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Infrastructure is both a set of industries and a nuanced investment style focused on strong risk-adjusted returns that come from lower volatility (risk) rather than maximizing returns. Matters Graph’s experiences in Infrastructure extend from core physical assets (ports, trains, digital Infrastructure, and more) to the “Core Plus” world of Infrastructure services, where providers can enjoy long-term, contracted revenues with low variance and cyclicality.

Whether you’re examining digital Infrastructure, waste management systems, last-mile delivery services, or utility infrastructure services, you need to understand the interplay of demand drivers, competitive moats (including barriers and capital constraints), and the potential for disruption. Great infrastructure investments often do not make headlines: they tend to fly under the radar, seeking consistent returns. Building, renewing, and/or reinforcing the infrastructure characteristics of assets can also drive strong exits by attracting new investors with lower capital costs. Diligencing and then realizing this potential is a common theme in many of the Infrastructure and infra-like deals that Matters Graph supports.

CDD should incorporate insights from regulators and municipal authorities, corporate tenants and users, logistics operators and partners, specifiers and engineers, and other relevant stakeholders. Key themes should assess usage trends, permitting risk, and renewal terms, as well as where Infrastructure is mission-critical and where it risks disintermediation. These factors are especially important in fast-moving environments, such as the digital Infrastructure and energy/renewables sectors. Matters Graph has extensive experience across the infra landscape, working with infrastructure teams from private equity firms as well as infrastructure-focused firms.