HICL Infrastructure (ticker: HICL) was launched in 2006 and was the first London-listed infrastructure trust. It started with 15 PPI/PPP assets and 250m shares and has since grown its portfolio to over 100 assets with a share count of just under 2bn. Originally known as HSBC Infrastructure, it has been run by InfraRed Capital Partners since 2011 after it was created by a buy-out of its management firm. The last several years have seen the portfolio become more geographically diverse, with the UK weighting falling from 90% to 66%, along with a shift into slightly more risky 'core-plus' assets such as digital infrastructure. Nearly 40% of its portfolio now has revenues that are either demand-based or regulated rather than being based on avail...