Gawlitta, M and Kleinow, J (2015) Analysis of infrastructure financing by debt funds in the EU. Proceedings of Institution of Civil Engineers: Management, Procurement and Law, 168(1), pp. 12-21. ISSN 17514304
Abstract
This article analyses the basic financial market conditions in the European Union (EU), which enable the emergence of debt funds. Using this foundation, the paper explains how and why infrastructure debt funds, specifically, are evolving in the EU. To this end, infrastructure is introduced as an asset class. The paper's main body is composed of a market overview as well as an analysis of optimal contractual design of infrastructure debt funds in the EU. However, in spite of the great euphoria associated with their introduction, debt funds will have to face regulatory challenges that could quickly lead to disillusionment among their supporters. A recently adopted EU law, the Alternative Investment Funds Managers Directive, is the basis for consistent EU-wide regulation of infrastructure debt funds. Thus, finally, debt funds are examined briefly within the regulatory framework of European financial markets. An outlook for the future and the proposal of additional research opportunities mark the end of this paper.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | economics & finance; European union (EU); infrastructure planning |
| Index terms: | European Union, infrastructure financing, face, infrastructure debt fund, proposal, regulation, markets, manager, market condition, infrastructure planning, emergence |
| Subjects: | political science, financial risk, psychology, physical geography and landforms, systems engineering, economic and policy analysis, strategic project management, project planning, economic analysis, practitioner |
| Topics: | Cost Management, Research Practice, Geographical Context, Business Strategy, Project Management, Governance, Engineering Principles, Roles and Professions, Organizational Design |
| Descriptive scope: | 2 PC |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here