Assets Under Management & Supervision*
Years of Infrastructure Investing
in Transaction Volume Sourced in 2024
As of 6/30/2025; *"Inclusive of $83.4 B Infrastructure AUM/AUS and $15.4 B Natural Resources AUM/AUS;
Flexible capital provider in a complex market
With more than 25 years of experience, we are one of the largest global investors in private infrastructure and real assets. Our team consists of 31 individuals across North America, Europe and Asia. We invest in primary funds, co-invest with partners, and provide liquidity for single asset and portfolio sales using secondary capital. Our disciplined, flexible capital solutions, unique access, and information and relationship advantages make us a sought-after partner for customized solutions through funds, evergreen offerings and managed accounts.
Rigorous asset due diligence coupled with sound portfolio construction
Our due diligence approach is consistent across all investments, focusing on key drivers of outcomes, potential risks and mitigation in a rapidly evolving market. While we explore opportunities of various sizes, we prioritize the middle market where we see more attractive entry points, liquidity and operational value-add potential. We target assets with traditional infrastructure traits, such as high barriers to entry, strong pricing power, and durable cash flows across the major infrastructure sectors. We also apply detailed portfolio construction strategies focused on specific sectors, risk profiles and geographic exposures consistent with the risk/return objectives of our managed funds and client accounts.
Robust technology platform to power investment and portfolio management decisions
As the private markets industry has evolved, so too have the tools needed to make informed investment decisions and construct high-performing portfolios. We combine cutting-edge private markets technology with in-depth private markets data to access unique opportunities, to better understand the value drivers within a given investment, and ultimately, to make data-driven decisions at each step of the investment process. Get to know our Technology Solutions, anchored by our proprietary Cobalt platform.
Leadership Team
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Deal Spotlights
The Water Group
Who they are
Fully integrated independent water platform in Spain and France providing municipal and industrial water supply, wastewater treatment, water reuse and water analysis under long-term, contracted, inflation-linked agreements.
Why it matters
The Water Group brings together several high-quality Spanish and French businesses to provide essential water services across the full water value chain. By leveraging the combined scale, experienced management and operational synergies, the group is well positioned to support municipalities and industrial clients as they confront rising water scarcity, aging infrastructure and tightening regulation in the EU.
The HL advantage
Our deep expertise in the sector, paired with our ability to provide flexible capital solutions and speed in underwriting and execution, enabled us to win and lead the transaction.
The bottom line
The platform presents an attractive opportunity to access the European water sector, which requires considerable investment to address mounting infrastructure and sustainability challenges. High renewal rates support durable cash flows with minimal churn and credit risk, while a robust pipeline of organic projects and identified bolt-on acquisitions positions the company as a consolidator in a fragmented market, providing meaningful upside potential.
Cold-Link Storage
Who they are
A U.S.-based, family-run cold storage platform that owns and operates 78 million total cubic feet of ambient, refrigerated and frozen storage and 160k current pallet positions, serving over 280 customers nationwide.
Why it matters
Cold-Link Storage provides access to a differentiated company within a familiar industry, offering meaningful downside protection and substantial value creation potential through operational initiatives and strategic M&A. The company is well-positioned to benefit from favorable macroeconomic and industry tailwinds that drive contract rate growth over time.
The HL advantage
Our strong relationship with the sponsor gave our investment team advantaged access to this large-scale opportunity. Leveraging our significant position in the company, we negotiated highly favorable governance terms and attractive economics directly with the sponsor.
The bottom line
The investment offers exposure to a modern operator in an industry characterized by aging infrastructure. All Cold-Link facilities have been upgraded within five years or built since 2022, serving sticky, credit-rated food and beverage clients.
Flexential
Who they are
An interconnected data center platform operating 42 data centers across 19 U.S. markets to offer mission-critical solutions, including colocation and interconnection, to a range of end-users.
Why it matters
Data centers are benefitting from long-term secular tailwinds that are being amplified by decentralization of demand and generative AI, with Flexential’s addressable market growing at a rate significantly faster than the total U.S. data center market.
The HL advantage
Our relationship with the sponsor provided early access to the opportunity, while our ability to lead the transaction and provide capital at scale enabled favorable negotiations with a highly aligned partner.
The bottom line
This opportunity offers downside protection through long-term contracts with a diversified customer base, while the revenue mix continues to shift favorably toward wholesale and hyperscale segments. With a compelling entry valuation, strong operating leverage from a predominantly fixed cost structure and meaningful in-flight expansion, the business is well-positioned for attractive margin expansion and sustained growth.
Investment Briefs
Read our take on the current landscape
2025 Infrastructure Market Overview
Our annual Infrastructure Market Overview offers a comprehensive look at the trends, challenges and opportunities shaping private infrastructure today. Spanning secondaries and fundraising as well as key sectors such as power and transportation, our Infrastructure team provides a deep dive into the themes from this year’s report.