Assets Under Management & Supervision*
Years of Infrastructure Investing
in Transaction Volume Sourced in 2024
As of 3/31/2025; *Inclusive of $6.2B of AUM and $73.6B of AUA/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. 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 Amphora
Project description
A U.S. renewable energy-focused independent power producer (“IPP”) developing, owning and operating “on-site” energy solutions, including solar, fuel cell and combined heat and power (“CHP”).
Why it matters
The company is well positioned to benefit from strong secular tailwinds resulting from a fragmented and aging U.S. grid, driving C&I customer demand for energy reliability, resiliency, on-site power flexibility and decarbonization.
The bottom line
The operating portfolio at entry comprises ~43 MW across 12 states, in addition to a robust pipeline for continued growth. Approximately 91% of revenue is generated by long-term contracts with investment-grade off-takers, with a weighted average PPA term of 16 years. Furthermore, the management team averages 20 years of industry experience and previously developed, owned, operated and sold a similar distributed energy business.
The HL advantage
We co-led this investment, allowing for favorable governance rights and an observer seat on the company’s board.
Project Irradiance
Who they are
A leading U.S. developer and owner of utility-scale solar and storage projects, with in-house land acquisition, project finance, power marketing, EPC management and O&M capabilities.
Why it matters
Irradiance underscores the increasing demand for utility-scale solar and storage assets amid strong tailwinds from the Inflation Reduction Act. With a significant operational footprint and industry-leading management team, the company is positioned to capitalize on rising PPA prices and long-term energy transition trends.
The HL advantage
We leveraged unique in-house data and industry relationships in diligencing the opportunity, which allowed for speed and certainty of execution.The bottom line
The company has a strong asset base, with approximately 800 MW of operational or ready-to-build capacity, fully contracted with investment-grade counterparties. Additionally, while minimal value was attributed to a substantial development pipeline, it offers considerable upside potential.
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
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.