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ADB, Macquarie, GSIS to Invest in $625-Million Philippine Fund

Updated on

July 31 (Bloomberg) -- The Asian Development Bank, Philippine state pension fund Government Service Insurance System, Dutch pension asset manager Algemene Pensioen Groep NV and Macquarie Group Ltd. will invest in a $625 million-fund focused on infrastructure projects in the Southeast Asian nation.

The private equity fund will focus on energy, power, water, environment, communication and public-private partnership projects in the Philippines, GSIS said in a statement today. Macquarie Infrastructure and Real Assets will manage the fund.

“Now is the best time to invest in the Philippines,” Frank Kwok, a senior managing director at Macquarie, said in a briefing in Manila today. “We are confident there will be a steady pipeline of projects and that we can disburse the funds in a relatively short period of time.”

President Benigno Aquino is winning confidence from investors and ratings companies as he increases state spending to a record and bolsters an economy that expanded 6.4 percent in the first quarter. The government is seeking investments in more than $16 billion worth of infrastructure projects from roads to schools and airports as it increases incomes and reduces poverty.

GSIS, the lead investor, committed $400 million, President Robert Vergara said in the briefing today. The other investors declined to reveal the size of their contributions.

To contact the reporters on this story: Karl Lester M. Yap in Manila at kyap5@bloomberg.net; Max Estayo in Manila at mestayo@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net

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