Current portfolio

Overview

DNS:NET is a leading independent telecommunications provider in Germany. Established in 1998, DNS:NET is rolling out and operating a fibre-to-the home network in outer Berlin, Brandenburg and Saxony Anhalt. 3i Infrastructure’s backing allows DNS:NET to continue its build programme to provide gigabit-ready connectivity to its customers across the region.

Recent Developments

DNS:NET has made significant progress in the ongoing construction of its fibre-to-the-home (‘FTTH’) network; both its owned networks in outer Berlin and Brandenburg and its leased networks in Saxony Anhalt. This is an important achievement given the challenging market conditions for FTTH network rollouts in Germany. It reflects the disciplined and focused approach to network rollout adopted by DNS:NET.

In relation to its ‘owned’ networks, the company has achieved its goal of connecting its existing ‘homes passed’ and ‘homes connected’ infrastructure to the backbone fibre infrastructure. This has led to a significant increase in the number of ‘homes connected and activated’, with customers now receiving a fibre-to-the-home service and DNS:NET earning the associated revenues. DNS:NET is also revisiting its existing networks to connect and activate additional homes (a process referred to as ‘densification’) and is moving into new areas to continue its rollout.

Significant operational improvements have been delivered under the new management team including in relation to sales, marketing, and customer care.

In January 2025, 3iN injected a further £20 million of equity to part fund the next stage of the fibre roll-out.

Overview

Headquartered in Esbjerg, Denmark, ESVAGT is the market leader in the fast-growing segment of service operation vessels (“SOV”) for the global offshore wind industry. The Company is also a leading provider of emergency rescue and response vessels (“ERRV”) and related services to the offshore energy industry in and around the North Sea and the Barents Sea.

ESVAGT is the pioneer and market leader in the provision of SOVs to offshore wind farms, with nine bespoke vessels in operation and a further four under construction. SOVs are purpose-built, high performance vessels, providing efficient transport of maintenance technicians to wind turbines and other offshore wind equipment, under long term contracts. The offshore wind market, and hence demand for SOVs, is expected to grow strongly over the coming years, creating significant opportunities for the company.

Its ERRV services mainly involve the rescue and recovery of personnel, but also include the dispersion and recovery of oil spills, crew transfers and towing. ESVAGT is the leading provider of ERRV services in Denmark and Norway, with market shares of approximately 100% and 50%, respectively, as well as an established and growing presence in the UK. The majority of ESVAGT’s ERRV revenues are associated with North Sea oil and gas production support, with the remainder generated by supporting exploration activity.

ESVAGT has been operating since 1981, employs over 1,200 people and owns a fleet of more than 40 vessels.

Recent developments

ESVAGT performed in line with expectations during the year.

ESVAGT is the market leader in European offshore wind Service Operation Vessel (‘SOV’) provision, currently operating nine vessels, with an additional four SOVs under construction - three in Europe and one in the US. These vessels are specifically designed to serve 
long-term charter agreements.

The European offshore wind development pipeline continues to see significant growth, driven by increasing government targets for offshore wind and a heightened focus on energy security. In contrast, the US market is facing uncertainty due to a pause in new offshore wind projects. ESVAGT has also established a joint venture with KMC Line in South Korea, which, if successful, could see ESVAGT becoming the first international SOV operator in the South Korean market, adding an alternative growth market to the business.

ESVAGT’s Emergency Response and Rescue Vessel (‘ERRV’) segment performed strongly, with high day rates and utilisation levels. The ERRV market remains attractive, supported by stable demand and a shrinking supply of available ERRVs to that market, due to vessel attrition and limited new tonnage entering the market.During the year, ESVAGT closed a further €200 million committed debt facility at attractive rates, providing additional capital to support its growth plans. 

Overview

Future Biogas is one of the largest anaerobic digestion (AD) plant developers and biogas producers in the UK. It owns stakes in and operates nine AD plants and operates an additional three AD plants under medium-long term contracts.

Future Biogas’s plants convert a wide range of feedstocks into clean and renewable energy through AD which produces biogas. Biogas can either be used to generate green electricity, or upgraded into biomethane and injected into the UK’s national gas network. Future Biogas produces approximately 700GWh of biogas per year across 12 sites.

