Morrison

What Morrison does

Morrison is a privately held, Wellington-headquartered infrastructure investment manager founded in 1988 by Lloyd Morrison, managing US$30+ billion in assets across private and listed markets. The firm invests on behalf of institutional investors and sovereign wealth funds through multiple vehicles, including listed funds (Infratil on NZX/ASX), unlisted funds (Utilities Trust of Australia, Value Add strategy), segregated mandates, and co-investments, with seven offices in Australia, New Zealand, Singapore, the United Kingdom, and the United States and 225+ professionals.

The core product set spans listed and unlisted infrastructure platforms: Infratil (renewables, digital, healthcare, airports), UTA (Australian and UK transport, electricity transmission, water), Morrison Listed Infrastructure and the High Conviction Fund, Chrysalis Renewables LP (solar and BESS), Polaris (APAC cold chain logistics), Fillex (US automated pharmacy fulfillment), and Gurīn Energy (Southeast Asia renewables). Morrison's revenue model combines recurring management fees on AUM with performance fees tied to investment outcomes, distributed via direct relationship management with pension funds, sovereign wealth funds, and wholesale allocators.

The firm's recent strategic emphasis is on geographic and vertical expansion, particularly the buildout of North American capability from its Rockefeller Center headquarters and the launch of new purpose-built platforms in cold chain logistics (Polaris, via the February 2026 SuperFreeze Singapore acquisition), pharmacy infrastructure (Fillex, January 2026), and global renewables (Chrysalis-Hanwha partnership targeting 3.5GW+). Morrison monetizes this platform through co-investment alongside its own capital, enabling deeper alignment with institutional LPs.

Name

Morrison

Legal name

Morrison New Zealand Limited

Website

https://morrisonglobal.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

Morrison is a privately held global infrastructure investment manager founded in 1988, managing US$30+ billion for pension funds, sovereign wealth funds, and institutional investors via listed and unlisted vehicles.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANAEAL

Infrastructure Debt Funds

Financial & Insurance/Private Equity & Venture Capital/Real Assets Funds (Infrastructure, Real Estate, Energy)

Keywords

• Infrastructure investment management
• Private infrastructure funds
• Listed infrastructure vehicles
• Renewable energy investing
• Institutional asset management

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Management fees charged on assets under management across listed and unlisted funds, segregated accounts, and managed investment vehicles such as Infratil and Utilities Trust of Australia.
2. Performance Fees: Performance-based fees tied to investment returns and outcomes for institutional investor clients.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Morrison is a global infrastructure investment manager that raises and deploys capital on behalf of institutional investors and sovereign wealth funds across private and listed infrastructure markets. The firm manages US$30+ billion in AUM through listed funds (such as Infratil on the NZX), unlisted funds (such as Utilities Trust of Australia), segregated accounts, and dedicated sector platforms covering renewable energy (Chrysalis Renewables), APAC cold chain logistics (Polaris), US pharmacy logistics (Fillex), digital infrastructure (FiberLight), and data centers (Canberra Data Centres). Revenue is generated through management fees on AUM and performance fees tied to investment returns.

Product overview

Morrison is a global infrastructure investment manager offering a suite of investment products spanning private and listed markets. The core product portfolio includes: (1) Infratil, a listed infrastructure vehicle on the NZX and ASX investing in renewables, digital infrastructure, healthcare, and airports; (2) Utilities Trust of Australia (UTA), an unlisted global portfolio of high-quality assets in transport, electricity transmission, and water; (3) Morrison Listed Infrastructure, offering a High Conviction Fund and bespoke mandates for listed infrastructure exposure; (4) Chrysalis Renewables LP, a global renewables investment platform targeting solar and battery storage in North America with expansion to Asia-Pacific and Europe; (5) Polaris, an APAC cold chain logistics platform built through the SuperFreeze Singapore acquisition; (6) Fillex, a US-based automated pharmacy fulfillment platform; and (7) Gurīn Energy, a Southeast Asia-focused renewables platform. These products are organized across investment strategies including Value Add, Core/Core Plus, and Listed Securities, serving institutional investors and sovereign wealth funds globally.

Differentiator

Problem solved

Functional benefit

Brands

• Morrison Listed Infrastructure High Conviction Fund: A concentrated listed infrastructure portfolio leveraging Morrison's real asset insights to select best global infrastructure opportunities.
• Polaris
• Chrysalis Renewables
• Fillex

