Cube Infrastructure Managers
Cube Infrastructure Managers is an independent Luxembourg-based asset manager founded in 2007 that invests in mid-market European infrastructure across energy transition, telecoms, transport, environment, and EV charging, managing over €4.4 billion across four funds for institutional investors.
- Company typePrivate
- Founded2007
- HeadquartersLuxembourg, Luxembourg
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Cube Infrastructure Managers does
Cube Infrastructure Managers is an independent Luxembourg-based alternative asset manager founded in 2007 that specializes in mid-market European infrastructure investments. The firm manages over €4.4 billion across four funds—Cube Infrastructure Funds I, II, and III, plus the Connecting Europe Broadband Fund (CEBF)—serving institutional investors including pension funds, insurers, banks, and government entities from nine countries. The firm invests across five sectors (Energy Transition, Telecoms & Digital, Transport & Mobility, Environment, and EV Charging), deploying a buy-and-grow strategy that partners with and empowers local management teams rather than replacing them.
The firm generates revenue through management fees on committed and invested fund capital, performance fees (carried interest) on successful exits, and co-investment fees on co-investment vehicles. Cube Infrastructure Fund III reached final close at €1.35 billion in 2023, the largest fund in firm history, with total commitments reaching €1.76 billion when including co-investment vehicles. The firm maintains offices in Luxembourg (headquarters at 28 Place de la Gare) and Paris, employs 60+ professionals across 15+ nationalities, and has executed 45+ investments since inception. Successful exits across multiple sectors and cycles include Idex (sold to Antin, 2018), Boreal (Everbright, 2018), Covage (Altice consortium, 2020), Netinera (2020), and Umove (J.P. Morgan Global Transportation Group, October 2024).
The firm completed a full management buyout from Natixis Global Asset Management in December 2015, gaining 100% independence. It maintains a differentiated position in European mid-market infrastructure through deep local networks, a fully integrated ESG management system (UN PRI signatory since 2014, SFDR compliant), and public sector anchor relationships with the European Commission and European Investment Bank. Recent strategic moves include the formation of CubIKS, a 70/30 joint venture with The Dillinger Group targeting 1 GW of solar PV and battery storage capacity across Germany and Italy (2025), alongside senior leadership appointments in April 2025 and a €150 million co-investment close for CubIKS in January 2026.
Cube Infrastructure Managers firmographics
Firmographics- Name
- Cube Infrastructure Managers
- Legal name
- Cube Infrastructure Managers
- Website
- https://cubeinfrastructure.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Cube Infrastructure Managers is an independent Luxembourg-based asset manager founded in 2007 that invests in mid-market European infrastructure across energy transition, telecoms, transport, environment, and EV charging, managing over €4.4 billion across four funds for institutional investors.
- Ownership category
- akta.pro rank
Cube Infrastructure Managers industry classification
Industry- Product category
- Infrastructure Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)
- SIC
- Investment Advice (6282), Investors, Nec (6799)
- akta.pro primary industry
- Infrastructure — Development (Greenfield) (FSAAAKAF)
- akta.pro secondary industry
- Telecom, Networking & Infrastructure Growth Equity (FSANACAJ)
Keywords
Where Cube Infrastructure Managers is headquartered
LocationHeadquarters
- HQ city
- Luxembourg
- HQ country
- Luxembourg
- HQ region
- Europe
Offices2 records
Markets served
Cube Infrastructure Managers business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Fund Management Fees: Cube earns recurring management fees on assets under management across its four managed funds (Cube Infrastructure Fund I, II, III and Connecting Europe Broadband Fund). As a mid-market infrastructure asset manager, the firm charges management fees on committed capital during the investment period and on invested capital thereafter, plus monitoring fees from portfolio companies.
- Performance Fees / Carried Interest: The firm earns carried interest (performance fees) on returns generated above a hurdle rate for fund investors. Successful exits across multiple fund cycles (Eurotunnel 2012, Saur 2013, Boreal 2018, Hansea 2019, Netinera 2020, Trooli 2023, Scancom 2022) have demonstrated the firm's ability to generate carried interest for itself and its investors.
- Co-Investment Fee Income: Cube raises and manages co-investment vehicles alongside its flagship funds, charging fees on co-investment commitments. The firm has raised over €400 million in co-investment commitments for Cube Infrastructure Fund III, including a €150 million co-investment program for CubIKS. Existing investors include Canadian pension funds and a Japanese institution.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
Cube Infrastructure Managers product offering
Product offeringCore offering
Cube Infrastructure Managers is an independent Luxembourg-based asset manager that raises and manages closed-end infrastructure investment funds for institutional investors. The firm invests capital in mid-market European infrastructure platforms across five core sectors (Energy Transition, Telecoms & Digital, Transport & Mobility, Environment, and EV Charging), partnering with local management teams under a buy-and-grow strategy. It has raised over €4.4 billion across four funds (Cube Infrastructure Funds I, II, III and Connecting Europe Broadband Fund) plus co-investment vehicles.
