Assets Under Management & Supervision**
Co-Investments & Secondary Deal Flow*
Invested in Infrastructure*
*As of June 30, 2024; 2019-2023; **Inclusive of $6 billion in discretionary assets under management and approximately $69 billion in non-discretionary assets under management, as of September 30, 2024.
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. 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
Project Water
Description
A specialist in acquiring and upgrading under-managed and non-compliant water and wastewater systems to provide safe, clean, reliable and compliant water to communities across the United States.
Why it matters
Approximately 30% of the 88,000+ water utilities in the U.S. are in a state of disrepair or out of compliance, with ~4% in serious violation.
Managing Director Pete Larsen dives deeper into the HL advantage in this deal spotlight video.
The HL advantage
Project Pinehurst
Who they are
The largest independently owned solid waste management and recycling company in North Carolina.
Why it matters
Pinehurst provides an essential public service through its waste management operations, servicing Raleigh and Durham, which are currently ranked as two of the fastest-growing markets in the U.S. Further, the company’s scaled platform of landfills owned through life-of-site contracts, transfer stations and collection vehicles create barriers to entry for new and smaller operators.
The bottom line
Our proprietary sourcing network allowed us to gain access to this unique opportunity, while our deep sector knowledge and industry contacts provided valuable insights into the deal.The HL advantage
Our knowledge of the market and breadth of resources allowed us to bring institutional capital to an unconventional process. Further, as a minority co-investor, we were allowed advantaged insights early in the underwriting process.
Project Zeus
Who they are
A merger of two data center platforms that provided an attractive opportunity to increase scale and position the combined company as a significant U.S. colocation operator for hyperscale, technology and content customers.
Why it matters
Attractive fundamentals for data centers as well as robust data growth and infrastructure requirements associated with AI fueled further demand growth.
The bottom line
Project Zeus represented an acquisition that is core to the sponsor’s growth investment strategy and presented an opportunity to carve out a diversified and under-managed data center platform and consolidate operations under a premiere operator.The HL advantage
We’ve had a long-standing view of the sponsor as a data center and telecommunications operator within existing private markets portfolios prior to committing to their fund and to Project Zeus.