# ICON Infrastructure North America

ICON Infrastructure North America is an Asset Manager based in New York, Canada.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, Canada
- **Region:** North America
- **Address:** Toronto, Ontario, Canada
- **Founded:** 2011
- **Assets under management:** Undisclosed (Altss estimate)
- **Website:** iconinfrastructure.com

## Regulatory record

- **CRD number:** 306800
- **SEC file number:** 801-119702
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/306800

## About

ICON INFRASTRUCTURE NORTH AMERICA INC. is an SEC-registered investment adviser in NEW YORK, NY, registered since 2020. The firm manages approximately $2.4 billion in regulatory assets. It has 17 employees and 14 investment advisers.

## Sectors

- Infrastructure
- Energy Transition & Renewables
- Transportation & Logistics
- Utilities

## People

- Paul Malanowski — Managing Partner & Chief Executive Officer
- Rob Crowter — Managing Director & Chief Financial Officer

## Questions

### Who runs investment decisions at ICON Infrastructure?

Paul Malanowski serves as Managing Partner and CEO, overseeing investment strategy and final capital allocation decisions. He co-founded the firm in 2011 and previously held senior roles at Macquarie Group's infrastructure division. His leadership consolidated further when co-founder Steve Clark shifted to an advisory role, leaving Malanowski as the primary executive decision-maker.

### How does ICON Infrastructure source its deal flow?

ICON Infrastructure relies on bilateral, negotiated processes rather than broad auctions. The firm targets corporate carve-outs, founder-owned operations, and assets divested by larger infrastructure funds reaching end-of-life. Its mid-market focus and in-house operating expertise allow it to pursue assets that require operational turnarounds or active post-acquisition management, reducing competition from financial acquirers.

### What distinguishes ICON's infrastructure strategy from larger funds like Brookfield or Macquarie?

ICON deliberately targets mid-market essential service assets in North America that are too small for mega-fund mandates but too operationally intensive for generalist private equity firms. Its core-plus and value-add strategy focuses on assets like bulk liquid terminals and regional rail logistics — infrastructure with existing cash flows that can be optimized through active asset management rather than multiple expansion or financial engineering.

### In which sectors does ICON Infrastructure typically invest?

ICON invests across the energy midstream, transportation, and regulated utility sectors in North America. Specific subsectors include bulk liquid storage terminals (IMTT is a known portfolio company), short-line rail logistics, and district energy systems. The firm concentrates on assets with contracted or regulated revenue profiles that provide essential services to their local economies.

### How is ICON related to IMTT, the terminal operator?

ICON Infrastructure acquired a controlling stake in IMTT (International-Matex Tank Terminals) alongside a co-investor partner in a 2020 take-private transaction. IMTT operates bulk liquid storage terminals across the US East Coast and Gulf Coast, fitting ICON's thesis of acquiring essential mid-market infrastructure with existing contracted cash flows and operational improvement potential (per Inframation, 2020).

### Does ICON Infrastructure use continuation vehicles or permanent capital structures?

Yes, ICON Infrastructure has utilized continuation vehicles to hold mature assets beyond a fund's typical harvesting period. This structure allows the firm to extend ownership of stabilized assets while returning partial liquidity to limited partners, a tool increasingly common among mid-market infrastructure managers seeking alignment between their long-duration asset base and traditional fund terms.

## Related profiles

- [Bull Run Investment Management](https://altss.com/profile/bull-run-investment-management-llc)
- [The Wealthplan LLC](https://altss.com/profile/the-wealthplan-llc)

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Last updated: 2026-06-03T20:00:00.000Z

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