The infrastructure sector has been one of many within the wider alternatives space to suffer from wide discounts of late. However, with a more mature and diversified asset base, the damage has been less severe than in other sectors, such as renewable energy, and there have been some early signs of a sustained recovery in recent months. Here, we look at the ratings of the various trusts and the (fairly limited) measures they have taken to address their discounts.
HICL, the first listed infrastructure trust, was launched in March 2006, so the infrastructure sector now has a twenty-year record ...
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UPDATE: HICL proposed a merger with InfraRed stablemate Renewables Infrastructure Group in November 2025, but the deal was quickly abandoned after discussions with shareholders. In July 2026, it announced a revised investment strategy, targeting annual returns of 10% (up from 7-8%) and putting up to 20% of its portfolio in higher-returning 'enhancer' assets.
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 buyout of its...
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UPDATE: A revised version of this profile was published in July 2025.
HICL Infrastructure was one of the first alternative asset trusts to list on the London market back in 2006 so it provides a useful reference point for how many of the newer trusts in this space might mature. HICL deliberately takes a low-risk approach, investing mostly in infrastructure assets with Public-Private Partnerships (PPP) deals, and its future returns should be highly correlated to inflation. In the last few years, it's also moved a little into demand-based assets (e.g. toll roads) and regulated utility companies...
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