Real assets

Invest in the systems beneath enduring demand.

Aurelius evaluates infrastructure and asset-backed businesses through the services they provide, the obligations they carry, and the resilience of their economics across changing conditions.

Offshore wind turbines extending across calm water

Proposition

Tangible does not mean simple.

Infrastructure can benefit from long-lived demand and contractual cash flows, yet each asset remains exposed to operating performance, regulation, financing, technology, and changing customer behaviour.

The investment case therefore begins with the service provided and the full system around it: who pays, why demand persists, what capital expenditure is unavoidable, and which party carries each material risk.

Our method

Follow the service, contract, and asset together.

Test whether demand is essential

Test the depth, duration, and price sensitivity of demand rather than relying on a broad infrastructure label.

Allocate contractual risk

Examine volume, price, inflation, availability, counterparty, and renewal provisions in the context of actual operations.

Underwrite the physical system

Assess maintenance, lifecycle capital, resource constraints, permitting, resilience, and the expertise required to operate well.

Place duration in context

Consider financing, liquidity, concentration, and exit assumptions alongside the expected life of the asset.

Areas of focus

Infrastructure serving identifiable needs.

Digital infrastructure

Networks, data capacity, and enabling systems assessed through utilisation, customer concentration, power needs, and technology change.

Energy and transition systems

Generation, networks, storage, and efficiency assets evaluated through contracts, resource exposure, policy sensitivity, and reliability.

Transport and logistics

Assets that move people or goods, where location, throughput, maintenance, and customer alternatives shape value.

Social and essential services

Facilities and service infrastructure where operating quality, affordability, counterparties, and public purpose must be considered together.

Investment principles

Duration should be earned by durability.

Labels do not replace underwriting

Infrastructure characteristics must be demonstrated in contracts, demand, operations, and downside behaviour.

Lifecycle cost is part of value

Maintenance and reinvestment assumptions deserve the same attention as headline revenue growth.

Stakeholders shape the asset

Customers, communities, employees, regulators, and capital providers can each affect the asset’s long-term ability to operate and remain resilient.

Financing must fit the asset

Debt tenor, amortisation, covenants, and refinancing assumptions should reflect the variability and duration of cash flows.

Related paths

A long-duration portfolio decision.

Institutional partnerships

Assess real assets within a broader private-market allocation and pacing framework.

For institutions

Responsible ownership

See how material operating and stakeholder considerations enter the ownership process.

Explore responsibility