Equitix

Equitix targets operational infrastructure across four verticals: social infrastructure (schools, hospitals, government buildings), regulated utilities (water, electricity distribution), renewable energy (solar, wind, energy-from-waste), and digital infrastructure (fibre networks, data centres). The firm avoids greenfield development and demand-risk assets. The portfolio consistently favours availability-based revenue models where government counterparties pay for asset availability rather than usage.

Achal Bhuwania serves as Chief Investment Officer, overseeing deal origination and execution across the firm's equity and debt strategies. Geoff Jackson, the CEO, joined shortly after founding and leads the overall firm. Co-founder Nicholas Parker remains Executive Chairman, providing continuity from the firm's 2007 launch. Investment committee decisions draw on a team of infrastructure engineers and sector specialists.

Equitix has structured a bilateral co-investment partnership with Kyuden International Corporation and the National Pension Service of Korea. These institutions commit capital as limited partners in Equitix's commingled funds and also co-invest directly in individual infrastructure assets alongside Equitix-managed vehicles. The arrangement provides permanent, co-underwriting capital partners for large acquisitions without Equitix having to sell equity in its management company to external groups.

The portfolio originated in UK social infrastructure under the Private Finance Initiative framework, but has since expanded into Ireland, continental Europe, and Australia. The firm targets OECD jurisdictions with stable regulatory regimes and enforceable concession agreements. The UK remains the single largest country exposure by asset count.

Unlike developers or core-plus funds that take on construction risk, Equitix acquires fully operational assets and holds them for decades, extracting yield from contracted cash flows. The firm also invests across the capital structure — common equity, preferred equity, and junior debt in its own deals — rather than restricting itself to a single part of the stack. Additionally, its embedded partnerships with Kyuden and NPS function as permanent co-equity sources, an arrangement that independent fund managers typically cannot replicate without selling a general partner stake.

Equitix is the largest private owner of UK PFI and PPP assets, including hospitals, schools, street-lighting networks, and rolling stock. The firm's revenue from these holdings comes from availability payments — fixed, inflation-indexed fees from government departments and local authorities — rather than demand-based user charges. This makes the UK public sector the firm's single largest economic counterparty.

Yes, renewable energy is one of four core investment verticals. The firm owns portfolios of solar farms, onshore wind assets, and energy-from-waste facilities in the UK and Ireland. In 2022, Equitix acquired a portfolio of UK solar assets from Lightsource BP and has also invested in offshore wind transmission assets through the Hornsea One OFTO, which connects Ørsted's wind farm to the national grid.