Biomethane from AD is a ready-to-use and commercially viable solution for hard to decarbonise industrial sectors. It does not require any upgrade to the existing UK gas infrastructure. Energy produced by AD plants is carbon neutral, as the CO2 released during the process matches the CO2 absorbed from the atmosphere by the feedstock.

Future Biogas promotes a regenerative farming approach, sustainably integrating feedstock from energy crops into agricultural systems. The circular process of returning digestate back to land can help replenish soil nutrients and carbon and displaces demand for carbon intensive artificial fertilisers.

Recent developments

Future Biogas performed ahead of expectations, driven by higher average gas prices and strong production volumes.

In August 2024, the company acquired a 51% stake in a portfolio of six gas-to-grid AD plants from JLEN Environmental Assets Group Limited (‘JLEN’). This investment has increased the operational scale of the company and was an important milestone.

In September 2024, we syndicated a 23% stake in Future Biogas to RWE Energy Transition Investments (‘RWE’) for proceeds of £30 million. RWE brings extensive experience in the broader energy sector, and its investment endorses the potential of the platform and the strategy we are pursuing.

In January 2025, the company completed construction of the Gonerby Moor site, further expanding its operational scale. The site has a 15-year offtake agreement with AstraZeneca for the green gas produced.

In March 2025, we completed a refinancing on favourable terms, increasing the company’s debt capacity to support future growth.

Overview

FLAG is a leading global data communications service provider and owner of one of the world’s largest private subsea fibre optic networks. The business provides high-bandwidth connectivity to a range of customers including over-the-top content providers, telecom carriers, new media providers and enterprises.

FLAG’s 66,000km of cables span from North America to Asia. It is particularly strong on the Europe-Asia and Intra-Asia routes where it is well positioned to capitalise on growth opportunities and serve the exponentially growing demand for data traffic.

Recent developments

FLAG has shown strong year-on-year growth in lease revenues and has recently signed several large bulk capacity deals on its Middle East and intra-Asia subsea routes. Financial performance was held back by a high level of cable cuts which have now been repaired. The sales pipeline is healthy and demand for subsea data

capacity continues to grow, driven by increasing adoption of AI applications and substantial investments in capacity and route diversification by the hyperscalers.

Looking ahead, FLAG is evaluating several attractive growth opportunities, for example, acquiring new subsea capacity and developing new edge data centres near its cable landing stations that will drive additional data on its subsea network.

Overview

Infinis had a strong year, generating a value gain of £61 million, driven by higher than forecast levels of exported power from its captured landfill methane business.

Strategically, Infinis is ideally placed to scale its electricity generation capabilities by developing solar and battery projects on brownfield and landfill sites, which offer attractive fundamentals including expedited grid connectivity. The company is making material progress on its 1.4GW pipeline of solar and battery storage assets. During the year, Infinis commenced construction on 150MW of solar capacity and secured planning consent for an additional 134MW.

Despite ongoing industry-wide planning challenges, the company obtained approvals for a further seven solar projects in the second half of the year. Infinis maintains a confident outlook for its solar platform, supported by a strong pipeline and favourable market tailwinds.

• Captured methane: 255 MW across 104 sites
• Solar: 103 MW across 4 sites
• Flexible generation: 173 MW across 29 sites

This unique combination of green baseload power, renewable assets and flexible generation mean Infinis is ideally placed to respond to growing electricity demand, increasing energy market volatility and to play a key role in the UK’s route to decarbonisation and greenhouse gas reduction.

Recent developments

Infinis had a strong year, generating a value gain of £61 million, driven by higher than forecast levels of exported power from its captured landfill methane business.

Strategically, Infinis is ideally placed to scale its electricity generation capabilities by developing solar and battery projects on brownfield and landfill sites, which offer attractive fundamentals including expedited grid connectivity. The company is making material progress on its 1.4GW pipeline of solar and battery storage assets. During the year, Infinis commenced construction on 150MW of solar capacity and secured planning consent for an additional 134MW.

