Portfolio
Providing investors access to institutional infrastructure.
Composition
Portfolio Composition
(As of December 31, 2024)
Seeking diversification across asset type, geography and infrastructure type.Asset Type1
- Public Infrastructure Securities 51.99%
- Private Infrastructure2 32.92%
- Cash & Cash Equivalents 15.09%
Geography3
- United States 93.99%
- Canada 3.50%
- Spain 0.69%
- Germany 0.65%
- United Kingdom 0.56%
- Israel 0.19%
- Italy 0.16%
- Mexico 0.15%
- Brazil 0.11%
Infrastructure Type3
- Energy Infrastructure 24.92%
- Independent Power & Renewables 24.15%
- Electric Utilities 17.79%
- Digital Infrastructure 12.93%
- Transportation Infrastructure 10.18%
- Mult-Utilities 6.07%
- Water Utilities 1.43%
- Machinery 0.93%
- Financials 0.73%
- Others 0.87%
Portfolio Holdings and Diversification
(As of December 31, 2024)
TOP PRIVATE AND PUBLIC HOLDINGS (% of Total Net Assets)*
| Top Private Infrastructure Holdings | % of Total Net Assets3 | Top 10 Public Infrastructure | % of Total Net Assets3 | |||
|---|---|---|---|---|---|---|
| 1 | Blackstone Infrastructure Partners/Invenergy | 13.05% | 1 | Vistra Energy Corp. | 4.26% | |
| 2 | Aero Capital Solutions IV | 6.06% | 2 | Cheniere Energy Inc. | 3.25% | |
| 3 | Peppertree Fund VIII | 5.55% | 3 | Williams Cos Inc. | 3.22% | |
| 4 | Rockland Power Partners IV | 2.10% | 4 | Constellation Energy | 3.22% | |
| 5 | Irradiant Orchid Investors L.P. / Opus | 2.01% | 5 | EQT Corp. | 3.00% | |
| 6 | IPCC Fund L.P | 1.70% | 6 | NextEra Energy Inc. | 2.93% | |
| 7 | DigitalBridge Credit (Onshore) LP | 1.55% | 7 | Southern Co. | 2.81% | |
| 8 | CoreWeave Credit Agreement | 1.06% | 8 | American Tower Corp. | 2.06% | |
| 9 | Nova Infrastructure Fund II | 1.01% | 9 | SBA Communications Corp. | 1.81% | |
| 10 | DigitalBridge Credit II (Onshore) LP | 1.00% | 10 | Sempra Energy | 1.77% |
| Top Private Infrastructure Holdings | % of Total Net Assets3 | |
|---|---|---|
| 1 | Blackstone Infrastructure Partners/Invenergy | 13.05% |
| 2 | Aero Capital Solutions IV | 6.06% |
| 3 | Peppertree Fund VIII | 5.55% |
| 4 | Rockland Power Partners IV | 2.10% |
| 5 | Irradiant Orchid Investors L.P. / Opus | 2.01% |
| 6 | IPCC Fund L.P | 1.70% |
| 7 | DigitalBridge Credit (Onshore) LP | 1.55% |
| 8 | CoreWeave Credit Agreement | 1.06% |
| 9 | Nova Infrastructure Fund II | 1.01% |
| 10 | DigitalBridge Credit II (Onshore) LP | 1.00% |
| Top 10 Public Infrastructure | % of Total Net Assets3 | |
|---|---|---|
| 1 | Vistra Energy Corp. | 4.26% |
| 2 | Cheniere Energy Inc. | 3.25% |
| 3 | Williams Cos Inc. | 3.22% |
| 4 | Constellation Energy | 3.22% |
| 5 | EQT Corp. | 3.00% |
| 6 | NextEra Energy Inc. | 2.93% |
| 7 | Southern Co. | 2.81% |
| 8 | American Tower Corp. | 2.06% |
| 9 | SBA Communications Corp. | 1.81% |
| 10 | Sempra Energy | 1.77% |
*The holdings are presented to illustrate the diversity of areas in which the Fund may invest and may not be representative of the Fund’s future investments. Portfolio holdings are subject to change and should not be considered investment advice.
1 As a percent of total assets.
2 When the Fund invests in a private fund, it makes a binding commitment to invest a specified amount of capital in the applicable private fund. The capital commitment may be drawn by the general partner of the private fund either all at once, or over time through a series of capital calls at the discretion of the general partner.
3 As a percent of invested assets. Excludes cash and cash equivalents.
4 Metrics express the Fund’s portfolio allocated to private funds in which the underlying holdings of such private funds generally consist of infrastructure related interests that are not publicly traded as of the most recent available data. Holdings are subject to change without notice.
1 As a percent of invested assets. Allocations are subject to change.