Product overview
Cube Infrastructure Managers operates as an independent mid-market infrastructure investment manager with four funds (Cube Infrastructure Funds I, II, III and Connecting Europe Broadband Fund) managing over €4 billion in capital. The firm's product portfolio consists of investment platforms and portfolio companies across five core sectors: Energy Transition (including solar PV platform CubIKS, district heating operators like ENETIQA and GRECO, hydro operators Norsk Vannkraft and RPIPE, and renewable energy platforms Green Energy Platform), Telecoms & Digital (datacenter operators firstcolo and Glesys, fiber network operators including Covage, dstelecom, G.Network and Heliot IoT network), Transport & Mobility (public transport operators CFTR, Bergkvara, and temperature-controlled logistics providers Dispam and Müller Transporte), Environment (waste management operators Verdis, Sepur, RiverRidge), and EV Charging (Kople, Osprey, Stations-e, Métropolis). The investment strategy focuses on empowering local management teams through a buy-and-grow approach with integrated ESG management.
Differentiator
Problem solved
Functional benefit
Brands
- Cube Infrastructure Fund I, II, III: Diversified flagship funds investing in brownfield infrastructure.
- Connecting Europe Broadband Fund (CEBF)
- CubIKS
Products and services
- Cube Infrastructure Fund I
Quantifiable outcome
- Public Transport Platform revenues increased 24% and EBITDA increased 37% post-acquisition (2015 vs. 2014 comparables). Since acquisitions, cumulative revenue increase of 41% and EBITDA increase of 54%.
- +6 more outcomes
Companies that use Cube Infrastructure Managers
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles3 records
Cube Infrastructure Managers technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cube Infrastructure Managers partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered portfolio platform, core, portfolio platform partner and co-investor (historical).
- RuNe Groupportfolio platformRuNe Group (comprising RUNE Enia in Slovenia and RUNE Crow in Croatia) is a portfolio company of Cube Infrastructure Fund III. DC Advisory acted as exclusive financial advisor to RuNe Group in expanding its credit facility by €30 million incremental accordion in November 2025, bringing total to €150 million to support accelerated FTTH roll-out across rural Slovenia and Croatia, serving nearly 200,000 homes passed.
- The Dillinger GroupcoreCube Infrastructure Fund III and The Dillinger Group established CubIKS GmbH as a 70/30 joint venture (Cube/DG) in Q1 2025. The platform targets 1 GW of solar PV capacity across Germany and Northern Italy over five years, hybridized with battery energy storage systems (BESS). Dillinger Group is a Germany-based developer, EPC and operator of renewable energy plants with 18+ years of track record, c.3 GW development pipeline, and 36 PV plants already developed in Germany and Italy. In January 2026, the co-investment program closed at €150m bringing total platform equity to €325m.
- Ociusnetportfolio platform partnerFibernet partnered with Ociusnet, a Sweden-based professional services and turn-key telecom contractor specializing in the planning and construction of FTTx networks, to deploy a FTTH network in sub-urban areas of south-east Finland covering around 41,000 premises in a first phase.
- VARANGER KRAFTportfolio platform partnerVaranger Kraftvind is a partnership between Cube and local utility Varanger Kraft for the Raggovidda wind farm in Finnmark County, Norway. The partnership includes Raggovidda 1 (45 MW, operational since 2014) and Raggovidda 2 (52 MW expansion completed in 2022), leveraging local utility expertise and grid connections.
- Unidataportfolio platform partnerCEBF partnered with Unidata, a publicly-listed internet service provider and system integrator based in Rome with a proven track record in deploying fiber optic networks, for the Unifiber project in central Italy covering around 193,000 households and 8,000 business units.
- Cliocomportfolio platform partnerCEBF partnered with local Internet Service Provider Cliocom for the ClioFiber project in southern Italy, an open-access fiber network targeting around 130,000 premises in 20 municipalities in rural and semi-urban areas of Southern Italy.
- EDF Energies Nouvellesco-investor (historical)Cube signed a partnership agreement with EDF Energies Nouvelles in 2008 to jointly own and operate solar farms in Spain through Fotosolarium Holding. The partnership was subsequently restructured, with Fotosolarium selling its stake in Montesolaica to EDF in 2012. Cube divested Fotosolarium to Q-Energy Group in 2019.
- Ferrovie dello Statoco-investor (historical)A consortium led by Ferrovie dello Stato (Italian state railway) in partnership with Cube Infrastructure acquired Arriva Deutschland (renamed Netinera) from Deutsche Bahn in 2010 for over €300 million. The consortium captured 5% of the German public transport market. Ferrovie dello Stato is one of Europe's largest industrial groups with 83,000 employees.
- Boralex Incco-investor (historical)Cube signed a partnership agreement with Boralex Inc, a Canadian renewable energy producer, in 2009 to jointly own and operate wind farms in Europe through Boralex Europe. Boralex Europe was France's largest independent producer of onshore wind power upon Cube's exit in April 2019.
Scale indicators14 records
Recent moves27 records
Expansion highlights6 records
Cube Infrastructure Managers competitors and assessment
Company assessmentDirect peers
- Foresight Group: London-listed asset manager with European infrastructure and renewable energy fund strategies including Foresight European Infrastructure Fund and Foresight Energy Infrastructure Series. Comparable mid-market European focus with overlap in renewable energy, EV charging, and digital infrastructure verticals.