Products and services

• Infratil Listed infrastructure investment vehicle publicly listed by Morrison on the NZX since 1994. Invests in renewables, digital infrastructure, healthcare, and airports, with operations in New Zealand, Australia, Europe, Asia, and the United States. One of the largest companies by market capitalization on the NZX.
• Utilities Trust of Australia (UTA) Global portfolio of high-quality infrastructure assets, principally in transport, electricity transmission, and water sectors in Australia and the United Kingdom. Managed by Morrison since 2018.
• Morrison Listed Infrastructure Managed listed infrastructure portfolios leveraging insights as owners and operators of real assets to identify high conviction global listed infrastructure opportunities. Offers a High Conviction Fund and bespoke mandates for institutional clients.
• Morrison Listed Infrastructure High Conviction Fund Concentrated listed infrastructure portfolio leveraging Morrison's real asset insights to select the best global infrastructure opportunities. Part of Morrison's listed investment solutions for institutional clients.
• Morrison Value Add Strategy Global, middle market infrastructure strategy focused on significant capital appreciation supported by major global growth trends. Targets investments across digital infrastructure, renewables, and social infrastructure with a diversified geographic mandate across North America, Europe, and Asia-Pacific.
• Chrysalis Renewables LP Global renewables investment platform established by Morrison targeting solar and battery storage deployment. Partnership with Hanwha Renewables targets more than 3.5GW in North America, with expansion potential to Japan, Australia, and Italy. Generation capacity increased to approximately 700MW following Atlas V and VI acquisition.
• Polaris Asia-Pacific cold chain platform established by Morrison through the acquisition of SuperFreeze Singapore. Includes an automated cold storage facility in Tuas serving food and beverage and pharmaceutical sectors, with expansion targeted across ASEAN and broader Asia-Pacific.
• Fillex National automated pharmacy logistics platform providing centralized, automated pharmacy fulfillment services to retail pharmacies, grocery chains, e-commerce providers, and health systems in the United States. Addresses rising operational costs, shrinking reimbursement margins, and labor shortages in the pharmacy industry.
• Gurīn Energy Singapore-headquartered renewable energy platform investing across Southeast Asia, including projects supporting Singapore's clean energy ambitions. Owned by Infratil and managed by Morrison.

Quantifiable outcome

• 18% annual net returns delivered over 32-year track record
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• Chrysalis Renewables LPcoreStrategic or Co-development PartnerGlobal renewables investment platform established by Morrison. The platform invests in utility-scale solar, wind, and storage projects. Chrysalis has partnered with Innagreen/RES (Renewable Energy Systems Limited) for project development capabilities.
• Hanwha Renewables LLCcoreStrategic or Co-development PartnerStrategic partnership for renewable energy development. Hanwha's subsidiary Qcells provides solar modules and EPC (Engineering, Procurement, and Construction) services for Chrysalis Renewables projects.
• Gurīn EnergycoreStrategic or Co-development PartnerSingapore-headquartered renewable energy platform. Morrison partnered with Gurīn Energy to expand its renewable energy investment capabilities in the Asia-Pacific region.
• InfratilcoreStrategic or Co-development PartnerListed infrastructure investment company managed by Morrison, listed on NZX. Represents Morrison's flagship listed vehicle for infrastructure investment in New Zealand and Australia.
• Utilities Trust of Australia (UTA)coreStrategic or Co-development PartnerUnlisted infrastructure trust managed by Morrison, providing exposure to Australian essential services infrastructure.
• FiberLightminorStrategic or Co-development PartnerDigital infrastructure provider invested by Morrison. Part of the digital infrastructure investment strategy.
• Canberra Data Centres (CDC)minorStrategic or Co-development PartnerAustralian data center operator. Represents Morrison's investment in digital infrastructure and data center assets.
• EDF GroupminorStrategic or Co-development PartnerStrategic partnership for EV charging infrastructure development. EDF Group provides expertise in electric vehicle charging solutions as part of Morrison's energy transition investments.
• Pact GroupminorStrategic or Co-development PartnerStrategic partnership for Crate Pooling platform. Pact Group provides packaging and logistics expertise for the pooling solution.
• SuperFreeze SingaporeminorStrategic or Co-development PartnerAcquired for Polaris cold chain platform. Expands Morrison's cold chain logistics capabilities in Southeast Asia.

Scale indicators4 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• DigitalBridge: Specialist digital infrastructure investment manager (data centers, towers, fiber). Highly relevant as Morrison's digital infrastructure platforms (Canberra Data Centres, FiberLight) compete in the same thematic sub-sector.
• IFM Investors: Australian-owned infrastructure investment manager founded by industry superannuation funds. Directly comparable to Morrison as a specialist infrastructure manager serving pension fund clients with both listed and unlisted strategies, with overlapping Australian institutional LP base.
• Stonepeak Partners: Specialist infrastructure investment manager focused on North American communications, energy transition, and transport. Comparable to Morrison in targeting long-duration institutional capital and developing operating platforms in digital and energy infrastructure.
• Antin Infrastructure Partners: European-headquartered specialist infrastructure fund manager listed on Euronext Paris. Comparable to Morrison as a pure-play infrastructure manager serving institutional LPs, with similar focus on operating value-add platforms.
• I Squared Capital: Independent global infrastructure investment manager with funds across energy, utilities, digital infrastructure, and transport. Directly comparable as a mid-to-large specialist infrastructure manager pursuing platform investments.
• InfraRed Capital Partners: Specialist infrastructure and real estate investment manager owned by the HSBC Group. Comparable to Morrison in serving institutional investors with dedicated infrastructure strategies across private and listed markets.
• Macquarie Asset Management (MIRA): Macquarie's infrastructure platform manages the largest pool of infrastructure capital globally. Like Morrison, it invests across private and listed infrastructure for institutional clients and is a major sponsor of infrastructure operating platforms.
• Brookfield Asset Management: One of the world's largest infrastructure investment managers with hundreds of billions in infrastructure AUM. Directly comparable to Morrison in investing across private and listed infrastructure on behalf of institutional investors, though at far greater scale and breadth of strategy.
• KKR Global Infrastructure: Major alternative asset manager with a dedicated infrastructure platform investing across core and core-plus assets globally. Comparable to Morrison in institutional infrastructure fundraising and operating-platform investments.

Broad incumbents

• BlackRock Infrastructure: Infrastructure investing as part of BlackRock's broader alternatives platform. Competes with Morrison for institutional infrastructure mandates but as part of a much wider multi-asset franchise rather than a specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A1 record

Investments3 records

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

Frequently asked questions about Morrison