Schumpeter
熊彼特
Why BlackRock is betting billions on infrastructure
为什么贝莱德在基建上押注上百亿美元
Demand for investment is soaring thanks to decarbonisation, digitisation and deglobalisation
脱碳、数字化和去全球化导致对投资的需求飙升
THE GLOBAL economy is on the cusp of an “infrastructure revolution”, if Larry Fink is to be believed. The boss of BlackRock, the world’s largest asset manager, made the modest prediction shortly after announcing on January 12th that his firm would acquire Global Infrastructure Partners (GIP) for $12.5bn. That company, led by Adebayo Ogunlesi, an old pal of Mr Fink’s from their banking days, is the world’s third-largest infrastructure investor, behind Australia’s Macquarie and Canada’s Brookfield. Its assets range from Gatwick Airport in London to the Port of Melbourne. Mr Ogunlesi and his fellow partners will collectively become BlackRock’s second-largest shareholder.
如果拉里·芬克（Larry Fink）的话可信的话，那么全球经济正处于一场“基础设施革命”的前沿。这位全球最大资产管理公司贝莱德（BlackRock）的老板在1月12日宣布将以125亿美元收购全球基础设施投资公司（Global Infrastructure Partners，简称GIP），之后不久做出了这个温和的预测。由芬克在银行工作时的老朋友阿德巴约·奥贡莱西（Adebayo Ogunlesi）领导的GIP是全球第三大基建投资公司，仅次于澳大利亚的麦格理（Macquarie）和加拿大的布鲁克菲尔德（Brookfield）。从伦敦盖特威克机场（Gatwick Airport）到墨尔本港（Port of Melbourne），它的资产遍布全球。奥贡莱西和他的几个合伙人将共同成为贝莱德的第二大股东。
- cusp （两曲线相交的）尖点，会切点，交点；（黄道十二宫的）两宫会切的时辰
Mr Fink is not the only one excited about the industry. On January 16th General Atlantic, a private-equity (PE) firm, confirmed reports that it would buy Actis, an infrastructure investor focused on emerging markets. In September CVC, another PE firm, announced it was buying DIF, a Dutch infrastructure investor. Over the past decade assets under management in infrastructure funds have increased almost five-fold, to $1.3trn, according to Preqin, a data provider. Pension funds and sovereign-wealth managers have been lured in by the industry’s returns, which are both handsome and relatively stable. More than half of such backers surveyed by Preqin intend to increase the share of their portfolios allocated to infrastructure. Some of the larger among them now invest directly in these dull assets. Why, then, all the excitement?
芬克并不是唯一一个对基建投资兴致浓厚的人。1月16日，私募股权公司General Atlantic证实了有关它将收购新兴市场基建投资公司Actis的报道。去年9月，另一家私募股权公司CVC宣布将收购荷兰基建投资公司DIF。据数据供应商Preqin称，过去十年里，基建基金管理的资产增长了近四倍，达到1.3万亿美元。养老基金和主权财富管理公司被这个行业既丰厚又相对稳定的回报所吸引。根据Preqin的调查，超过一半的此类投资机构计划增加其投资组合中分配给基建的份额。其中一些较大的机构已经在直接投资这些一点也不光鲜亮丽的资产。那么，对基建的兴趣为什么如此浓厚呢？
- lure 表示“诱惑、引诱、劝诱、诱导、哄骗”，同样也是强调一种强烈的或不可抗拒的影响力，既可以是有害的，也可以是完全无害的，甚至是可取的（参见：小词详解 | lure）
- portfolio （个人或机构的）投资组合，有价证券组合
