Thesis
Urban infrastructure is being recapitalised for an electrified, digital, last-mile world. The asset class has classic infrastructure characteristics — long contracts, regulator-aware revenue, predictable opex — but with a software / data layer that traditional infra funds are not staffed to assess. The cell is built to bridge that operational gap.
Market
- Target hold
- 10–20 years
- Geographic focus
- European tier-1 metros · UK · UAE
- Cheque size per asset
- US$25–100m equity
- Revenue model
- Long-dated contracts with municipal or regulated counterparties
Cell architecture
Each asset class (EV charging, district heating, urban-logistics nodes, micro-mobility) is acquired into the cell with a project-finance-style debt sleeve. Equity sits in the cell. Concession agreements live at the asset SPV level. Quarterly performance reporting includes both financial and operational KPIs (uptime, throughput, energy consumed) drawn from the asset's own telemetry.
Sponsor profile
- Operators with commissioned asset experience — not just developers.
- Track record on regulated revenue contracts and municipal RFPs.
- Software / telemetry capability sufficient for institutional reporting.
- Aligned ESG framework consistent with Guernsey Green Fund eligibility.
Investor terms · indicative
- Target net IRR
- 9–13%
- Cash yield (steady state)
- 5–8% p.a.
- Subscription minimum
- US$500,000
- Liquidity
- Locked through commissioning; secondary venue from 2028
Milestones
- 2026 — Pipeline build with EV charging and district-heating sponsors.
- 2027 — First close; first commissioned asset onboarded.
- 2028 — Second asset class in cell; concession-level reporting live.
- 2029 — Steady-state distributions; cell expanded to logistics nodes.