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Manila Bulletin devider Business devider Banking & Finance devider GSIS commits $300 M to US-based infra fund

GSIS commits $300 M to US-based infra fund

Published Apr 17, 2023 06:34 am


State-run Government Service Insurance System (GSIS) has committed $300 million to US-based infrastructure-focused private equity firm Global Infrastructure Partners (GIP). In a statement on Monday, April 17, Wick Veloso, GSIS president and general manager, said the pension fund has signed an agreement, worth roughly P16.67 billion, with GIP for infrastructure investments. Under the agreement, GSIS will invest $300 million in GIP Emerging Markets Fund for infrastructure projects covering transport, energy and digitalization. “This partnership is in line with our continued effort to further diversify our assets and generate higher returns for the benefit of our more than two million members and pensioners,” Veloso said. GIP, founded in 2006 and based in New York City,  is a global independent infrastructure fund manager that administers $87 billion in assets on behalf of its investor base. “It seeks to invest in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment, and waste management,” GSIS said. GIP works in partnership with public sector co-investors and stakeholders to deliver improvements in infrastructure. As the largest owner of private airports, GIP has particularly cemented its position as the leading British airport operator transforming London’s City and Gatwick airports and Scotland’s Edinburg airport into highly profitable and comfortable terminals. Last week, GSIS also announced that it invested P1.46 billion in mining firm Nickel Asia Corporation (NAC). The GSIS investment involved a purchase of a total of 233.55 million common shares, done through a block sale approved by the PSE last April 12. “GSIS continues to look for ways to lengthen its fund life through viable investment opportunities such as the successful vertically integrated mining ore production and processing businesses of NAC,” Veloso said. “Our decision to invest in NAC supports the goal of safely growing our funds for our members’ benefit, while positioning strategically to aid both the Electric Vehicle industry and nation-building,” he added.

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Government Service Insurance System (GSIS) Wick Veloso GSIS President and General manager
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