Nova Infrastructure
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.
- Company typePrivate
- Founded2017
- HeadquartersNew City, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
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.
Nova Infrastructure firmographics
Firmographics- 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
Nova Infrastructure industry classification
Industry- 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
Where Nova Infrastructure is headquartered
LocationHeadquarters
- HQ city
- New City
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Nova Infrastructure business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Fund II capital commitments of $1.45 billion from diverse institutional investors |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels8 records
Nova Infrastructure product offering
Product offeringCore 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
Companies that use Nova Infrastructure
Customer profileNamed customers4 records
Segments2 records
Ideal customer profiles2 records
Nova Infrastructure technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Nova Infrastructure partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- Jones DayminorJones Day served as global fund counsel on NOVA Fund II's structuring and offering. Legal support for fund formation and documentation.
- Harbor LogisticscoreA&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 GroupcoreNOVA 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, LLCcoreGreen 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
Nova Infrastructure competitors and assessment
Company assessmentDirect 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
Nova Infrastructure social profiles
Digital presenceNova Infrastructure financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nova Infrastructure leadership team
Management profileNumber of profiles
Profiles22 records
Nova Infrastructure subsidiaries and ownership
Company hierarchySubsidiaries9 records
Nova Infrastructure funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nova Infrastructure M&A and investment
M&A and investmentM&A4 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nova Infrastructure
What does Nova Infrastructure do?
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.
Is Nova Infrastructure a public or private company?
Nova Infrastructure is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Nova Infrastructure founded?
Nova Infrastructure was founded in 2017. It employs 11 to 50 people.
Where is Nova Infrastructure based?
Nova Infrastructure is headquartered in New City, United States, in the North America region.
How does Nova Infrastructure make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest (Performance Fees).
Who are Nova Infrastructure's main competitors?
Direct peers on record are Stonepeak Infrastructure Partners, I Squared Capital, Basalt Infrastructure Partners and Antin Infrastructure Partners. Broad incumbents are Global Infrastructure Partners (GIP), KKR Infrastructure, Brookfield Infrastructure Partners, Macquarie Asset Management (Infrastructure) and EQT Infrastructure. Quintana Infrastructure & Development is listed as an emerging player.
Does Nova Infrastructure have an API?
No public API is recorded for Nova Infrastructure.
What industry is Nova Infrastructure in?
Nova Infrastructure's product category is Infrastructure Private Equity Fund Management. Its primary akta.pro industry code is FSANAEAA, Core Infrastructure Funds (Transport, Social, Digital, Utilities), with a secondary code of FSAHAIAF, Real Assets — Digital Infrastructure (Data Centers, Fiber, Towers). Its NAICS code is 525 and its SIC code is 6799.