Summary
The fund managers believe that Infratil Ltd (IFT) represents a compelling investment opportunity, particularly due to its diversified portfolio in renewable energy, digital infrastructure, and healthcare. They highlight IFT's significant stake in CDC Data Centres, which positions it well to capitalize on the growing demand for cloud computing and AI workloads. Despite recent volatility impacting share prices, the managers are optimistic about IFT's long-term potential, citing its strong track record of shareholder value creation and the expected benefits from the shift towards public cloud services. The fund managers also note that IFT's investments align with major global trends such as decarbonisation and demographic ageing. They emphasize the company's ability to navigate challenges and realize significant valuation upside, particularly through its strategic focus on sectors with robust growth potential.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
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Commentary From The Managers
Bennelong Australian Equity Partners
24 July 2025
$10.18
Summary
- Bennelong Australian Equity Partners highlights Infratil as a lesser-known investment opportunity for Australian investors.
- Infratil is a diversified infrastructure investor with interests in data centres, renewable energy, and healthcare.
- The company is well-positioned to capitalize on global megatrends such as digitalisation, decarbonisation, and demographic ageing.
- Infratil employs a focused and hands-on investment model that creates real operating value.
- It holds a significant stake in CDC Data Centres, benefiting from the growth in cloud computing and AI workloads.
- The firm adopts an entrepreneurial and high-conviction approach to capital deployment.
- Infratil has a long-term track record of compounding shareholder value that is regarded as exceptional.
- Bennelong Australian Equity Partners continues to hold Infratil due to its strong fundamentals and growth prospects.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Bennelong Australian Equity Partners
24 July 2025
$10.18
Summary
- Bennelong Australian Equity Partners highlights Infratil as a lesser-known investment opportunity for Australian investors.
- Infratil is a diversified infrastructure investor with interests in data centres, renewable energy, and healthcare.
- The company is well-positioned to capitalize on global megatrends such as digitalisation, decarbonisation, and demographic ageing.
- Infratil employs a focused and hands-on investment model that creates real operating value.
- It holds a significant stake in CDC Data Centres, benefiting from the growth in cloud computing and AI workloads.
- The firm adopts an entrepreneurial and high-conviction approach to capital deployment.
- Infratil has a long-term track record of compounding shareholder value that is regarded as exceptional.
- Bennelong Australian Equity Partners continues to hold Infratil due to its strong fundamentals and growth prospects.
Blackwattle Investment Partners
31 Jan 2025
$10.26
Summary
- IFT was the largest negative contributor to performance during the month.
- IFT fell 11% in January, impacted by sentiment regarding US renewables policies under President Trump.
- Concerns over AI model developments are affecting data centre demand.
- IFT is a NZ based, listed infrastructure investment vehicle with primary and secondary listings on NZX and ASX.
- Portfolio focuses on quality growth investments in digital, renewables, healthcare, and airports.
- Key exposure includes Canberra Data Centres (CDC), owning 48.2%.
- IFT is considered the best exposure to the AI thematic on the ASX.
- CDC is the leading Data Centre operator in ANZ, providing secure data storage for the governments.
- Positive outlook remains for AI-driven demand for data centres despite earlier concerns.
- Trump’s policy shift is focused on wind, whereas Longroad is focused on solar and batteries.
- Blackwattle Investment Partners continues to hold IFT, seeing strong upside due to current trading discount to Net Asset Value.
- Near-term valuation re-rate catalysts and IFT’s strong long-term shareholder value creation track record are supportive.
Blackwattle Investment Partners
31 Jan 2025
$10.26
Summary
- Blackwattle Investment Partners notes that Infratil (IFT) experienced an 11% decline in January, impacting fund performance.
- The decline was primarily driven by a sector-wide sell-off of AI-related technology stocks following the Deep Seek revelations.
- IFT’s exposure to data centres, through a 48% stake in CDC, constitutes approximately one-third of its overall valuation.
- The implications of Deep Seek on IFT’s existing and future data centres remain uncertain.
- Lower cost, more efficient AI models may accelerate the adoption of data centres, potentially offsetting volume challenges.
- Blackwattle Investment Partners continues to hold IFT due to these evolving dynamics.
Blackwattle Investment Partners
31 July 2024
$9.82
Summary
- IFT was the largest negative contributor to performance during the month.
- IFT fell 6% in July after an equity raising in late June.
- IFT is a NZ-based, listed infrastructure investment vehicle.
- The company focuses on quality growth investments in digital, renewables, healthcare, and airports.
