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Aberdeen Global Infrastructure II (“AGIP II”)

What does the company do?

AGIP II invests in public private partnerships in the US and Australia, with a portfolio of assets including Perth Stadium, a group of eight schools in Western Australia, Canberra Light Railway, and a series of express lanes on the I-77 into Charlotte, North Carolina. The Q1 2022 valuation for the I77 toll road was marked up significantly, driving 1.4% of NAV gain at the Company level. The increase in valuation was due to a significantly higher forecast of revenue over the life of the project. The express lanes are managed travel lanes that run adjacent to the I-77 original general purpose lanes. There are 11 segments, and motorists are able to decide at each one whether they want to join or exit the lanes. The toll road has the ability to change price every 5 minutes to reflect changing demand aimed at maintaining a 48mph minimum speed at all times. The toll rates are varied based on real time traffic conditions throughout the entire corridor, and uses electric gating with ANPR cameras to monitor use and automatically bill customers. Based on driver behaviour over the first years of the asset life, the average price that can be charged per mile is $0.42, versus the previous assumption of $0.31.