Alma Global Infrastructure

The firm targets direct equity and debt investments in mid-market infrastructure across energy transition, digital, transportation, and utility sectors. The strategy prioritizes contracted or regulated cash flows from operating assets with established revenue histories.

The manager relies on a proprietary origination network targeting mid-market transactions, avoiding competitive auctions for larger assets. This approach leverages the firm's ability to structure complex transactions that require specialized operational or capital solutions.

Alma pursues a direct investment model, commonly structuring each investment through dedicated holding vehicles with co-investment provisions for major institutional limited partners alongside the primary fund commitment.

The firm focuses on renewable power generation, regulated utilities, digital infrastructure, and transportation assets. Within energy transition, the manager evaluates solar, onshore wind, and contracted thermal generation assets providing grid stability.

The firm generally deploys between $50 million and $300 million of equity per transaction, reflecting a focus on mid-market assets where transaction complexity and smaller lot sizes deter larger infrastructure managers.

Alma actively offers co-investment rights to its limited partners, enabling large institutional investors to increase exposure to individual assets without additional management fees or carried interest on the co-invested capital.

Risk mitigation centers on long-term offtake agreements with investment-grade utilities and corporates, inflation-linked contracts, and asset-level leverage that is non-recourse to fund investors. The firm avoids merchant power or commodity price exposure.