Hastings Funds Management Limited (“HFML”, together with its affiliates, “Hastings”, “the Firm” or “the Hastings Group”) is a specialist infrastructure equity and debt manager. In 1994, Hastings established one of the first dedicated infrastructure equity funds, Utilities Trust of Australia (“UTA”), followed by one of the first dedicated infrastructure debt funds in 1999. Since inception, Hastings has experienced steady growth and as at 31 December 2016 had approximately A$12.8 billion in funds under management (invested capital at market valuation plus committed but not invested capital) across various investment products.
Hastings' Infrastructure Equity business specialises in investing in private market opportunities that require dedicated investment sourcing, execution and asset management skills. Working within a clearly defined portfolio construction framework, Hastings aims to produce risk adjusted returns over time via a team of experienced equity professionals applying a disciplined investment process. We also aim to generate investor value by taking a disciplined approach to initial investment using what Hastings believes to be a conservative and long-term approach to investing.
Hastings-managed equity funds seek to take majority or negative control equity positions in infrastructure assets which are natural or contractual monopolies that permit us to implement an active asset management approach, take advantage of investment opportunities and mitigate risks to asset returns over time. Through application of our proprietary "Revenue Risk Model" ("RRM") we focus primarily on creating and managing diversified, core infrastructure portfolios to achieve steady growth and income across economic cycles for our clients.
Hastings also has an established and dedicated Infrastructure Debt business, which operates separately to our Infrastructure Equity business, and which invests in fixed and floating rate private project and infrastructure debt assets in OECD markets.
Unless noted, due to the nature of our investments and asset management requirements, responses in this assessment refer to Hastings' Infrastructure Equity business.