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The Journal of Structured Finance

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Article

A Choice between Staging and Syndication as Tools to Control Risks When Private Equity Invests in Infrastructure

Josephine Gemson and A. Thillai Rajan
The Journal of Structured Finance Summer 2017, 23 (2) 34-50; DOI: https://doi.org/10.3905/jsf.2017.23.2.034
Josephine Gemson
is an assistant professor in King’s University College at the University of Western Ontario in London, Canada
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A. Thillai Rajan
is a professor in the Department of Management Studies at the Indian Institute of Technology Madras in Chennai, India
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Abstract

To mitigate the risks faced by private investors, including private equity (PE), strategies such as staging and syndication have been successfully employed. In this article, the determinants and preference of these two alliance-based strategies are explored when PE invests in infrastructure. Known for large capital outlays, project-finance structures, and nonrecourse financing, infrastructure is not a conventional choice for PE but has received enormous PE investment in recent years. Worldwide deals from 1990–2009 in energy, transport, and water and utilities sectors are analyzed in a nonrecursive path model to examine how environment, information, and investment risk determines the probability and preference of these strategies. Results indicate that the experience level of PE, especially in infrastructure, prior infrastructure experience, and proximity to the project determine the choice between staging and syndication, with staging emerging as the preferred alternative.

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The Journal of Structured Finance: 23 (2)
The Journal of Structured Finance
Vol. 23, Issue 2
Summer 2017
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A Choice between Staging and Syndication as Tools to Control Risks When Private Equity Invests in Infrastructure
Josephine Gemson, A. Thillai Rajan
The Journal of Structured Finance Jul 2017, 23 (2) 34-50; DOI: 10.3905/jsf.2017.23.2.034

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A Choice between Staging and Syndication as Tools to Control Risks When Private Equity Invests in Infrastructure
Josephine Gemson, A. Thillai Rajan
The Journal of Structured Finance Jul 2017, 23 (2) 34-50; DOI: 10.3905/jsf.2017.23.2.034
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  • Article
    • Abstract
    • PRIVATE SOURCES OF FINANCING INFRASTRUCTURE TO COMBAT RISKS
    • STAGING AND SYNDICATION—STRATEGIC INTENTS OF PE INVESTORS
    • METHODOLOGY
    • FINDINGS AND DISCUSSION
    • IMPLICATIONS AND CONCLUSION
    • ENDNOTES
    • REFERENCES
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