Foreign experience in investing pension funds in long-term infrastructure projects

Еsaulkova Tatyana Stanislavovna

the problem of investing pension funds in infrastructure projects exists not only in Russia but throughout the world. To date, the rich experience of foreign countries has already been accumulated in this regard, which requires generalization and analysis. In the article highlights the main current models for the participation of pension funds in infrastructure projects: direct investment; through various investment funds; collective financing with other institutional investor. The objectives of investing pension funds in long-term infrastructure projects for funds are variable: the need to diversify the investment portfolio, ensuring a stable income (as a rule, due to a predetermined rate of return), ong-term nature of liabilities (which corresponds to the maturity of pension obligations), ensuring an acceptable level of risk due to low volatility. At the same time, there are risks associated with the low quality of infrastructure projects, limited availability of high quality assets, come from which exceeds the risk-free rate of return, high costs of acquiring these assets, etc.).

Keywords:investment, pension assets, infrastructure projects, pension funds, investment portfolio, risks