The Fund will lend to borrowers focusing on infrastructure assets or projects, generating regular, sustained, long-term dividends and capital appreciation for our shareholders.
The Fund will invest at least 90% of its total assets in debt exposures that at the time of investment satisfy its Investment Criteria:
- each investment is structured as a note, loan or bond;
- all or substantially all of the associated underlying revenues are from Eligible Jurisdictions;
- subject to concentration limits;
- comply with the Fund’s Sustainability Policy; and
- all or substantially all of the associated underlying revenues are from targets sectors.
See the Prospectus for the Fund’s full Investment Policy.
The Fund will target sectors with solid fundamentals as well as those underrepresented in traditional infrastructure lending, where better yields and stronger credit protections may be available.
The Fund invests primarily in developed markets across Asia-Pacific, Europe, North America, and the UK, focusing on jurisdictions with established legal and regulatory frameworks.
It typically invests in secured loans, notes, and bonds, favouring operational assets with predictable cashflows.
The Fund also maintains flexibility (within its concentration limits) between senior secured, subordinated, and capital-relief debt opportunities to optimise returns across market cycles.
Sectors and examples of typical sub-sectors:
Renewable energy
Solar, wind, hydro, biomass and waste-to-energy
Power
Power purchase contracts and electricity generation
Utilities
Water and waste, electricity distribution and transmission, electricity supply, gas distribution and transmission and pipelines
Data centres
Hyperscale, co-location and edge
Telecommunications
Mobile phone towers, fixed-line networks, undersea cables, broadband, and satellites
Transport
Roads, rail, airports and ports
Transportation equipment
Aircraft, rolling stock and specialised ships
Healthcare
Elderly care, medical and healthcare facilities
Accommodation
Student accommodation
Other
Sub-sectors with infrastructure characteristics that do not fall into the categories above
The following concentration limits on investments are applied:
Diversification by borrower
No more than 10% of total assets of the Fund of the Fund in any individual Borrower and its affiliates.
Diversification by sub-sector
No single sub-sector will represent more than 15% of total assets of the Fund.
Diversification by jurisdiction
No more than:
60% in North America;
60% in Europe (ex-UK);
40% in Asia-Pacific;
30% in the UK;
15% elsewhere;
in each case, of total assets of the Fund.
Maximum construction risk
Pre-operational projects will not represent more than 20% of total assets of the Fund.
Subordinated debt
The Fund invests in senior and subordinated economic infrastructure debt, with subordinated debt limited to 60% of the total assets of the Fund.
Subordinated debt
The Fund invests in senior and subordinated economic infrastructure debt, with subordinated debt limited to 60% of the total assets of the Fund.
Capital Relief Trades
CRTs (junior tranches of debt sold by another infrastructure lender) will not exceed 25% of total assets of the Fund.
Borrowings
The Fund may borrow for funding investments and/or general corporate purposes, but such borrowings will not exceed 30% of the Fund’s Net Asset Value.
Derivatives
The Fund will only use derivatives for hedging, such as currency and interest rate hedging. The Fund’s net derivative exposure may be up to 10% of the Fund’s Net Asset Value.
