Fund Manager Summary
The fund managers believe that Infratil Ltd presents a promising outlook due to its strategic investments in key sectors. In their opinion, the recent participation in an equity raising of NZ$850mn to acquire the remaining stake in One NZ enhances its position as New Zealand’s second-largest telecom provider. They highlight the management team's strong track record in generating attractive returns from infrastructure assets. The One NZ investment is expected to benefit from strong mobile pricing momentum and a more rational industry landscape, which is likely to improve returns on capital. Furthermore, Infratil's focus on energy transition through Longroad Energy and public cloud/AI via CDC Data Centres aligns with long-term growth themes, making it an appealing investment opportunity.
Source: Trading View
Commentary From The Managers
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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.
Commentary From The Managers
Bennelong Australian Equity Partners
24 July 2025
$10.18
- 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.
Summary
Blackwattle Investment Partners
31 Jan 2025
$10.26
- 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.
Summary
Blackwattle Investment Partners
31 July 2024
$9.82
- 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.
Summary
ELM Responsible Investments
30 June 2024
$10.18
- 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.
Summary
Cooper Investors
30 June 2023
$9.42
- 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.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
Investors might find Infratil's strategic moves intriguing, especially with One NZ poised to thrive amidst a rationalizing telecom landscape. As energy transitions and cloud services gain momentum, the potential for robust returns seems to be on the horizon.
Last Updated: 24 Jul 2025
Query The Data
Frequently Asked Questions
Who is investing 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 do fund managers invest in Infratil Ltd?
Fund managers are investing in Infratil Ltd due to its strategic acquisitions and diversified portfolio, including full ownership of One NZ, a key player in the telecom sector. The company's strong management team has a proven track record of generating attractive returns from infrastructure assets. Infratil's investments align with long-term growth themes such as energy transition and public cloud services, positioning it well for future opportunities in the evolving market.
What happened to Infratil Ltd (ASX:IFT)?
There have been no recent updates from fund managers regarding Infratil Ltd although fund managers including Cooper Investors, Blackwattle Investment Partners, ELM Responsible Investments and Bennelong Australian Equity Partners have previously commented.