Core plus infrastructure is the adjacency layer of infrastructure – businesses that provide essential, nondiscretionary services, exhibit high barriers to entry and deliver resilient and predictable cash flows.
Core plus investments combine the defensiveness of core infrastructure with stronger growth and value creation potential. They are essential, hard-to-replace businesses anchored by long-life real assets, contractual or structural protections and predictable cash flows resilient across economic cycles.
With pricing power to pass through inflation and limited obsolescence risk, core plus assets retain core-like stability while offering materially higher growth opportunities than traditional infrastructure.
Key attributes include:
Macquarie Capital is a global leader in introducing infrastructure investors to new sectors, uncovering businesses which display infrastructure characteristics, and peeling them back into consistent and common infrastructure drivers to match the right capital with the right risk-adjusted returns.
global infrastructure transactions
infrastructure specialists
locations around the world
Our Americas and EMEA Core+ summits bring together a curated group of infrastructure sponsors focused on investing in infrastructure-adjacent businesses, alongside private equity firms and their portfolio companies with strong infrastructure characteristics.
Attendees benefit from one-on-one meetings, panel discussions and dedicated networking sessions, creating an intimate forum to engage in meaningful dialogue on the Core+ space with leading minds across the sector.
For more information on the Core+ Summit, contact our teams
Adam Hain, Macquarie Capital’s Global Head of Infrastructure Advisory, shares what investors should keep in mind about core plus infrastructure and how Macquarie Capital can help find relevant opportunities.
Core plus infrastructure refers to essential service businesses that exhibit many of the defensive characteristics of traditional infrastructure — such as resilience, barriers to entry and predictable cash flows — while also offering growth opportunities and requiring a more active ownership approach.
Traditional infrastructure is typically characterised by long dated, highly regulated assets with limited operational intervention. Core plus businesses often require greater strategic, operational and capital involvement, while still retaining infrastructure-grade fundamentals.
While core plus businesses may have previously been owned by private equity, they are typically more mature, essential and stable. The investment horizon is longer, leverage structures are more conservative, and the focus is on long-term value rather than short-term exit.
Core plus spans a wide range of sectors, including logistics and supply chain services, healthcare services, education, leasing platforms, environmental services, energy-related infrastructure, data and connectivity, and other essential service businesses.
Infrastructure investors often already understand these businesses through their ownership of core assets and adjacencies. Moving into core plus is a natural extension of their experience rather than a departure from it.
Our EMEA core plus specialists
Adam Hain
Global Head of Infrastructure Advisory
Michael van der Beugel
Managing Director, Infrastructure Advisory, EMEA
Warrick Booth
European Head of Private Capital Markets
Jeroen Mondeel
Senior Vice President, Infrastructure Advisory, EMEA
Americas core plus specialists
Robert Valentine
Head of Infrastructure, Industrials and Leasing, Americas
Brian Hogan
Head of Industrial & Environmental Services, Americas
David Porter
Managing Director, Infrastructure Advisory, Americas
Ross Bullington
Vice President, Infrastructure Advisory, Americas
APAC core plus specialists
Tom Butcher
Executive Director, Head of Infrastructure, APAC
Jessica Edwards
Division Director, Infrastructure Advisory (Renewables & Transport), APAC
Xavier Eid
Division Director, Infrastructure Advisory (Utilities & Transport), APAC
David Wickstrom
Division Director, Infrastructure Advisory (Resources & Renewables), APAC
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