Portfolio
Providing investors access to institutional infrastructure.
Composition
Portfolio Composition
(As of March 31, 2025)
Seeking diversification across asset type, geography and infrastructure type.Asset Type1
- Public Infrastructure Securities 57.10%
- Private Infrastructure2 31.50%
- Cash & Cash Equivalents 11.40%
Geography3
- United States 90.08%
- Canada 7.05%
- Mexico 1.05%
- Spain 0.55%
- Germany 0.53%
- United Kingdom 0.42%
- Italy 0.12%
- Israel 0.12%
- Brazil 0.08%
Infrastructure Type3
- Energy Infrastructure 24.35%
- Digital Infrastructure 20.22%
- Electric Utilities 19.43%
- Independent Power and Renewable 17.62%
- Transportation Infrastructure 8.13%
- Multi-Utilities 5.62%
- Water Utilities 1.21%
- Gas Utilities 1.03%
- Financials 1.03%
- Others 0.70%
Portfolio Holdings and Diversification
(As of March 31, 2025)
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 | 10.00% | 1 | NextEra Energy Inc. | 4.26% | |
| 2 | DigitalBridge AI Infrastructure LP | 5.28% | 2 | Constellation Energy | 3.25% | |
| 3 | Peppertree Capital – Fund VIII LP | 5.28% | 3 | Cheniere Energy Inc. | 3.22% | |
| 4 | Aero Capital Solutions Fund IV | 3.89% | 4 | Williams Cos Inc. | 3.22% | |
| 5 | Rockland Power Partners IV | 1.53% | 5 | Vistra Energy Corp. | 3.00% | |
| 6 | Irradiant Orchid Investors LP | 1.29% | 6 | Southern Co. | 2.93% | |
| 7 | DigitalBridge Credit (Onshore) LP | 1.26% | 7 | EQT Corp. | 2.81% | |
| 8 | IPCC Fund LP | 1.05% | 8 | Canadian Pacific Kansas City Ltd | 2.06% | |
| 9 | Nova Infrastructure Fund II | 0.82% | 9 | Sempra Energy | 1.81% | |
| 10 | CoreWeave Credit Agreement | 0.79% | 10 | American Tower Corp. | 1.77% |
| Top Private Infrastructure Holdings | % of Total Net Assets3 | |
|---|---|---|
| 1 | Blackstone Infrastructure Partners/Invenergy | 10.00% |
| 2 | DigitalBridge AI Infrastructure LP | 5.28% |
| 3 | Peppertree Capital – Fund VIII LP | 5.28% |
| 4 | Aero Capital Solutions Fund IV | 3.89% |
| 5 | Rockland Power Partners IV | 1.53% |
| 6 | Irradiant Orchid Investors LP | 1.29% |
| 7 | DigitalBridge Credit (Onshore) LP | 1.26% |
| 8 | IPCC Fund LP | 1.05% |
| 9 | Nova Infrastructure Fund II | 0.82% |
| 10 | CoreWeave Credit Agreement | 0.79% |
| Top 10 Public Infrastructure | % of Total Net Assets3 | |
|---|---|---|
| 1 | NextEra Energy Inc. | 4.26% |
| 2 | Constellation Energy | 3.25% |
| 3 | Cheniere Energy Inc. | 3.22% |
| 4 | Williams Cos Inc. | 3.22% |
| 5 | Vistra Energy Corp. | 3.00% |
| 6 | Southern Co. | 2.93% |
| 7 | EQT Corp. | 2.81% |
| 8 | Canadian Pacific Kansas City Ltd | 2.06% |
| 9 | Sempra Energy | 1.81% |
| 10 | American Tower Corp. | 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.