Despite ongoing industry-wide planning challenges, the company obtained approvals for a further seven solar projects in the second half of the year. Infinis maintains a confident outlook for its solar platform, supported by a strong pipeline and favourable market tailwinds.

Overview

Ionisos is a leading owner and operator of cold sterilisation facilities servicing the medical and pharmaceutical industries. Established in 1993 in France, Ionisos is one of the largest cold sterilisation providers globally and operates a network of 11 facilities in Europe with market leading positions in France and Spain. It has over 250 employees and a highly diversified customer base of around 1,000 customers.

Ionisos delivers a mission-critical, non-discretionary service for customers, for whom cold sterilisation is an essential component of the manufacturing process. It is typically applied to single use products that would be damaged by the heat and/or humidity of hot sterilisation methods.

Recent developments

Ionisos continues to experience growing demand across its core medical and pharmaceutical segments. To maintain this momentum, the company continues to advance its growth initiatives, including a capacity extension of its Kleve Ethylene Oxide (‘EO’) facility in Germany and development of a new X-ray plant in France. As part of its network optimisation, Ionisos is also preparing to decommission two smaller EO sites.

At the same time, the business has strengthened its corporate functions to support future growth. These initiatives, together with softer demand in the non-core industrial cross-linking segment and the forthcoming site closures, have weighed on returns for the period.

Overview

Joulz is a leading owner and provider of essential energy infrastructure equipment and services in the Netherlands. Joulz serves approximately 21,000 industrial, commercial, and public sector clients with its solutions, that encompass realization, maintenance, management, and leasing of energy infrastructure equipment.

Joulz’ service offering includes mid-voltage infrastructure (owning and leasing transformers, switchgear and cables under long-term contracts), storage (owning and leasing large scale battery storage systems under mid- to long-term contracts), solar (large-scale installations under operational lease or with government-subsidized PPAs), metering (owning and leasing 50,000 electricity and gas meters under mid-term contracts) and EV charging (AC and DC charge points in mid-term exploitation, rental or CPO contracts). Additionally, it provides integrated solutions to address energy transition challenges such as grid congestion.

Recent developments

Joulz delivered a good performance during the year, supported by the commissioning of new electrical infrastructure projects for customers.

The company operates in the Netherlands, where the shift towards a low-carbon economy is driving strong demand for electrification and sustainable energy solutions. Joulz provides tailored infrastructure to support businesses and industrial users in meeting their decarbonisation objectives under medium-to-long term energy-as-a-service contracts. Its integrated energy solutions enable customers to operate and expand their businesses with reliable, scalable and lower-emission energy.

The business is currently advancing several large projects for both individual customers and whole business parks, which will help drive future growth.

Overview

Oystercatcher is the holding company through which the Company holds a 45% interest in Advario Singapore Limited (previously Oiltanking Singapore Limited).

Advario Singapore is a 1.3 million cubic metre facility focused on storage and blending of refined clear petroleum products for a range of blue chip customers. With a premier location, on Jurong Island, it is accessed by pipeline, sea going vessel and barge.

Oiltanking is one of the world’s leading independent storage partners for oils, chemicals and gases, operating 41 terminals in 18 countries with a total storage capacity of 16 million cubic metres.

Recent developments

Oystercatcher’s 45% owned terminal Advario Singapore delivered a strong performance for the year. Although the oil products market remained in backwardation, demand for storage in Singapore and the broader region remained strong and provided a favourable backdrop for Advario Singapore’s commercial discussions, which resulted in rate increases as contracts were renewed. Advario Singapore has also seen an increase in customer activity, leading to high blending and throughput volumes. Advario Singapore continues to be the leading gasoline storage and blending facility in Singapore, as well as in the wider region.

The company, which secured its first sustainable aviation fuel (‘SAF’) storage and blending customer in 2023, is working with its customers to identify opportunities to support them in their ambitions around renewable fuels.

In February 2025, Oystercatcher raised Singapore Dollar denominated holdco debt. This funded a £96 million distribution from Oystercatcher to 3iN. This was in addition to a further £12 million distribution from cash generated by the company.

