Infratil

What Infratil does

Infratil Limited (NZX/ASX:IFT) is a New Zealand-listed infrastructure investment manager founded in 1994 with NZ$20.6 billion in total assets and dual-listing on the NZX and ASX (including S&P/ASX 200). The company invests across four sectors — Digital (66% of portfolio, comprising CDC Data Centres, One NZ, Kao Data), Renewables (23% via Longroad Energy, Gurīn Energy, Galileo, Mint Renewables, and a stake in Contact Energy), Healthcare (6% via Qscan, RHCNZ Medical Imaging Group and Anytime Radiology) and Airport (5% via Wellington International Airport). Day-to-day management is delegated to Morrison (Morrison Infrastructure Management), which has managed Infratil since inception under a long-standing management agreement.

Infratil generates returns through capital appreciation, dividends from portfolio companies, and asset divestments rather than through selling products or services directly to end customers. Its revenue mechanics are investment-style: management and incentive fees flow out to Morrison, while dividend income is distributed to shareholders (FY26 total dividends of 20.9 cents per share). The company raised NZ$1.15 billion in equity in June 2024 and maintained ~NZ$1.8 billion in listed bonds plus an S&P BBB+ rating (assigned December 2025). FY26 proportionate operational EBITDAF of NZ$989 million (up 11%) and NZ$2.7 billion of proportionate capex (up 17%) underscore scaling deployment. Strategic positioning is around AI-infrastructure (CDC's 555MW, 30-year hyperscaler contract; Kao Data's 22MW neocloud agreement), the energy transition, diagnostic imaging capacity, and a long-dated Wellington Airport concession.

Name

Infratil

Legal name

Infratil Limited

Website

https://infratil.com/

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Infratil is a New Zealand-listed infrastructure investment manager (NZX/ASX:IFT) holding NZ$20.6 billion across Digital, Renewables, Healthcare and Airport assets, managed by Morrison since 1994 and serving global institutional and retail investors.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (55111), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Asset Management & Infrastructure Resilience Agencies (State of Good Repair, Climate Adaptation) (BPAIALAK)

akta.pro secondary industry

Asset & Lifecycle Management (CapEx Planning, Reliability) (BPABAAAI)

Keywords

• Infrastructure investment
• Data centre operations
• Renewable energy development
• Diagnostic imaging services
• Telecommunications networks

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Infrastructure

Revenue model

1. Investment Returns and Capital Appreciation: Infratil generates returns through appreciation in the value of its investment portfolio, which includes stakes in data centre operators (CDC, Kao Data), telecom (One NZ), renewable energy developers (Longroad Energy, Gurīn Energy, Galileo, Mint Renewables, Contact Energy), healthcare providers (Qscan, RHCNZ Medical Imaging, Anytime Radiology), and Wellington Airport. Returns are realized through capital gains, dividends from portfolio companies, and asset divestments.
2. Management and Incentive Fees: Infratil pays management fees to Morrison for portfolio management services. The company also incurs incentive fees tied to performance. Fee structures are governed by the management agreement with Morrison.
3. Dividend Income: Infratil distributes dividends to shareholders from accumulated earnings and realized gains. The company paid total FY26 dividends of 20.9 cents per share (13.65cps final + 7.25cps interim), with unimputed dividends reflecting the level of imputation credits received from New Zealand investments.
4. Asset Divestment Gains: Infratil realizes capital gains through strategic divestments of portfolio companies. Over NZ$600 million of assets were divested in FY26, including a NZ$495 million stake in Contact Energy and a sale process underway for Qscan.

Distribution channels4 records

Marketing channels7 records

Core offering

Infratil is a publicly listed infrastructure investment manager (NZX/ASX:IFT) that invests in and operates essential infrastructure assets across four sectors: Digital (data centres, telecommunications), Renewables (wind, solar, storage), Healthcare (diagnostic imaging), and Airport. Day-to-day management is delegated to Morrison, with the company providing shareholders exposure to a diversified portfolio of long-dated infrastructure assets across Australia, New Zealand, the UK, the US, and Asia.

Product overview

Infratil is an infrastructure investment manager (not a product company) that manages a diversified portfolio of infrastructure investments across four main sectors: Digital (data centres, telecommunications), Renewables (wind, solar, storage), Healthcare (diagnostic imaging), and Airport infrastructure. The portfolio includes CDC Data Centres, One NZ, Kao Data, Clearvision Ventures, Longroad Energy, Gurīn Energy, Galileo, Contact Energy, Mint Renewables, Qscan, RHCNZ Medical Imaging, Anytime Radiology, and Wellington International Airport.

