Unlisted Infrastructure Equity

Since 1998 we have acquired over 50 unlisted infrastructure assets, making Whitehelm one of the world’s most experienced unlisted infrastructure investors

Whitehelm has been originating, acquiring, and managing unlisted infrastructure assets for institutional investors for over 19 years.  Over this period, we have invested more than €4.6 billion in over 50 unlisted infrastructure assets, with €4.2 billion returned to investors and €2.2 billion in assets currently under management.  We have achieved strong returns of over 12.5% p.a.[1] across multiple market cycles and with an exceptional track record of capital preservation.

Whitehelm’s unlisted infrastructure investment approach is underpinned by a relentless focus on relative value.  Our approach to investing remains focused on unlisted equity investments in the small and mid-market of the infrastructure sector.  This focus is a result of the more limited competition in this sub-sector in contrast to the high competition and high valuations at the larger end of the infrastructure sector.

Our comprehensive ‘bottom-up analysis’ of the cash flows that are generated by assets allows us to broaden the opportunity set, facilitates effective comparison of opportunities, and enables selection of those assets and sectors offering the highest risk‑adjusted returns at any point in time.

Whitehelm’s rigorous Investment Philosophy also means that we:

  • Only invest in true infrastructure.
  • Only invest in assets that have clear and measurable cash flows.
  • Only invest where we can do so at a price below our fundamental assessment of long term value.
  • Ensure that every acquisition has a conservative level of gearing.
  • Always protect and enhance the value of our investments through active asset management.

Whitehelm’s active asset management allows us to both protect and enhance the value that is generated from each investment.

We work collaboratively with our investee companies across all facets of their business – from the strategic and operational direction to financing structures – to unlock additional returns for our clients and protect them from any downside.

Whitehelm’s unlisted infrastructure offering provides:

  • Unique customised separate account solutions.  Providing clients with bespoke portfolios of unlisted infrastructure investments.
  • Access to our global footprint and network, which enables us to provide our clients with proprietary investment flow.
  • Our clients the benefit of our proprietary portfolio construction and risk modelling tools, which ensure portfolios are optimally constructed and maintained within the context of portfolio objectives.

[1] As at 31 March 2017 in AUD hedged, post all transaction costs and pre Whitehelm fees.