Morrison & Co offers a range of separately managed and co-mingled products providing access to high conviction private and listed market opportunities
As a specialist alternative assets manager Morrison & Co offers a range of services to its clients and has delivered superior results through detailed sector knowledge, operational expertise, and transactional excellence.
Morrison & Co's service offering spans the full spectrum of alternatives investment management including research, origination, due diligence, deal/trade execution, debt arranging and capital management, transition management, portfolio management, long-term active asset management and governance.
Our products include
Separately Managed Accounts (SMAs)
Customised investment management services for individual clients designed to deliver target return and yield objectives to match specific liability profiles. Bespoke and flexible mandates suitable for an active management approach with clients seeking to supplement their in-house capability in complex or early stage opportunities. Augmented with long-term asset management capability.
Focussed discretionary investment mandates for a number of limited partners targeting specific risk, return and sector profiles. Offered in both closed and open-ended formats with agreed sector and geographic scope. Suitable for general infrastructure and tightly defined opportunities (e.g. PPPs and real estate). Suitable also for clients with limited infrastructure experience and limited in-house transaction and asset management capability, or those seeking specific exposures within the alternatives universe.
Asset management mandates
Negotiated long-term asset management mandates for individual clients and specific assets. Suitable for assets requiring active management and operational expertise held within a long-term infrastructure portfolio.
Current SMA Clients
Infratil was founded and publicly listed by Morrison & Co in 1994 as a vehicle offering New Zealand investors access to long-term infrastructure investment.
Infratil's current portfolio includes energy, renewable energy, airports, public transport, social infrastructure, and telecommunications technology in New Zealand, Australia and North America. During Morrison & Co's 23 years of management, Infratil has delivered strong returns to a diversified set of domestic and global retail and institutional shareholders.
NZX/ASX listed vehicle (IFT.NZ; IFT.AU;)
Infratil targets a balanced portfolio of returns and yield, with bias towards growth infrastructure, control positions and higher complexity assets
Infratil has delivered 16.5% annualised compound total shareholder return (after tax) over 23 years
Australasian Sovereign Wealth Fund and Pension Clients
Morrison & Co manages capital on behalf of a select group of sovereign wealth and pension funds on a Separately Managed Account (SMA) basis that have a long-term investment focus based on the need to match long dated generational liabilities. This includes the New Zealand Superannuation Fund and the Commonwealth Superannuation Corporation.
These mandates cover global listed and private markets and offer direct ownership of real assets with control or co-investment opportunities (often as part of a club structure).
Mandates vary by client but cover global infrastructure across debt, equity, listed and unlisted markets.
Current Specialist Funds
Public Infrastructure Partners I Fund
The first Public Infrastructure Partners (PIP) Fund raised in 2009 focused on availability-based social infrastructure PPP's in New Zealand. Morrison & Co worked with central, regional and local government agencies, to identify partnership opportunities to develop social infrastructure such as educational, healthcare and student accommodation facilities. These investments are typically structured as long-term concession arrangements under which the PIP Fund will finance, build and maintain assets, for a 25-35 year term, before transferring them back to public ownership at the concession conclusion. Fund investments include:
Hobsonville Point Primary and Secondary Schools
Melbourne Convention Centre PPP
Bendigo Hospital key health worker accommodation
University of Wollongong Student Accommodation
Auckland Prison PPP
Public Infrastructure Partners II
PIP Fund II is a follow-on fund with similar investment criteria to PIP Fund I. PIP Fund II has a focus on developing availability-based and contemporary social infrastructure working with local, regional and central New Zealand government agencies.
The Fund reached first close of $100m in September 2016. The Fund's first investment is the Pūhoi to Warkworth PPP motorway contract awarded to NX2 in November 2016.
On 3rd March 2017 The Ministry of Education announced ShapEd’s selection as the preferred bidder on the Public Private Partnership (PPP) tender, to design, construct and maintain five new schools across New Zealand.