Cube Infrastructure Managers

CEO and Managing Partner Renaud de Matharel leads the firm, with a partnership group drawn from the investment team listed on the firm's website. Cube's partners include senior professionals such as Stéphane Calas, Jérôme Alméras, and Charles Notteau, each overseeing deal execution and asset management within their respective sector verticals. The firm emphasizes an integrated investment committee that draws on operational expertise from its 60-plus multidisciplinary team.

Originally incubated in 2007 under a French Caisse des Dépôts initiative as Natixis Environment & Infrastructure Luxembourg, the management team completed a full buyout from the bank. This transition allowed the firm to operate as an independent asset manager while retaining the institutional infrastructure investment heritage from its state-sponsored origins.

Cube's strategy centers on a buy-and-grow model targeting existing mid-market platforms. The firm acquires companies that hold concessions, contracts, or regulated asset bases — such as municipal waste collection routes or long-term fiber IRUs — and then deploys incremental capital to expand coverage, bolt on competitors, or add adjacent services. It generally avoids pure greenfield development risk and merchant power exposure.

The Connecting Europe Broadband Fund (CEBF) is a €555 million vehicle that reached final close with the European Commission and the European Investment Bank as anchor investors. Cube manages the fund, directing capital into underserved broadband projects across the European Union. It operates as a separate mandate alongside Cube's main series of commingled funds.

Cube adopted its Environmental and Social Management System based on UN PRI and EIB standards, forming an integral part of the investment cycle from due diligence through exit. The firm tracks metrics at the portfolio-company level, with holdings like district heating networks and waste-to-energy plants providing measurable carbon savings that align with the EU Taxonomy. Operational teams receive ESG-linked KPIs alongside financial targets.

Cube raises co-investment capital on a deal-by-deal and platform-by-platform basis from institutional investors and industrial groups. The firm's CubIKS joint venture with The Dillinger Group illustrates this model: Cube contributed the platform equity from Fund III, while Dillinger provided additional industrial and financial commitment for a solar PV and battery storage rollout across Germany and Italy. This partnering model is central to Cube's mid-market execution.

Cube's website and portfolio do not list exposure to large-scale merchant power generation, airports, seaports, or social infrastructure (schools, hospitals) as distinct verticals. The firm's focus remains on essential, local, and regulated or contracted assets in energy transition, digital infrastructure, public transport, environmental services, and EV charging, effectively screening out trophy assets and commodity-linked cashflows.