Developed nations' infrastructure too pricey for CPPIB, Machin says [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Developed nations' infrastructure too pricey for CPPIB, Machin says The head of Canada Pension Plan Investment Board sees little opportunities in the country’s infrastructure projects -- or in other developed countries for that matter. "We have benefited from the rise in valuations in infrastructure over the last 10, 12 years but it’s really hard now to get more money invested in developed-market infrastructure because everything’s priced to perfection," Mark Machin, chief executive officer of the $392 billion fund, said in an interview Wednesday in Toronto. "In most things we were outbid around the world." There’s very little risk priced into the projects for regulatory or tax changes, Machin added. The few opportunities where the pension fund can be competitive is generally in relation to its current investments or something closely related. One infrastructure project that might fit those parameters is Highway 407, north of Toronto, which has gained roughly 10 times in value since t
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