Macquarie Korea Infrastructure Fund

Macquarie Korea Infrastructure Fund (MKIF) is a leading infrastructure fund listed on Korea Exchange and London Stock Exchange.

About MKIF

Establishment

12 December 2002 Listing

15 March 2006 Investment mandate

Infrastructure assets in Korea Trading code

Korea Exchange (KS.088980), London Stock Exchange (MKIF.LI) Total number of outstanding shares

331,459,341 shares Asset manager

Macquarie Korea Asset Management Co., Ltd.

(As of 31 December 2014)

73.0%
Korean shareholders

27.0%
Foreign shareholders

Macquarie Korea Infrastructure Fund (MKIF) is one of the leading private sector infrastructure funds in Korea with the largest portfolio of infrastructure assets in Korea that have been constructed under the Private Participation in Infrastructure Act (PPI Act).


MKIF was established in December 2002 with a mandate to invest in concession companies that construct or operate infrastructure assets such as toll roads, bridges and tunnels in Korea. MKIF invests in these concession companies through equity and debt. MKIF is focused on generating profits from its investments and distributing these profits to its shareholders.


MKIF seeks to satisfy the risk appetite of long-term investors such as pension funds and life insurers, as well as individual investors expecting regular dividend incomes. MKIF is listed on the Korea Exchange and its Global Depositary Shares (GDS) on the London Stock Exchange and its outstanding shares are publicly traded through securities broker companies.
Service Providers


MKIF operates under the legal and regulatory framework established by the Financial Investment Service and Capital Market Act (FSCMA), and the PPI Act. MKIF is required by the FSCMA to appoint an asset manager, a custodian, an administrator and a sales agent.


MKIF has appointed Korea Securities Finance Corp. as its Custodian, KEB Investor Services as its Administrator, and Samsung Securities, Shinhan Investment Corporation, Tong Yang Investment Bank Co., Ltd., Hanhwa Securities Co., Ltd., and Kyobo Securities Co., Ltd., and Macquarie Securities Korea Ltd., as its Sales Agents.
MKIF’s Asset Manager


MKIF is managed by Macquarie Korea Asset Management Company Limited (MKAM). MKAM performs its obligations as manager pursuant to management agreement with MKIF. MKAM is licensed to provide asset management services to MKIF under the supervision of the Financial Services Commission (the financial regulatory body of Korea).

Investment portfolio

MKIF seeks to build upon its existing portfolio of investments, creating a long-term revenue stream and real capital growth for investors.

(31 December 2014)	Total commitment (KRW billion)
Name	Status	Equity	Sub Debt	Sr Debt	Total	Ownership (%)
Baekyang Tunnel	Operating	1.2	-	1.4	2.6	100.0
Gwangju 2nd Beltway, Section 1	Operating	33.1	35.21	142.0	210.3	100.0
Incheon International Airport Expressway	Operating	58.2	51.7	-	109.9	24.1
Soojungsan Tunnel	Operating	47.1	19.3	28.8	95.2	100.0
Cheonan-Nonsan Expressway	Operating	87.8	182.2	-	270.0	60.0
Woomyunsan Tunnel	Operating	10.7	9.6	-	20.3	36.0
Gwangju 2nd Beltway, Section 3-1	Operating	28.9	-	39.0	67.9	75.0
Machang Bridge	Operating	33.8	79.0	-	112.8	70.0
Yongin-Seoul Expressway	Operating	57.8	77.0	-	134.8	35.0
Seoul-Chuncheon Expressway	Operating	48.6	87.4	-	136.0	15.0
Incheon Grand Bridge	Operating	74.5	89.4	-	163.9	41.0
Busan New Port Phase 2-3	Operating	66.4	243.02	-	309.4	30.0
Total		528.1	873.8	211.2	1,633.1	-
Percentage (%)		33.6%	53.5%	12.9%	100%	-

¹ Includes KRW 3.2bn working capital facility.

² Includes KRW 50bn working capital facility.