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Article: Secondary uncertainty: while everybody expects the secondary market in PFI equities to develop rapidly, there are still some inherent structural problems that will challenge both purchasers and vendors.(Feature: health)(public financial institutions )
- Article from:
- Public Private Finance
- Article date:
- September 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Although nascent, there are signs that the secondary market for PFI assets is about to bloom.
Certainly, demand for these cash-generative assets is growing--and some big names are seeking a place at the negotiation table. Societe Generale and Barclays have formed a joint infrastructure fund to invest in PFI; others include Henderson Global Investors and Star Capital.
There is evidence too that the supply side is also close to emerging, Andy Friend, chief executive of John Laing, this month told press that it was planning to sell some of its PFI investments to recycle funds into future projects. "It is becoming a liquid market backed by institutions who ...