新股消息 | 思卓基础设施基金递表港交所 具有涵盖亚太地区的全球多元化投资组合
Sizhuo Infrastructure Private Capital Open-Ended Fund Company has submitted a listing application to the Hong Kong Stock Exchange, planning to list on the main board. The fund is managed by Sizhuo Capital Asia Pacific Limited, with DBS Bank as the exclusive listing agent. The fund will invest in infrastructure debt in the Asia Pacific, North America, and Europe, providing liquidity and long-term returns. It is expected that global infrastructure spending will reach USD 54.4 trillion from 2025 to 2040, but there is a USD 10.9 trillion investment shortfall, making private capital particularly important in this context
According to the Hong Kong Stock Exchange's disclosure on October 17, the Starlight Infrastructure Private Capital Open-Ended Fund Company has submitted a listing application to the main board of the Hong Kong Stock Exchange. Starlight Capital Asia Limited is its investment manager, and DBS Bank is its exclusive listing agent. The fund has a globally diversified investment portfolio covering the Asia-Pacific region and plans to allocate a significant proportion of its assets to North America, Europe, and the Asia-Pacific region.
The prospectus shows that the Starlight Infrastructure Private Capital Open-Ended Fund Company is a closed-end fund registered as a public open-ended fund in Hong Kong, established in the form of a company with limited liability under Hong Kong law.
The investment objective of the fund is to provide investors with regular, sustainable, long-term income distributions and capital appreciation by investing in a diversified portfolio of senior and subordinated economic infrastructure debt. The fund offers better liquidity compared to non-listed private credit funds, allowing investors to buy and sell fund shares daily, thus managing their portfolios more flexibly and proactively.
The chart below illustrates the fund structure:
The fund focuses on providing private senior and subordinated loans to borrowers whose emphasis is on the ownership, operation, financing, management, or provision of services related to infrastructure assets or projects. Its industries and sub-industries include renewable energy, electricity, utilities, data centers, telecommunications, and other categories.
According to industry consultant reports, global infrastructure spending is expected to reach approximately USD 54.4 trillion between 2025 and 2040. However, the actual investment demand is estimated at USD 65.3 trillion, resulting in a significant investment shortfall of USD 10.9 trillion. This substantial shortfall reflects a persistent underinvestment, driven by factors including fiscal constraints faced by governments worldwide, regulatory challenges encountered by banks in allocating to alternative asset classes since the global financial crisis, and the resulting mismatch between current funding trajectories and the growing demand for new and alternative infrastructure. Therefore, private capital plays an increasingly important role in bridging the investment shortfall.
The fund has strong advantages in seizing opportunities arising from the imbalance between global infrastructure demand and funding supply, providing flexible and professional capital solutions to meet the unique risk-return characteristics of global infrastructure projects The fund intends to diversify its investment portfolio according to its investment policy. The investment demand in North America is particularly focused on urgent renovation projects in transportation and public utilities, where the United States is undergoing infrastructure upgrades, supported by significant public-private investments in the transportation and clean energy sectors. To seize related investment opportunities, the fund plans to allocate a considerable proportion of its assets to the North American region (up to 60% of its total assets) and also intends to invest in Europe (including the UK and Europe), with investment allocation limits of 30% and 60% of its total assets, respectively. Although North America and Europe remain the primary regions for existing lending opportunities, the fund also plans to include several more developed economies in the Asia-Pacific region in its geographical distribution of investments to capitalize on the increasing economic vitality and infrastructure financing demand in the Asia-Pacific region.
The prospectus indicates that the investment value of the fund will fluctuate from time to time based on various factors, including the performance of relevant borrowers (including their actual and expected financial conditions and performance), as well as anticipated changes in interest rates, exchange rates, inflation, bond ratings, and general market pricing for similar investments. Such changes may have a significant adverse impact on the fund and its net asset value
