The global manager bringing institutional-grade infrastructure to the ASX

Please note, this interview was recorded Wednesday, 19 November 2025

Infrastructure. It's everywhere and we couldn't live without it, but it doesn't exactly get the heart racing when we talk about investments. That, however, is precisely the point. 

Infrastructure is tangible, long-lived, and often backed by essential services that people use every day. But while institutions have enjoyed the stability and income characteristics of the asset class for decades, everyday investors have had far fewer ways to access it directly. That is now shifting.

In this Fund in Focus, I sat down with Stonepeak’s Andrew Robertson to unpack why infrastructure exposure can play such a powerful role in income strategies, and how Stonepeak is working to make it more accessible to individuals via the Stonepeak Plus INFRA1 Note (SPPHA). The conversation revealed not only the breadth of assets that sit beneath the infrastructure umbrella, but also the advantages of accessing them through debt rather than equity.

“[Infrastructure] assets are somewhat removed from the normal vagaries of the macroeconomic cycle. We love that about infrastructure. 

That is why institutional investors love it, and it is why we think it is a great fit for income oriented investors", says Robertson. 

Our discussion explores Stonepeak’s philosophy, its global scale, how it sources opportunities, and the design behind SPPHA. Access the full discussion via the video above, or read a summary below. 

INTERVIEW SUMMARY

Stonepeak’s global footprint and the rise of individual access

Stonepeak has grown from an entrepreneurial start-up into one of the world’s largest independent infrastructure managers. Founded by its now-CEO after a career at Macquarie and Blackstone, the business has expanded to $115 billion in assets, a team of 350 specialists, and a client base dominated by major institutions.

Robertson noted that Stonepeak is now experiencing one of its most significant shifts: individual investors are increasingly seeking exposure to the asset class. 

“We are seeing real growth in serving and delivering to individual investors this asset class, which was previously preserved mainly for institutions.”

How Stonepeak defines infrastructure

Stonepeak categorises infrastructure into four broad buckets:

1. Transport and logistics
2. Digital and communications
3. Energy and the energy transition
4. Social infrastructure

Across these areas, the firm owns or finances a wide range of Australian assets. Robertson highlighted transport holdings, including the Eastern Distributor and WestConnex, airports, including Canberra Airport and multiple Queensland airports, and digital assets, such as cell towers and major data centres. 

In the energy category, Stonepeak is focused on regulated utilities and transmission networks, while social infrastructure includes long-term government concessions for services such as licensing systems.

Why long-lived, essential assets matter

For Robertson, the core appeal of infrastructure lies in its stability. “The asset intensity, the long life, the consistent cash flows mean these assets are somewhat removed from the normal vagaries of the macroeconomic cycle.”

Importantly, the INFRA1 Note provides debt exposure, not equity. Robertson explained the distinction simply: equity returns absorb volatility first, while debt must be paid on time regardless of short-term noise. The note structure aims to channel this steady income to investors. 

“We have a steady stream of income coming into the issuer. That allows us to pay out an equally steady stream of income to note holders.”

How Stonepeak accesses opportunities

Stonepeak sources infrastructure credit in three main ways:

1. Bank portfolio partnerships
Major infrastructure banks hold large portfolios of low-loss infrastructure loans but must increasingly maintain higher capital buffers due to Basel regulations. Stonepeak partners with these banks, helping them release capital while selectively acquiring the best-quality assets from their books. 

2. Private infrastructure credit
Some situations require more flexibility than banks can provide. For example, an infrastructure asset may need bridge financing as it transitions between funds. These private credit deals can offer attractive returns for the risks involved.

3. Diversifying assets
While 70-90% of the strategy focuses on infrastructure debt, Stonepeak also uses complementary exposures such as asset-based finance and corporate lending to manage liquidity, especially around note redemptions.

Scale, due diligence, and first-loss positioning

One of the biggest misconceptions is that there are limited infrastructure opportunities. In reality, Stonepeak reviews vast pipelines. A recent bank partnership produced a list of 150 debt assets. Stonepeak reviewed every one and ultimately selected 49, drawing on expertise from its 350-person global team.

Robertson stressed the importance of precision and selecting only the best assets, noting that Stonepeak takes the first loss on investments within the INFRA1 Note structure. 

“This is the partners’ money at risk. There is a very intense focus on making the right decisions.”

What makes SPPHA different

While the note shares structural similarities with other listed income products, Robertson said the key differentiator is the collateral. Unlike much of the private credit market, which ASIC has highlighted as heavily concentrated in commercial real estate, “that is completely off the table for us in this strategy.”

The Stonepeak-Plus INFRA1 Note (ticker SPPHA) aims to pay the Bank Bill Swap Rate (BBSW) plus 3.25%, distributed monthly, over a seven-year term. The underlying pool is dominated by infrastructure credit assets selected through Stonepeak’s global sourcing process. The Note is listed on the ASX and accessible via brokers or advisers.