Portfolio

A global, diversified portfolio of high quality infrastructure assets

Pantheon Infrastructure Plc provides exposure to a global, diversified portfolio of high-quality, infrastructure assets through direct co-investments in assets with strong defensive characteristics and environmental, social and governance (ESG) credentials, with a focus on sectors benefitting from long-term growth drivers, including digital infrastructure, power and utilities, transportation and logistics, renewables and energy efficiency, and social infrastructure.

As of 30 June 2022, the Company had made commitments to a portfolio of eight infrastructure assets across both North America and Europe and covering a number of target subsectors. Click on the tiles below to read more about each of the assets in the portfolio – or click here to read full details on the current portfolio breakdown in the latest results and accounts.

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Description and investment rationale

NBI is a Fibre-to-the-Premises network developer and operator working with the Irish government to support the rollout of the National Broadband Plan. This programme seeks to connect every premises in the country to high-speed broadband by 2027 and is the biggest investment in rural Ireland since electrification.

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Description and investment rationale

Fudura is a Dutch market leading business-to-business owner and provider of medium-voltage electricity infrastructure, with a focus on transformers, metering devices and related data services. Fudura is active in offering services to companies seeking solutions for energy efficiency, security of energy supply and CO2 neutrality. Fudura currently has approximately 22,000 business customers, being a combination of larger companies, public institutions such as hospitals, and small-medium sized enterprises.

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Description and investment rationale

Vantage is one of the leading providers of wholesale data centre infrastructure to large enterprises and hyperscale cloud providers. The company’s North American business has data centre campuses in Santa Clara, Quincy, Ashburn, Phoenix, Montreal and Quebec City, with a focus on the hyperscale business segment that offers a resilient commercial profile given long contract durations, limited historical customer churn, and customers with investment grade credit quality.

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Description and investment rationale

Calpine is one of the largest generators of electricity from natural gas and geothermal resources in the US, with operations across CAISO (California), ERCOT (Texas), and PJM (13 states and the District of Columbia) power markets and current power generation capacity of 26 GW. This sector is benefitting from strong secular tailwinds, fuelled by a growing demand for electricity and sustainable sources of energy production.

Calpine has a strong renewables development pipeline of solar and battery projects, financeable through the cash flows generated by existing assets. The company is also a vital supplier to the US electricity grid, providing reliable power generation capacity and playing an important role in the energy transition as the US targets Net Zero by 2050.

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Description and investment rationale

Cartier comprises eight district energy systems located across the Northeast, Mid-Atlantic, and Midwest of the US – Detroit Thermal Energy in Michigan; Montclair State University in New Jersey; Hartford Steam and Fuel Cell, Midtown Thermal in Atlantic City, New Jersey; Wilmington District Energy and Dover Energy in Delaware; and Industrial District Energy Assets in New Jersey and Massachusetts. It provides diversified energy services such as heat (steam, hot water), cooling (chilled water) and electricity to around 190 buildings across the higher education, healthcare, commercial, manufacturing, hospitality, government, and retail sectors.

These energy services offer a reliable, sustainable and cost-efficient solution to customers located in communities with high delivered-energy prices. District energy systems are also sustainable, resilient and energy efficient, and can be more environmentally friendly compared to conventional on-site energy systems due to the aggregation of diverse load profiles and economies of scale.

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Description and investment rationale

Vertical Bridge is the largest private owner and operator of tower and wireless communication infrastructure in the US, with a portfolio of more than 8,000 towers and 300,000 total sites. Its portfolio, which spreads across all 50 states and in Puerto Rico, includes towers, rooftops, billboards, utility attachments and other locations that support wireless network connectivity. The company is certified as carbon neutral, becoming in 2020 the world’s first tower company to achieve net-zero emissions.

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Description and investment rationale

Delta Fiber provides broadband internet access to nearly one million homes as well as additional telecom services (TV, fixed and mobile telephony) through its fibre-based network infrastructure of circa 50,000 km. It is an established player in its home market in the Netherlands and is well positioned to capitalise on an accelerated fibre roll out programme, with an ambition to reach a footprint of two million fibre connections by 2025. This broadband is more sustainable and energy efficient than legacy networks, with approximately 40-60% lower energy consumption.

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Description and investment rationale

NGGT owns and operates the UK’s regulated national gas transmission system and an independent gas metering business. The 7,660-kilometre transmission system plays a critical role in the UK energy landscape, reliably transporting the gas needed to heat homes and power industry and electricity generation. The consortium intends to support the UK Government’s commitment toward Net Zero by 2050 by facilitating the shift toward low carbon heating.

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Description and investment rationale

CyrusOne specializes in the design, construction and operation of mission-critical facilities that ensure the continued operation of IT infrastructure for approximately 1,000 customers, including approximately 200 Fortune 1000 companies. Growth in data usage continues to drive data centre demand. In particular, the hyperscale segment represents a strong growth opportunity due to increasing cloud adoption and increasingly data-heavy technologies, such as 5G, AI, gaming and video streaming.

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Description and investment rationale

Primafrio is a specialist market leader in cold chain warehousing, transport and supply-chain management, providing essential export and import operations of fruits and vegetables. The company has a pan-European presence and benefits from a number of strategic partnerships and established, long-term client relationships across the continent. Importantly, it also has a dedicated Research and Development and ESG team focused on several sustainability initiatives, including working towards a 2030 net zero emissions strategy.

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