Investing in Private Infrastructure

The Investing in Private Infrastructure program is designed to provide you with a coherent, structured and in-depth understanding of the inner workings of infrastructure investments, including valuation methods and sub-strategies such as core, core-plus, value add, opportunistic, greenfield, brownfield and debt. It also offers the best in-class insights into the broader sector dynamics, the operation of private infrastructure funds, performance measurement, and the institutional investor perspective. The program will provide an intense learning experience comprising formal lectures, exercises and case studies.

How you will benefit

• Understand the role of private infrastructure in asset allocation and portfolio construction
• Explore strategies and instruments across global markets
• Explore the market landscape and dynamics
• Gain practical insights into fund economics, documentation, and performance measurement
• Get a full value-chain understanding of the inner workings of private infrastructure investments
• Gain in-depth knowledge of valuation methods
• Understand the perspective of an institutional investor on portfolio construction considerations

Day 1 | Morning

Introduction and context

• Private infrastructure in the context of private markets: Sub-strategies and instruments
• Funds, their functioning, their stakeholders and their ecosystem
• J-curve, terms and economics
• Current market size and segmentation (geographical breakdown, funds raised, invested, etc.)
• Performance (IRR, TVPI, PME)
• Time permitting, a small workshop on fund documentation

Day 1 | Afternoon

Infrastructure as an Asset Class

• Characteristics of infrastructure assets
• Risk-return profile
• Trends in the market (data assets, energy transition)

Sourcing Deals

• Deal origination channels
• Competitive landscape and access advantages
• Early screening criteria (sector, stage, country)

Analyzing Infrastructure Investments

• Technical, operational, and regulatory due diligence
• Financial modelling: cash flow forecasting, leverage, sensitivity analysis
• Risk-return assessment across sectors

Day 2 | Morning

Negotiating and Structuring

• Valuation methodologies (DCF, multiples, precedent transactions)
• Shareholder agreements, governance rights, and control
• Public-private partnerships (PPPs) and concessions

Value Creation in Infrastructure

• Active asset management strategies
• Revenue optimisation and cost efficiencies
• ESG, sustainability, and impact considerations

Monitoring and Managing Assets

• KPIs and performance dashboards
• Monitoring regulatory and market changes
• Governance and oversight mechanisms

Exit Strategies

• Trade sales, IPOs, secondary sales, refinancing
• Market cycles and valuation at exit
• Long-term vs. short-term holding strategies

Day 2 | Afternoon

Simulation/ Business Case(s)

The group will examine the practical implementation of the course materials by looking at two timely infrastructure transactions. The first is to examine an offshore wind farm development. The second is to examine an investment in existing utility. Participants will be placed in the role of investment professionals making high-stakes recommendations to an Investment Committee.

Case 1: Offshore Wind Farm Development

This case focuses on the challenges of greenfield development in the renewable energy sector. Participants will assess whether to invest in a majority stake in a 600MW offshore wind farm in the North Sea.

• Key Learning Dimensions:
  • Deal sourcing and competition in a hot sector
  • Construction risk, technology risk, and regulatory frameworks
  • Valuation under uncertainty, including CfD subsidies and long-term merchant exposure
  • Negotiating with a developer partner and lenders over governance rights and risk sharing
  • Identifying opportunities for value creation
• Output: An investment recommendation, including valuation, proposed governance structure, and risk mitigation plan.

Case 2: Investment in an Existing Utility – “Regulated Water Utility” (if time permits)

This case examines the acquisition of a significant stake in a regulated utility water and sewage services to 5 million households. Unlike the wind farm, this is a brownfield asset with stable cash flows.

• Key Learning Dimensions:
  • Assessing the risk/return trade-off in core regulated infrastructure
  • Analyzing the impact of regulatory resets on revenues
  • Evaluating capital structure, dividend policy, and refinancing opportunities
  • Considering political and reputational factors in mature utilities
  • Designing an exit strategy for a long-duration asset with limited growth but strong yield
• Output: A committee memo weighing whether to invest, with a focus on valuation, risk assessment, and exit options.