Overview

SRL, is the market leading temporary traffic management equipment (“TTE”) rental company in the UK. SRL offers its customers a full-service rental solution, which includes the planning and design of traffic management systems, installation, maintenance and integration with existing systems, as well as direct sales of equipment manufactured by SRL.

SRL’s market-leading reputation is supported by its national depot network, providing a 24/7, 365 days a year service on which customers rely for quick deployment and reactive maintenance work.

Recent developments

SRL specialises in providing equipment to support complex roadworks that require a service component in addition to pure asset rental. The company operates the largest depot network of intelligent traffic management systems in the country, providing installation, monitoring, servicing, maintenance and battery exchange services.

SRL performed significantly behind expectations during the year, caused by a slowdown in activity from local authorities and the telecoms sector, combined with competitive pressure impacting rental rates. Short-term market conditions remain challenging, and we have taken action to cut costs to respond to this. The reduction in value of this investment reflects the under performance in the period and a more prudent view on its outlook.

Overview

Tampnet is the leading independent offshore communications network operator in the North Sea and the Gulf of Mexico. It is headquartered in Norway, with operations in the UK, Scandinavia, Netherlands and the USA.

Tampnet provides high speed, low latency and resilient data connectivity enabling the digitalisation of offshore industries. Its unique network includes over 5,400km of fibre optic cables, 200 microwave links, 600,000 km2 of 4G/5G coverage and connects to 40 data centres in 12 European and American cities and central hubs. It operates across four main business areas: fixed installations, mobile rigs and vessels, roaming for offshore workers and international onshore carriers. The majority of its business involves providing fixed fibre links to the offshore energy industry with significant growth coming from emerging digital use-cases and new offshore markets.  

Recent developments

Tampnet outperformed expectations in the year, generating a value gain of £32 million. It exceeded both revenue and EBITDA targets, driven by increased offshore activity, particularly in the Gulf of Mexico, and ongoing demand for bandwidth upgrades.

Tampnet is experiencing growing demand for connectivity as AI and digitalisation drive increased bandwidth requirements, alongside a heightened focus on crew welfare solutions. The company has partnered with Armada to deliver edge data centres and advanced AI-driven applications to its offshore customers.

Tampnet’s private networks business continues to grow, with 19 private networks already installed. The company is encouraged by the strong momentum in this segment and is actively working with several customers to design technical connectivity solutions for carbon sequestration projects within its existing network in the North Sea. 

Overview

Headquartered in Brussels, Belgium, TCR is the largest independent lessor of airport ground support equipment (“GSE”). It operates at more than 230 airports across more than 20 countries. Since inception, TCR has defined the market for leased GSE, providing high quality assets and a full service leasing, maintenance and fleet management offering to its clients, which are predominantly independent ground handling companies, airlines and airports. This enables GSE operators to concentrate on their core business of ground handling.

TCR’s GSE is the essential mobile infrastructure used to service aircraft on the ground and enable airports to handle passengers, luggage and cargo, with upwards of 30 pieces of equipment required per turnaround. Reliable GSE is critical to the smooth operation of airports and timely movement of aircraft, and TCR is able to deliver this with its access to scarce airside repair workshops, which provides a high barrier to entry. Sustainability is at the heart of the business and its mission is to deliver the most efficient and sustainable GSE services. Through its expertise in GSE fleet optimisation, “pooling” initiatives and the provision of green GSE, TCR is playing a key role in enabling the decarbonisation of airport ground operations in the airports where it operates.

Recent developments

TCR performed well in the year, driven by higher fleet utilisation rates and accelerated expansion into new markets. The broader macro environment has been supportive, with aviation activity now exceeding pre-pandemic levels. Higher interest rates are favourable to ground support equipment (‘GSE’) lessors, while growing decarbonisation efforts, particularly in Europe, have increased demand for electric-powered GSE and also equipment pooling arrangements to improve efficiency.

During the year, TCR secured several key contracts, including an exclusive contract to supply a centralised all-electric GSE pool at JFK International Airport New Terminal One. This marks a significant step forward in TCR’s North American presence and provides a strong platform for further growth in this largely untapped market for the company.

In February 2025, we completed a debt refinancing on attractive terms, supporting future growth and enabling a substantial distribution of £60 million to 3iN.