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Infrastructure asset class

Infrastructure assets typically have a low correlation with other asset classes, including listed equities, real estate and fixed income.

The quality and predictability of their cash flows tend to provide for stable returns to shareholders over time. We aim to invest across a range of economic infrastructure sectors and in greenfield projects.

The infrastructure asset class


Target investment characteristics

Asset intensive or long-term concessions

Businesses with a significant asset base that they own in perpetuity, or long-term concessions backed by robust regulatory frameworks, generating stable long-term cash flows.

Opportunities to enhance value

Partnering with management teams and/or operational partners to deliver enhancements to the current business plan or to develop appropriate growth opportunities.

Essential services

Businesses that provide essential services to the communities in which they operate, or to other businesses operating in markets with high barriers to entry and providing some downside protection.

Target sectors

For economic infrastructure – focus on investments within the core and adjacent sectors outlined in the diagram above.

For projects – focus on greenfield projects.

Acceptable element of market/usage risk

Downside protection from limited competition.

Potential upside through an acceptable level of demand risk.

Geographical focus

Developed markets, principally the UK and Europe.

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