Nova Infrastructure

What Nova Infrastructure does

Nova Infrastructure is a privately-held, middle-market infrastructure investment firm founded in 2017 by Chris Beall (formerly Managing Director and Co-Portfolio Manager of Oaktree Capital's Infrastructure Investing strategy) and Allison Kingsley, headquartered at 400 Madison Avenue in New York City. The firm manages two closed-end private equity funds — NOVA Fund I, which closed at $565 million in June 2022, and NOVA Fund II, which closed at $1.45 billion in April 2026 — that deploy equity capital of $50 million to $300 million per investment into middle-market infrastructure operating businesses across four target verticals in North America: environmental services (Integrated Waste Solutions Group, now partially realized), transportation (Harbor Logistics, Bold Ocean, A&R Bulk-Pak), energy transition (UGE International, Nopetro Renewables), and digital infrastructure (DartPoints, telMAX, Xchange Telecom/Skywire Networks), with a notable aviation services position in Ascension FBO Network.

The firm's investment approach pairs the downside protection features of infrastructure assets with operationally-focused, value-add upside strategies executed through a hands-on model in which NOVA partners serve on the boards of nearly all portfolio companies and work alongside management on cash flow optimization, operational improvements, and ESG policy. NOVA generates revenue through two primary streams: recurring management fees charged on committed or invested fund capital (typically 1.5-2.0% of AUM in the industry) and performance-based carried interest earned on exits above fund return thresholds; two Fund I exits (IWSG assets sold in 2023 and Bold Ocean sold to J.P. Morgan Asset Management in 2024) have been realized to date, with Fund II expected to deploy across 10-12 total platform investments. The firm operates with a lean team of 11-50 professionals averaging nearly 25 years of infrastructure experience, distributed across investing, capital formation, finance/compliance, and operating roles supported by sector-focused senior advisors.

Name

Nova Infrastructure

Legal name

NOVA Infrastructure Management, LLC

Website

https://novainfrastructure.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Nova Infrastructure is a middle-market infrastructure private equity firm that manages $565M (Fund I) and $1.45B (Fund II) to deploy $50M-$300M equity investments in North American environmental services, transportation, energy transition, and digital infrastructure operating companies.

Ownership category

akta.pro rank

Product category

Infrastructure Private Equity Fund Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Investors, Nec (6799)

akta.pro primary industry

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

akta.pro secondary industries

Real Assets — Digital Infrastructure (Data Centers, Fiber, Towers) (FSAHAIAF), Infrastructure — Core (Brownfield) (FSAAAKAE)

Keywords

• Infrastructure investment management
• Private equity funds
• Middle market infrastructure
• Fund management services
• Institutional asset management

Headquarters

HQ city

New City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management Fees: NOVA generates revenue through management fees charged on its managed funds (Fund I and Fund II). Fund I closed at $565 million and Fund II raised $1.45 billion.
2. Carried Interest (Performance Fees): NOVA earns carried interest from successful exits of portfolio companies, generating upside when investments are monetized at values exceeding return thresholds.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels8 records

Core offering

NOVA Infrastructure is a private infrastructure investment firm that manages closed-end private equity funds (Fund I and Fund II) deploying equity capital of $50 million to $300 million in middle-market infrastructure companies across environmental services, transportation, energy transition, and digital infrastructure sectors in North America. The firm pairs the downside protection features of infrastructure assets with operationally-focused value-add strategies, working hands-on with portfolio company management teams to drive cash flow optimization, operational improvements, and ESG outcomes. Revenue is generated through management fees on committed/invested capital and carried interest on successful exits.

Product overview

Nova Infrastructure is a middle-market infrastructure investment firm that operates through two managed investment funds (NOVA Fund I and NOVA Fund II) and a portfolio of infrastructure platform companies. Fund I raised $565 million and Fund II raised $1.45 billion. The firm invests across four core sectors: environmental services (Integrated Waste Solutions Group), transportation (Harbor Logistics, Bold Ocean, A&R Bulk-Pak), energy transition (UGE International, Nopetro Renewables), and digital infrastructure (DartPoints, telMAX, Xchange Telecom/Skywire Networks). The funds provide equity capital of $50 million to $300 million per deal to middle-market infrastructure operators in North America, combining downside protection features of infrastructure assets with operationally-focused value-add strategies. The portfolio also includes Ascension FBO Network, a fixed-base aviation operator.

