Assets Under Management & Supervision
Co-Investments & Secondary Deal Flow*
Invested in Co-Investments & Secondary Investments**
Invested in Primary Funds***
As of 12/31/2024; *2020-2024; **2020-2024, Includes discretionary commitments only; ***2020-2024, Includes discretionary and non-discretionary commitments
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 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
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.
Investment Briefs
Read our take on the current landscape
2024 Real Assets Market Overview
Each year our team publishes the Real Assets Market Overview, a comprehensive look at the trends, challenges and opportunities shaping the asset class today. Spanning infrastructure, infrastructure secondaries, real estate and more, our Real Assets team provides a deep dive into the key themes from this year’s report.