Infrastructure Credit

Our infrastructure credit platform focuses on delivering attractive, risk-adjusted returns through debt investments in essential infrastructure assets. Since its inception in 2019, the platform has deployed approximately $5.1 billion across investment grade and below-investment grade opportunities, targeting stable cash flows, strong downside protection, and long-term value creation, characterized by a large component of current income. We emphasize disciplined underwriting, flexible structuring, and a focus on resilient downside mitigation through infrastructure sectors that are underpinned by real assets with perceived predictable cash flows and strong collateral value.

Strategy and approach

We employ a flexible investment strategy focused on directly originated, privately negotiated credit investments across the capital structure. Our approach emphasizes:

• Attractive asymmetric risk-return profiles with a focus on downside protection
• Downside mitigation flows from essential infrastructure assets
• Direct origination and structuring, enabling tailored capital solutions
• Active portfolio management supported by disciplined underwriting
• The platform invests across both investment grade and below-investment grade opportunities, seeking relative value across sectors, structures, and geographies.

Investment themes

We target opportunities aligned with long-term infrastructure demand and essential service characteristics:

• Energy-Related Infrastructure – Renewables, energy transition, low-carbon power and utilities, and energy stability investments
• Digital Infrastructure – Data centers, fiber networks, and telecommunications
• Transportation & Logistics – Assets supporting global mobility and trade
• Core Infrastructure & Essential Services – Water/waste and social infrastructure

These sectors are typically characterized by long asset lives, high barriers to entry, and contracted or predictable revenue profiles. We seek to take advantage of opportunities to provide capital solutions across various market environments, including both expansionary and recessionary credit cycles as well as during transient periods of market volatility, and build a diversified portfolio of investments across sectors and sub-sectors globally. We generally see infrastructure assets as relatively well-insulated from negative effects due to their essentiality, and as a result, anticipate them to perform well across all market environments, including periods of economic crisis and downturns.

^{* All data as of June 30, 2026}

^{Investing in a Fund involves a high degree of risk, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. There is no assurance that any portfolio objectives can be achieved or that any such portfolio will be profitable. Diversification does not eliminate the risk of loss. The information provided herein is for educational purposes only. It does not constitute investment advice or recommendations and should not be relied upon as a basis for making an investment decision. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors.}