On investment environment for India going forward: One of the things that has really changed over the last decade in India is the increasing appetite from international investors to invest in private markets. As a result, the amount of capital we have available to deploy in India now is much larger. I believe that will continue to be the case if the risk adjusted returns continue to measure up. Consistent government policy is key, particularly in relation to infrastructure investment. A reliable framework is important because of the often long-term nature of such investments. The positive experience gave us confidence to support the government’s toll-operate-transfer (TOT) privatisation initiative. The first TOT has been a unique opportunity to invest in a high-quality portfolio of roads and over a long concession period of 30 years. 

Which Asian countries do you see having more opportunities: India is the largest market in our Asia Funds portfolio. Today in India, across MIRA managed funds, we have deployed (approximately) US$2.5 billion of equity investments across 13 investments and 63 assets. This is driven by both the size of the market and the quality of investment opportunities. We are hopeful that there will be more PPP projects available in roads and other infrastructure sectors, particularly in the renewables sector. 

How you compare India and China in terms of investment opportunities?  India and China are both experiencing rapid urbanisation, resulting in millions of people being moved out of poverty. As people move into cities, significant investment in infrastructure is needed. Both countries are encouraging private capital to support such investment. This has allowed us, in China, for example, to invest in wastewater treatment facilities and waste-to-energy projects. We would welcome the opportunity to bring our expertise in the water sector to India. 

On India focused funds: I expect we will have investors that are interested in India that will want to invest in specific opportunities alongside the fund, which is the way we currently operate around the world. The result of that is we will be introducing even more capital to India than the capital we have in our funds.

On next big opportunity: In terms of specific opportunities in India – based on the success of the TOT programme, we think there is potential for the government to expand that to other asset classes, which could provide more opportunities for international investors to build a diverse portfolio in India. It could also create an option for the government to raise funding for investment in new infrastructure projects.