Private Infrastructure Strategy
Private Infrastructure Strategy

Private Infrastructure Strategy


Morgan Stanley Infrastructure (MSI) is a leading global infrastructure investment platform. MSI employs an established, disciplined process to invest in diverse infrastructure assets in predominantly OECD countries and seeks to create value through active asset management and operational improvements. MSI's team, one of the largest in the industry, is based in New York, London, Melbourne, Hong Kong, Amsterdam and Mumbai. Team members possess considerable infrastructure investing and asset management experience, and leverage their senior-level relationships as well as the unparalleled global network of Morgan Stanley to source investment opportunities.

Investment Approach

Morgan Stanley Infrastructure Partners seeks to pursue a global OECD core-plus strategy by focusing on the acquisition of infrastructure assets with the potential of being turned into core assets, but which, for various reasons, are being operated or managed in a less than optimal manner or where company functions need to be established or rebuilt. MSIP defines these situations as core-plus opportunities, as they allow for significant value creation through operational improvements and can include carve-outs of assets from larger entities, assets being privatized, or generally undermanaged assets requiring capital for organic growth, business development projects, or follow-on acquisitions. MSIP defines core infrastructure assets as mature businesses with long-term performance history, often operating in regulated environments or under concession or other long-term agreements, in many cases with a high degree of predictability and stability.

Global Network for Sourcing and Investing

MSIP's global network for sourcing and investing benefits from Morgan Stanley’s presence in 43 countries, providing access to a very strong network of relationships and proprietary information flows to identify investment opportunities, many of which are not generally available in the public domain.

Experienced Team, Established Process

MSIP benefits from a global team with deep experience in all aspects of infrastructure investing.  A carefully constructed, tested, and disciplined investment process is designed to ensure that investments are reviewed and compared on a global basis.  The size of the global team enables consideration of a large number of opportunities, which are filtered to identify and focus on those with the potential for the best risk-adjusted returns.

Operational Value-add Strategy

MSIP's methodical and intensive approach to asset management has created value for assets in its portfolio of investments.  Such efforts have translated into additional revenues and EBITDA, or have reduced risk. In addition, MSIP has improved the environmental profile of many of its portfolio companies.

Investment Process

MSIP has a well-organized, thorough, and tested investment process. This process is designed to ensure that investments are reviewed and compared on a global basis. MSIP's global scope allows the team to focus on deals that, in its view, offer particularly attractive risk-adjusted returns. Execution of this process is facilitated by the MSIP team's deep experience in all aspects of infrastructure investing.

  • Source through proprietary channels
  • Analyze to determine key characteristics
  • Analyze to determine expected returns
  • Enlist third-party expertise
Portfolio Construction
  • Seek diversification
  • Meet defined thresholds
  • Determine contribution to overall return
Due Diligence & Structuring
  • Dedicated transaction team
  • Review of key risks and assumptions
  • Development of view on value
  • Seek to minimize risks
  • Structure debt financing
  • Negotiate terms of transaction
Investment Review
  • Deal Team
  • Review Team
  • Partners
  • Investment Committee
Investment Decision
  • Submission to Investment Committee
    • Bid Price
    • Select terms and conditions
  • Investment Decision
  • Enhancement of portfolio company management
  • Cost control and rationalization
  • Capex—growth, reinvestment, and technology
  • Economies of scale
  • Financial optimization
  • Operational partnerships
  • Governance, corporate control, and regulatory measures


Red Oak Power Acquired June 2017
Red Oak is an 800 megawatt, baseload, gas-fired power plant located in the Northeastern United States that has been in operation since 2002.
Altán Redes Acquired March 2017
Altán Redes is an international consortium that holds a 20-year concession for the construction and operation of an operator-neutral, nationwide, 4G-LTE network in Mexico.
VTG AG Acquired October 2016
VTG is the largest private wagon hire company in Europe and one of the leading providers of rail and tank container logistics services.
Hornet Midstream Acquired July 2016
Hornet Midstream is a natural gas gathering pipeline system, strategically situated in the core of the Marcellus and Utica shale gas basins.
Ital Gas Storage Acquired August 2015
Ital Gas Storage holds a 40-year concession to convert and operate a depleted gas field in Northern Italy into a regulated gas storage facility.
Eureka Midstream Acquired September 2014
Eureka Midstream is a natural gas gathering pipeline system, strategically situated in shale gas basins of the U.S. Northeast.

Medical Area Total Energy Plant Acquired May 2010
Medical Area Total Energy Plant is the sole provider of essential electricity, steam and chilled water to off-takers in one of the busiest medical zones in the U.S.

Chicago Parking Meters Acquired February 2009
Chicago Parking Meters is the third-largest metered parking system in the U.S., the first and largest asset of its kind to be concessioned under a public-private partnership.

Affinity Water Exited May 2017
Affinity Water is the largest regulated water-only company in the U.K. by revenue.
Agorá Investimenti Exited April 2017
Agorá Investimenti is the manager of Venice area airports, the third-largest area in Italy after Rome and Milan.

Madrileña Red de Gas Exited May 2015
Madrileña Red de Gas is the second-largest gas distributor in Madrid and third largest in Spain
Southern Star Exited April 2015
Southern Star is a primary gas transmission/storage facility provider for several major Midwest U.S. cities.
Eversholt Rail Group Exited June 2015
Eversholt Rail Group is one of three leading train-leasing companies in the U.K., with approximately 29% of total current British passenger rail fleet.
Montreal Gateway Terminals Exited March 2015
Montreal Gateway Terminals is the dominant operator at Port of Montreal and second-largest container facility in Canada.
Chicago Loop Parking Exited January 2014
Chicago Loop Parking (CLP) holds a 99-year concession to operate the largest underground parking system in the U.S. in the heart of downtown Chicago.
Saesa Group Exited November 2011
SAESA Group is the second-largest electricity distributor in Chile, serving more than 15% of the country's population through hydro, diesel, and gas electric generation.

Sapphire Holdings Exited November 2009
Sapphire Holdings purchased subordinated-debt from BAA, which, at the time, owned a number of British airports.
Investment Professionals  View Team Details >
Chief Investment Officer, Infrastructure Partners
19 years industry experience
Global Head of Investment Strategy, Infrastructure Partners
26 years industry experience
Asia Pacific Investing, Infrastructure Partners
23 years industry experience
Americas Investing, Infrastructure Partners
29 years industry experience
Senior Advisor, Infrastructure Partners
36 years industry experience
Chairman of Europe, Infrastructure Partners
29 years industry experience


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