Infrastructure Debt

Climate change and the energy transition are driving a structural transformation in the infrastructure sector, creating long-term investment opportunities in assets that are essential to the real economy.

Through direct investments or allocations to specialized funds, we seek exposure to unlisted assets and companies engaged in the development, operation and management of infrastructure. We adopt a prudent approach to portfolio construction, prioritizing capital preservation and the stability of cash flows.

Our focus is on projects related to the energy transition, resource efficiency and sustainable urban development, primarily in OECD countries, with case-by-case analysis in other regions with robust regulatory frameworks.

We concentrate on brownfield or operational-stage assets of medium size, with recurring and predictable income streams, preferably supported by contractual or regulatory structures that mitigate exposure to demand volatility.

The objective is to generate stable, risk-adjusted returns over time, benefiting from the illiquidity premium inherent in private markets and the defensive nature of essential infrastructure assets. In some cases, we may participate in the operational improvement of assets where there is a clear potential for value creation.

Under our ESG integration approach, all the infrastructure assets considered for debt or equity financing, are subject to a due diligence process based on a wide range of considerations, including impacts on issues such as biodiversity, climate strategy, rights and occupational safety, regulatory certainty, relationships with stakeholders or the exercise of political pressure, focused on sustainability and designed to deliver sustainable results without losing sight of financial performance.

Basic characteristics of assets:

• Urban development projects and energy efficiency.
• Predictable and stable long-term incomes.
• High operating margins.
• Limited operational risk.
• High entry barriers and low competition.
• Low technological risk.
• High potential for leverage.