Infrastructure Strategies Taxonomy

Primary strategies


The lower end of the infrastructure risk scale and long duration assets, with a return target of 6-10% (or 6-8% for ‘super-core’ funds). They invest in mature operating assets with stable revenues, high leverage due to stability, and require no investment for development. Funds are often diversified across sectors and geographies and can be open-ended or closed-ended.


These strategies are slightly riskier than core funds and come with higher return targets of 10-12%. Assets can be operating or brownfield and may involve facility expansions but without a complete retrofit or rehabilitation. Funds are often diversified across sectors and geographies and can be open-ended or closed-ended.


These strategies provide LPs the potential for extra value creation but with elevated risk, with return targets in the 12-18% range. Assets will be growth orientated and are typically brownfield in need of repair, improvements or expansion, with some greenfield. The investment strategy may also involve renegotiating and extending contracts or repurposing existing assets. Funds can be diversified but plenty are also sector focused, with funds typically closed-ended.


These strategies often involve the new construction or development of an asset and are seen as the riskiest infrastructure funds to invest in, with return targets of 18%-plus. Assets may be located in emerging markets or involve significant commodity risk. Funds are always closed-ended and often focused on particular sectors/niches where there are opportunities for early-stage infrastructure projects/developments. Assets are typically greenfield or more complicated brownfield assets.


These strategies can be focused on LP-led or GP-led secondary transactions or a combination of the two. The former involves taking on LP stakes in other funds, while the latter involves investing in another GP’s continuation vehicle. By buying books of loans in the secondary market, LPs gain access to a more mature portfolio of assets, sometimes at significant discounts, and can catch-up on missed vintages. They can have a global focus or be targeted at specific regions.

Infrastructure debt

These strategies provide project financing to support the creation, development and growth of both brownfield and greenfield infrastructure assets. The risk profile is seen as more conservative than private debt strategies, with return targets ranging from 3% to 10%. There is a clear differentiation with private debt strategies that provide loans linked to a company’s EBITDA or cashflows, or where a physical asset (non-infrastructure) is used as collateral. There is a spectrum of risk, from lower return senior loans supporting mature monopolistic and regulated assets, to higher risk junior loans supporting earlier stage assets.

Infrastructure sectors


  • Towers
  • Fiber Networks
  • Data Centers

Energy and utilities

  • Power Generation
  • Energy Distribution
  • Water
  • Waste & Recycling
  • Midstream Energy
    • (Oil & Gas pipelines, Storage, Energy Transportation)

Energy transition/renewables:

  • Solar
  • Wind
  • Biomass
  • Hydroelectric
  • Energy Storage
  • Energy Efficiency
  • Other renewables


  • Educational Facilities
  • Healthcare Facilities
  • Courthouses
  • Government Facilities

Transportation and logistics

  • Roads
  • Airports
  • Seaports
  • Rail


A combination of the above