The Daniel Oduber Quiros International Airport in Liberia (LIR), province of Guanacaste, is quickly becoming the favorite landing spot for visitors from Canada, Mexico and the United States, particularly for those whose first visit to Costa Rica involved landing at Juan Santamaria International Airport in Alajuela (SJO) and getting to know the lovable capital city of San Jose. A closer look at the financial ownership structure of LIR, however, reveals how much Canadians really like this shiny new airport.

Although the government, and ultimately the people, of Costa Rica technically own the land on which the LIR and SJO stand, the contracted entities managing the airports (known in Costa Rica as concessionary entities) are the ones getting the big bucks. In turn, these concessionary entities are businesses that open their doors to investors in the private markets. These investors tend to be pension and investment funds managed by financial big shots who could easily give Wall Street bankers a run for their money.

In March 2009, the Ontario Municipal Employees Retirement System (OMERS) was looking for smart investments in the wake of the global financial crisis and the bursting of the housing bubble in the United States. According to Amanda White of Top1000Funds.com, a new investment firm -OMERS Strategic Investments- was convened to look for co-investment opportunities in private and emerging markets such as Costa Rica. Soon thereafter, the following took place:

[…] a long-term strategic partnership with HAS Development Corporation (HASDC) and Airport Development Corporation (ADC) [was formed] to pursue airport acquisitions.

This partnership, with HASDC, an affiliate of the Houston Airport System, and Canadian airport developer, ADC, has been formed specifically to pursue airport acquisition and operation opportunities, initially in Latin America.

ADC and HAS Airports have worked together as airport operator and equity investors on a number of projects. In July this year they completed the acquisition of the contract for the development, investment and operation of the Juan Santamaria International Airport in San Jose, Costa Rica, with joint venture Brazilian partner Andrade Gutierrez Concessoes.

It also owns a 45 percent interest in the newly awarded 20-year concession for the Daniel Oduber Quiros Internal Airport in Liberia, Costa Rica.

In late 2012, OMERS reported that its pension fund was worth about $60 billion and net assets. OMERS serves local government employees across the Ontario Province of Canada, including non-teaching staff at provincial schools.

This means that the next time you land or otherwise spend money at LIR, you may be funding the retirement of a Toronto school janitor.