We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 26 Nov 2012 01:46 PM

Font Size

- Aa +

ADIA's infrastructure head Koski departs

Chris Koski departs wealth fund Abu Dhabi Investment Authority for personal reasons

ADIA's infrastructure head Koski departs
Abu Dhabi Investment Authority building.

The Abu Dhabi Investment Authority (ADIA), one of the world's biggest sovereign wealth funds, confirmed on Monday that the global head of its infrastructure investments group had left the fund for personal reasons.

Chris Koski joined ADIA in 2007 from the Canadian Pension Plan Investment Board to set up its infrastructure team, and became the go-to person for bankers and funds pitching infrastructure-related investments to the Abu Dhabi fund, sources familiar with the matter said.

Under Koski, ADIA picked up minority stakes in some of the world's leading infrastructure projects by co-investing with large institutional investors such as pension funds and other sovereign institutions.

"ADIA's infrastructure team was very active and Koski was spearheading the show," one banking source said, speaking on condition of anonymity because he was not authorised to talk to media about the issue.

A spokesman for ADIA said a search process was underway to find a replacement for Koski.

In its 2011 annual review, ADIA said the focus of its infrastructure team was mainly in developed markets. It was looking for assets in sectors including utilities, such as water, gas and electricity distribution and transmission companies, as well as transport infrastructure, such as toll roads, ports, airports and freight railroads.

The fund allocates between 1 and 5 percent of its portfolio to infrastructure investments. It does not disclose the size of its total assets but is widely believed to hold assets of US$400bn-US$600bn.

In 2011, one of ADIA's subsidiaries was part of a consortium that agreed to acquire a 24.1-percent stake in Gassled - Norway's gas transmission pipeline system. Among listed equities, the team acquired slightly more than 5 percent of MAp Airports, now known as Sydney Airport Holdings, an Australian company which owns stakes in the Sydney, Brussels and Copenhagen airports.

ADIA also agreed to buy a 9.9 percent stake in Thames Water, Britain's largest water and waste water firm, from a consortium of investors led by Australian investment bank Macquarie.

In the review, ADIA said it combined its infrastructure and real estate teams as one unit to improve efficiency and better align investment teams and resources. Majed Salem Khalifa Al Romaithi is the executive director in charge of the division.

ADIA returned 6.9 percent on an annualised basis over a 20-year period as of December 31, 2011, a slight drop from the 7.6 percent it posted in 2010. On the same basis, the fund returned 8.1 percent over a 30-year period, similar to 2010.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.