- Key exposure is Canberra Data Centres (CDC).
- The equity raise was to fund surging demand at CDC driven by Generative AI.
- Blackwattle Investment Partners views IFT as ‘quality early’ due to ASX's unfamiliarity with IFT’s attributes.
- Improved understanding of CDC’s position may lead to upcoming index inclusion into the ASX300.
- IFT is considered the best exposure to the AI thematic on the ASX.
- IFT owns 48.2% of CDC, the leading Data Centre operator in ANZ.
- CDC provides secure data storage for both Australian and New Zealand governments.
- CDC is uniquely positioned to accommodate Generative AI with industry-leading liquid cooling technology.
- While the market digests the equity raise, Blackwattle Investment Partners remains patient for significant valuation upside.
- CDC’s independent valuation suggests an earnings multiple half that of ASX-listed competitor NextDC, despite CDC growing earnings at twice the rate.
- Given IFT’s long-term track record of shareholder value creation, Blackwattle Investment Partners expects IFT to realize CDC’s full value at the right time.
ELM Responsible Investments
30 June 2024
$10.18
Summary
- Infratil is a NZ-based infrastructure investment company, with a diversified portfolio by industry and geography.
- Main investment areas include Renewable Energies, Healthcare, Digital Infrastructure, and Airports, with a focus on New Zealand companies.
- Infratil holds significant shares in renewable energy companies across Europe, North America, and the Asia-Pacific region.
- Their business model involves establishing, developing, and selling renewable energy platforms to risk-averse investors seeking stable returns.
- Success in this model is expected to continue due to growing demand for renewable energy projects.
- Infratil was previously the majority shareholder of Tilt Renewables, achieving a 35.2% internal rate of return upon selling their stake in 2021.
- In 2022, Infratil co-founded Mint Renewables, which has a development pipeline of 1.1GW of renewable energy projects.
- Investments in renewable energy are crucial to meet net zero targets, requiring approximately US$5tr annually for the remainder of the decade.
- Infratil’s expertise and access to capital enable them to successfully seed early-stage renewable energy companies, contributing to societal energy needs while delivering strong returns.
Cooper Investors
30 June 2023
$9.42
Summary
- Cooper Investors participated in Infratil (IFT) NZ$850mn equity raising to fund the acquisition of One NZ, New Zealand’s second-largest telecom.
- Infratil is an infrastructure investment fund with ownership stakes in various assets, including:
- One NZ (100%)
- CDC Data Centres (48%)
- Wellington International Airport (66%)
- Longroad Energy (37%)
- The management team demonstrates a strong track record in extracting attractive returns from infrastructure assets.
- The One NZ holding presents upside potential driven by strong mobile pricing momentum and rational behavior among industry participants.
- One NZ is positioned to benefit from the shift to public cloud services.
- Infratil provides exposure to two key long-term themes:
- Energy transition/energy security through investment in Longroad Energy (renewable projects).
- Public cloud/AI through investment in CDC (data centres).
- Cooper Investors continues to hold because of these compelling investment opportunities and the positive outlook for Infratil's assets.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Infratil Ltd (ASX:IFT)?
Fund managers including Cooper Investors, Blackwattle Investment Partners, ELM Responsible Investments and Bennelong Australian Equity Partners have invested in Infratil Ltd (ASX:IFT).
Why have investment managers invested in Infratil Ltd (ASX:IFT)?
Fund managers invest in Infratil Ltd due to its diversified portfolio in infrastructure, focusing on high-growth sectors like renewable energy, data centers, and healthcare. The company's strategic investments, particularly in One NZ and CDC Data Centres, position it well within key global trends such as digitalization and energy transition. Infratil's management has a proven track record of delivering strong returns, and its unique approach to capital deployment enhances shareholder value. Additionally, the company's ability to capitalize on emerging opportunities in AI and cloud services further solidifies its attractiveness as a long-term investment.
What happened to Infratil Ltd (ASX:IFT)?
Infratil Ltd, trading around $10.18 in July 2025, has garnered attention from Bennelong Australian Equity Partners as a hidden gem in the Australian market. This diversified infrastructure investor focuses on sectors like data centres, renewable energy, and healthcare, aligning with global megatrends such as digitalisation, decarbonisation, and demographic ageing. Notably, Infratil's significant stake in CDC Data Centres positions it well to capitalize on the booming cloud computing and AI markets. With a hands-on investment model and a strong track record of compounding shareholder value, Infratil is an asset that many investors wish they had discovered earlier.