- Antin Infrastructure Partners: Paris-based mid-market European infrastructure fund manager, listed on Euronext Paris. Direct competitor to Cube across transport, energy transition, telecom/digital, and environment sectors. Has acquired multiple Cube exits (Idex, Taranis in 2018), making it both competitor and repeat buyer.
- iCON Infrastructure: London-based mid-market European infrastructure manager focused on energy, transport, and environmental infrastructure. Acquired Cube's CNIM Development UK energy-from-waste portfolio in 2018. Direct peer in mid-market European infra with similar size funds (~€1-2bn).
- White Summit Capital: European infrastructure and energy transition-focused asset manager. Acquired Cube's RPIPE (Iberian hydro portfolio) from Cube in December 2021, making it both a peer and repeat acquirer of Cube's energy transition portfolio. Comparable mid-market size and European focus.
- Marguerite Fund: Pan-European mid-market infrastructure fund manager backed by European institutional investors including EIB, CDC, KfW, and Cassa Depositi e Prestiti. Direct peer in European mid-market infrastructure, with similar fund sizes (€700m-1bn range) and sector overlap with Cube across energy, transport, and digital.
- InfraVia (Natixis Private Equity spinout): Paris-based European mid-market infrastructure and private equity manager founded by former Natixis Private Equity executives (Cube was itself formerly the Natixis infrastructure unit). Highly comparable heritage, mid-market European focus, and fund size profile as Cube.
Broad incumbents
- EQT Infrastructure: Stockholm-headquartered infrastructure investor (part of EQT AB) with large global funds (EQT Infrastructure VI at €21.5bn). Acquired Cube's IslaLink in 2014. Operates in the same European mid-to-large infrastructure space as Cube but at meaningfully larger fund scale.
- DWS Infrastructure: Global asset manager (formerly Deutsche Asset Management) with significant European infrastructure investment capabilities. Acquired Cube's Hansea Belgian public transport operator in 2019. Larger, broader player that competes for both LP capital and mid-market European infra deals.
- Brookfield Infrastructure: Global infrastructure platform with $200bn+ AUM, increasingly active in European mid-market. Competes with Cube for both institutional LP capital and direct infrastructure deals, with the scale to absorb mid-market platforms as bolt-on acquisitions.
- Macquarie Asset Management (Infrastructure): World's largest infrastructure asset manager with the Macquarie Infrastructure and Real Assets platform. Operates across Europe with multiple vintages and strategies including mid-market infrastructure (MIRA). A scaled competitor for both LP mandates and mid-market infra deals.
Market position
Strengths5 records
Weaknesses3 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Cube Infrastructure Managers social profiles
Digital presenceCube Infrastructure Managers compliance and trust
Trust signalCompliance4 records
Cube Infrastructure Managers financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cube Infrastructure Managers leadership team
Management profileNumber of profiles
Profiles14 records
Cube Infrastructure Managers subsidiaries and ownership
Company hierarchySubsidiaries5 records
Cube Infrastructure Managers funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cube Infrastructure Managers M&A and investment
M&A and investmentM&A12 records
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cube Infrastructure Managers
What does Cube Infrastructure Managers do?
Cube Infrastructure Managers is an independent Luxembourg-based asset manager that raises and manages closed-end infrastructure investment funds for institutional investors. The firm invests capital in mid-market European infrastructure platforms across five core sectors (Energy Transition, Telecoms & Digital, Transport & Mobility, Environment, and EV Charging), partnering with local management teams under a buy-and-grow strategy. It has raised over €4.4 billion across four funds (Cube Infrastructure Funds I, II, III and Connecting Europe Broadband Fund) plus co-investment vehicles.
Is Cube Infrastructure Managers a public or private company?
Cube Infrastructure Managers is a private company. It is classified as management employee owned and is currently operating.
When was Cube Infrastructure Managers founded?
Cube Infrastructure Managers was founded in 2007. It employs 11 to 50 people.
Where is Cube Infrastructure Managers based?
Cube Infrastructure Managers is headquartered in Luxembourg, Luxembourg, in the Europe region.
How does Cube Infrastructure Managers make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are performance Fees / Carried Interest and co-Investment Fee Income.
Who are Cube Infrastructure Managers's main competitors?
Direct peers on record are Foresight Group, Antin Infrastructure Partners, iCON Infrastructure, White Summit Capital, Marguerite Fund and InfraVia (Natixis Private Equity spinout). Broad incumbents are EQT Infrastructure, DWS Infrastructure, Brookfield Infrastructure and Macquarie Asset Management (Infrastructure).
Does Cube Infrastructure Managers have an API?
No public API is recorded for Cube Infrastructure Managers.
What industry is Cube Infrastructure Managers in?
Cube Infrastructure Managers's product category is Infrastructure Asset Management. Its primary akta.pro industry code is FSAAAKAF, Infrastructure — Development (Greenfield), with a secondary code of FSANACAJ, Telecom, Networking & Infrastructure Growth Equity. Its NAICS code is 523940 and its SIC code is 6282.