20 7448 9600 Fax: +44 20 7448 9640 Level 29 Casselden 2 Lonsdale Street Melbourne VIC 3000 Australia Tel: +61 3 8672 5300 Fax: +61 3 8672 5306 Heidestrasse 2 10557 Berlin Germany Tel: +49 030 5150 3802 Fax: +49 030 5150 3803 Level 21 Shin-Marunouchi Center Building 1-6-2, Marunouchi Chiyoda-ku Tokyo 100-0005 Japan Tel: +81 3 3216
7274 Fax: +81 3 3216 7210 19/F Cheung Kong Center 2 Queen's Road Central Hong Kong Tel: +852 3469 5095 Fax: +852 3469 5000 Level 17 Jongno Tower 51 Jongno, Jongno-gu Seoul 03161 Tel: +82 2 6353 4547 Fax: +82 2 6353 4555 ID: 4415202 Name: IFM GLOBAL INFRASTRUCTURE (US) GP,
LLC Registered in: DELAWARE ID: 5050030 Name: IFM GLOBAL INFRASTRUCTURE (US) I-A,
L.P. Registered in: DELAWARE. ID: 4497165 Name: IFM GLOBAL INFRASTRUCTURE (US), L.P. Registered in: DELAWARE ID: 5705409 Name: IFM GLOBAL INFRASTRUCTURE FINANCE
(US) LLC Registered in: DELAWARE |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
This is a private company. The
company does not disclose information on shareholders. The following information
has been obtained through private sources and could not be confirmed: The company is a subsidiary of
IFM INVESTORS PTY LTD INFORMATION ABOUT IFM INVESTORS
PTY LTD IFM Investors Pty Ltd is a
privately owned investment manager. The firm provides its services to pooled
investment vehicles, pension and profit sharing plans, insurance companies,
and non-U.S. government entities. It manages separate client focused equity
and fixed income portfolios. The firm also manages superannuation funds, infrastructure
funds, private equity funds, and equity mutual funds. It invests in the
public equity and fixed income markets across the globe. For the equity
portion of its portfolio, the firm invests in small cap equities of the firm.
It also invests in private equity markets including infrastructure and
private assets. It typically invests in infrastructure sector and also makes
responsible investing. The firm employs fundamental analysis to create its
portfolio. It benchmarks the performance of its portfolio against the MSCI
World Index. The firm conducts in-house research to make its investments. It
was founded in 2004 and is based in Melbourne, Victoria with additional
offices in Berlin, Germany, London, United Kingdom, New York City, Sydney,
Australia, and Japan, Tokyo. FM Investors Pty Ltd operates as a subsidiary of
Industry Super Holdings Pty Ltd. Address: Level 2 50 Pitt Street Sydney NSW 2000 Australia Telephone: +61 2 8076 5200 Fax: +61 2 8076 5201 Website: www.ifminvestors.com Management: Brett Himbury, Chief Executive
Officer Philip Dowman, Global Chief
Financial Officer and Chief Operations Officer Dunia Wright, Head of IFM US
& Europe Kyle Mangini, Global Head of
Infrastructure Robin Miller Ph.D., Global Head
of Debt Investments |
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Management: |
Brett Himbury, Chief Executive
Officer May Soh, Vice President Olivier Sueur, Vice President |
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FINANCIAL
INFORMATION
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The company does not make its financial statements public. The following
information has been provided by private sources: |
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USD 2016 |
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Sales : |
120,000,000 |
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Cash Flow: |
Normal |
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LEGAL
FILINGS
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Lawsuits: |
No records found |
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OFAC Sanctions List Search: |
The company is not listed
in the OFAC list. |
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SUMMARY
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Founded in 1995, GLOBAL
INFRASTRUCTURE FUND, L.P. is an investment management company that
specialises in Debt Investments, Infrastructure, Listed Equities and Private
Equity. The company has 397 full-time
employees and generates an estimated USD 117.84 million in annual revenue. The company exports worldwide,
operating within national and international markets. This has been an ACTIVE company
incorporated in DELAWARE in 2009. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Slow but correct |
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CASH
FLOW |
Normal |
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SUGGESTED
CREDIT LINE |
USD 250 000 |
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STATUS |
ACTIVE |
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INTERVIEW |
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NAME |
NA |
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POSITION |
Operator |
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COMMENTS |
The person contacted confirmed legal name,
trade name, and website, but refused to provide further information
explaining that she was not allowed to do so. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.52 |
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1 |
INR 91.49 |
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Euro |
1 |
INR 80.52 |
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US Dollar |
1 |
INR 67.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.