Differentiator

Problem solved

Functional benefit

Products and services

• CDC Data Centres Australia and New Zealand's largest privately owned data centre operator providing co-location, containerised, and hyperscale compute environments for enterprise and hyperscale customers.
• One NZ New Zealand's leading digital services and connectivity company providing 2.2 million mobile, broadband, and IoT connections to consumer and business customers over its 5G network, mobile towers, and fibre assets.
• Kao Data London-based developer and operator of highly sustainable colocation data centres serving Hyperscale, Enterprise, High Performance Computing, and Artificial Intelligence customers in the UK.
• Clearvision Ventures Technology-focused venture fund investing in companies applying innovations in IoT, Big Data, and Security Technology to drive disruptions in energy and infrastructure sustainability.
• Qscan One of Australia's largest diagnostic imaging providers operating over 70 clinics, offering X-rays, ultrasound, CT, MRI, and PET scans.
• RHCNZ Medical Imaging Group New Zealand's largest diagnostic imaging provider consisting of Pacific Radiology, Auckland Radiology, and Bay Radiology, operating 70 clinics nationwide offering X-rays, ultrasound, PET, CT, and MRI scans.
• Anytime Radiology Dedicated teleradiology organisation providing after-hours and remote reporting services to 57 acute hospitals in Australasia through a global network of teleradiologists.
• Longroad Energy Boston-headquartered renewable energy developer focused on development, ownership, and operation of wind and solar energy projects throughout the United States.
• Gurin Energy Singapore-headquartered renewable energy developer focused on wind, solar, and storage projects across Asia.
• Galileo Pan-European multi-technology renewable energy developer, owner, and operator headquartered in Zurich, Switzerland, developing wind and solar projects across Europe.
• Contact Energy Wellington-headquartered energy company and one of New Zealand's largest energy generators and retailers with over 600,000 customer connections, operating geothermal, hydro, and thermal power stations.
• Mint Renewables Australian-based renewable energy developer focused on wind, solar, and storage projects across Australia.
• Wellington International Airport International airport servicing Wellington and central New Zealand with 5 million passengers annually, occupying 110 hectares of freehold land.

Quantifiable outcome

• 17.9% annual after-tax return since inception (1994), outperforming NZX50's 6.7%
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Morrison (Morrison & Co)coreStrategic or Co-development Partner · 1 January 1994Morrison has managed Infratil since its inception in 1994. Morrison is a leading global infrastructure manager investing across risk spectrum in private and listed markets, founded in New Zealand in 1988. Morrison provides day-to-day management, investment research, sector analysis, and operational expertise under a management agreement with Infratil.

Scale indicators19 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Brookfield Infrastructure Partners: Globally listed infrastructure investment partnership operated by Brookfield, with digital, renewables, midstream and transport holdings. Most directly comparable to Infratil as a public, externally-managed infrastructure fund with a long-term total return mandate and overlapping digital and renewables exposure.
• HICL Infrastructure: London-listed investment company holding economic and social infrastructure assets, recently merged with GCP Infrastructure. Directly comparable to Infratil in fund structure (listed, externally managed, diversified infrastructure), in target returns and in underlying asset profile.
• 3i Infrastructure: UK-listed infrastructure investment company managed by 3i Group, with exposure across economic infrastructure, energy and digital. Closely comparable to Infratil on fund structure, externally-managed model, sector mix, and target return (8-10% RPI).
• International Public Partnerships: London-listed infrastructure investment company holding PPP/PFI and economic infrastructure assets. Comparable to Infratil on listed-fund structure, long-dated contracted cashflows, dividend discipline and external management.

Broad incumbents

• Macquarie Asset Management (MIRA): Global infrastructure asset management arm of Macquarie Group, managing multiple direct infrastructure funds across digital, energy and transport. Comparable to Morrison/Infratil in mandate and assets, materially larger and runs a private fund platform rather than a single listed vehicle.
• IFM Investors: Australian pension-owned global infrastructure manager with significant renewables and digital infrastructure holdings. Comparable as a large-scale infrastructure manager with co-investor overlap (e.g., NZ Super alongside Infratil in Longroad), but operates open and private funds rather than a listed vehicle.
• KKR Global Infrastructure Investors: Global infrastructure strategy operated by KKR investing across digital infrastructure, energy and transport. Comparable to Infratil for competing on the same digital and renewables opportunities, but at materially larger scale and via private funds.
• Equinix: Global hyperscale and enterprise data centre REIT with extensive Asia-Pacific presence. Comparable to CDC and Kao Data on hyperscale capacity, AI infrastructure positioning and customer mix, though significantly larger and globally diversified.

Emerging players

• NEXTDC: ASX-listed data centre operator with a hyperscale and enterprise colocation platform across Australia. Closely comparable to CDC Data Centres within Infratil's portfolio and a primary Australian competitor for hyperscale contracts.
• AirTrunk: Asia-Pacific hyperscale data centre platform backed by Macquarie Asset Management. Comparable to CDC and Kao Data within Infratil's portfolio in targeting hyperscale AI and cloud tenants across the same geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/infratil

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries12 records

Funding overview

Funding rounds1 record

Investors

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

M&A8 records

Investments3 records

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

Frequently asked questions about Infratil