Our approach
Our breadth of lending, strong origination capabilities and deep market relationships allows us to offer a range of senior debt investments. These are investment-grade and sub-investment-grade infrastructure projects across the UK, EEA and Canada in fixed-rate, floating-rate and inflation-linked formats.
Environmental, social and governance (ESG) considerations – though non-binding – are integrated into our investment decisions and project monitoring. A rigorous investment process allows us to leverage our team’s extensive experience, prioritising senior debt in carefully-structured transactions. Since we began investing in infrastructure debt in 1998, we have never had a payment default (as of 30 September 2019).
Benefits
Infrastructure debt investments have a low correlation to market cycles, matching long-dated assets and providing predictable income streams.
Key risks
Infrastructure debt team

Darryl Murphy
Managing Director, Infrastructure

Florent del Picchia
Head of Euro Infrastructure Debt
Need more information?
For further information, please contact our investment sales team.
Explore our real assets range
Sustainable real assets in the spotlight
Just when we thought things were returning to normal after the social, economic and market upheaval caused by the pandemic, the events of 2022 presented new challenges for investors. It was in that context in late 2022 that we took the pulse of key investment decision makers at 500 institutional investors representing a combined $3.5 trillion of assets on their appetite for real assets, including those with a sustainable focus. Read the results in our Real Assets Study 2023.

Real assets views
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Responsible Investing
Changing course: Creating a stable investment framework for offshore wind
30 Nov 2023
Better market mechanisms and grid connection arrangements are essential to restore a stable investment environment in the offshore wind sector, as Nick Molho explains.
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Real Assets
Illiquidity premia in real assets: Q3 2023
17 Nov 2023
Our real assets research team crunch the data to see how evolving macro conditions are reflected in private market returns.
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Real Assets
It’s time to think about nature: Biodiversity and real estate funding
1 Nov 2023
Although the consideration of biodiversity risks remains limited for most assets so far, their longer-term impact is undeniable and needs to be considered when funding real estate.
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Real Assets
Against the current: Seeking resilience in real estate equity
19 Oct 2023
A broad-based recovery in UK and European real estate looks unlikely in 2023, but discerning investors can still find value, say Imogen Ebbs and George Fraser-Harding.
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Real Assets
Rates, repricing and relative value: The outlook for multi-asset real assets
11 Oct 2023
James Tarry and Luke Layfield from our multi-asset real assets portfolio management team discuss the outlook for real estate and infrastructure and how shifts in UK climate policy may affect the push for net zero.
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Real Assets
As one door closes… How changes in long income are creating value opportunities
3 Oct 2023
Renos Booth, Isabel Gossling and Kris McPhail from our real estate long income team discuss the importance of selectivity to uncover opportunities and how new buyers can fill the void left by DB pension schemes.
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Real Assets
Relative value in real assets: Q2 2023
14 Sep 2023
Our real assets research team drill into proprietary data to compare risk and return across sectors, drawing out those showing most relative value.
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Responsible Investing
Deals delayed and crowded trades…But investors can still find value in infrastructure debt
4 Sep 2023
Private infrastructure debt still offers a broad spectrum of opportunities, but investors face complex challenges. In this Q&A, our infrastructure debt team contemplate the current state of the market and where it goes from here.
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Equities
Tipping points and transformation: Getting on the right side of change
16 Aug 2023
Rapid changes in the global economy could tip some sectors into low-carbon phases faster than incumbents expect, with important investment implications.
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Real Assets
Breaking ground: Opportunities in life-sciences real estate
3 Aug 2023
In this article, we look at the strong fundamentals of this emerging asset class, as well as the opportunities and challenges for investors.
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Responsible Investing
Methane: Heating up
25 Jul 2023
Methane is the second most important gas contributor to climate change after carbon dioxide, but its warming potential is many times greater. Mikhaila Crosby explains why addressing emissions is a key priority.
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Real Assets
Waiting games and funding gaps: A mixed picture for real estate debt
14 Jul 2023
The higher rates regime is testing borrowers everywhere. Gregor Bamert considers the implications for real estate debt.
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Responsible Investing
Plug in and power up: How EV-charging infrastructure can help future-proof real assets portfolios
28 Jun 2023
As the transition away from petrol-powered cars to electric vehicles accelerates, demand for charging points is rising. We explore the implications for investors in real assets.
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Responsible Investing
Flex appeal: Could private debt investors be set for a once in a generation opportunity?
9 Jun 2023
Ewan Macaulay outlines why private debt markets in real assets offer compelling relative-value opportunities, despite macroeconomic uncertainty.
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Responsible Investing
Can they, should they, will they? Is now the time for illiquid assets in DC?
31 May 2023
What role could private assets play in UK defined-contribution pension schemes, where decision-makers are searching for returns and diversification? Heather Brown from our UK pensions team consults a panel of specialists.
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Real Assets
When the tide goes out
26 May 2023
Ben Sanderson explains why polarisation in real estate investment performance is only going to increase from here.