Differentiator

Problem solved

Functional benefit

Brands

• NOVA Fund I: The inaugural closed-end infrastructure fund that invested $565 million in middle-market infrastructure opportunities across North America.
• NOVA Fund II

Products and services

• NOVA Fund I First closed-end infrastructure private equity fund managed by NOVA Infrastructure, which raised $565 million and made seven to eight platform investments across environmental services, transportation, energy transition, and digital infrastructure sectors in North America. Available to institutional limited partners who commit capital for the fund's multi-year investment period.
• NOVA Fund II Second closed-end infrastructure private equity fund managed by NOVA Infrastructure, with $1.45 billion in aggregate capital commitments targeting value-added middle-market infrastructure investments in environmental services, transportation, energy transition, and digital infrastructure sectors across North America. Available to institutional limited partners including pensions, insurance companies, consultants, registered investment advisers, and family offices.

Quantifiable outcome

• Fund II raised $1.45 billion, exceeding target by more than 30% and more than doubling Fund I's $565 million
• +2 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• Jones DayminorImplementation/ SI/ Consulting Partner · 7 April 2026Jones Day served as global fund counsel on NOVA Fund II's structuring and offering. Legal support for fund formation and documentation.
• Harbor LogisticscoreStrategic or Co-development Partner · 12 December 2023A&R Bulk-Pak entered into a strategic partnership agreement with Harbor Logistics, another NOVA portfolio company. The partnership aligns Harbor, A&R and NOVA as long-term partners to deliver broader comprehensive supply chain solutions in North America.
• Prax GroupcoreStrategic or Co-development Partner · 15 December 2021NOVA launched a strategic partnership with Prax Group to identify decarbonization opportunities across NOVA's portfolio companies and evaluate potential energy transition and decarbonization infrastructure plays. Prax Group is a UK-based multi-national independent oil refining, storage, and distribution conglomerate.
• Green Group Holdings, LLCcoreStrategic or Co-development Partner · 7 April 2020Green Group Holdings partnered with NOVA on IWSG's 130 Environmental Park project. GGH specializes in large-scale infrastructure development, environmental permitting, and operations for projects like industrial parks and solid waste landfills. GGH made an investment in IWSG and has Board representation.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Stonepeak Infrastructure Partners: Stonepeak is a leading middle-market infrastructure private equity firm with multi-billion dollar funds investing in communications, energy transition, transport, and logistics. Closest direct competitor to NOVA given similar fund size, sector focus, and middle-market value-add approach.
• I Squared Capital: I Squared Capital is a global infrastructure private equity manager that focuses on mid-market investments in North America, Europe, and select growth markets across energy, utilities, transport, and digital infrastructure. Directly comparable in size, geographic emphasis, and sector mix to NOVA.
• Basalt Infrastructure Partners: Basalt is a mid-market infrastructure equity and credit fund manager investing in digital, transport, and energy transition assets primarily in North America and Europe. Highly comparable in middle-market ticket size, sector focus, and operational value-add orientation.
• Antin Infrastructure Partners: Antin is a European-headquartered mid-market infrastructure private equity firm with multiple funds investing in energy transition, digital, transport, and environmental infrastructure globally. Direct peer in middle-market infrastructure focus and value-add operating strategy.

Broad incumbents

• Global Infrastructure Partners (GIP): GIP is one of the largest dedicated infrastructure platforms (now part of BlackRock) investing in energy, transport, digital, and water assets globally. Larger incumbent competitor that increasingly participates in the middle-market segment where NOVA operates.
• KKR Infrastructure: KKR's Global Infrastructure platform manages multi-billion dollar funds investing in infrastructure assets across energy transition, digital, transport, and utilities. Larger incumbent with overlapping sector mandates to NOVA.
• Brookfield Infrastructure Partners: Brookfield Infrastructure is one of the world's largest infrastructure owners and operators, with a multi-strategy platform spanning utilities, transport, midstream energy, and digital infrastructure. Mega-fund incumbent against whose deal flow NOVA competes for middle-market transactions.
• Macquarie Asset Management (Infrastructure): Macquarie's infrastructure platform is among the largest globally, managing hundreds of billions in infrastructure assets across digital, energy transition, and transport. Incumbent competitor in the same North American infrastructure middle-market NOVA targets.
• EQT Infrastructure: EQT Infrastructure is a large European-led infrastructure private equity platform investing across energy, transport, digital, and environmental services globally. Comparable sector mix and value-add orientation, with significantly larger fund vintages.

Emerging players

• Quintana Infrastructure & Development: Quintana is a smaller infrastructure investor that has co-invested with NOVA (in telMAX). It targets North American mid-market infrastructure opportunities, making it a smaller, more direct peer in scope and deal size than the mega-funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nova-infrastructure

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nova Infrastructure