Israel Infrastructure Fund

What Israel Infrastructure Fund does

Israel Infrastructure Fund (IIF) is a Tel Aviv-based private equity manager founded in 2006 that originates, structures, and actively manages equity investments in essential infrastructure assets. The firm manages $3.2 billion in capital across five funds on behalf of institutional limited partners, anchored by Harel Insurance Group, co-founder Yehuda Raveh (senior partner of Israeli infrastructure law firm Yehuda Raveh & Co), and co-founder/Managing Partner Yaron Kestenbaum. Its 29 portfolio investments span four sectors — energy (Dalia Power Energies' 2,518 MW of combined capacity, Tamar natural gas field stake, Ella Power development, Zephyrus/Mashav Energia wind in Poland), transport (Highway 6 concession with 100,000+ daily vehicles, Highway 431, Jerusalem Light Rail/CityPass, Pango smart mobility), water/environment/municipal (Via Maris desalination plant at 90 million cubic meters per year, Veridis waste-to-RDF, Milgam municipal services), and digital infrastructure (Unlimited/IBC wholesale fiber covering 2.3 million Israeli households, Serverfarm Israel data centers, Voneus UK rural broadband, TowerVision's 8,400 Indian telecom towers, and East Mediterranean Gas pipeline).

IIF's business model is a conventional closed-end infrastructure private equity fund structure: it raises capital from institutional LPs through multi-year fundraising cycles (five funds raised since 2006 with reportedly growing re-up commitments), invests equity into long-duration concession and regulated/contracted assets with inflation-linked cash flows, generates revenue through recurring management fees on committed/deployed capital plus carried interest on realizations, and pursues exits through trade sales, secondary stake sales, and IPOs on the Tel Aviv Stock Exchange (two realized IPOs to date: Veridis in 2021 at NIS 3.75 billion value and Zephyrus Wing Energies in 2023). Of 29 investments, 22 have been realized at a 2.7x average exit multiple, with select realizations hitting 5x–8x (Highway 6 at 100% in four years, Dalia Energy at 8x, CityPass at 5x in five years). The firm positions itself on deep operational involvement, active engagement with management and stakeholders, and a 30-year concession/BOO-oriented thesis targeting assets protected from economic cycle volatility.

Name

Israel Infrastructure Fund

Legal name

Israel Infrastructure Fund

Website

https://iif.co.il

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Israel Infrastructure Fund is a Tel Aviv-based private equity manager founded in 2006 that invests in Israeli and select European/Indian infrastructure assets (energy, transport, water, digital) on behalf of institutional LPs, managing $3.2 billion across five funds with 29 investments and 22 realized exits at a 2.7x average multiple.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Management

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

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

akta.pro secondary industries

Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD), Infrastructure & Project Finance Private Debt (FSANADAH)

Keywords

• Infrastructure investment
• Private equity fund
• Infrastructure asset management
• Institutional investment management
• Alternative assets investing

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Fund Management Fees: IIF generates revenue through managing infrastructure investment funds on behalf of institutional investors. They have raised five funds since 2006 with strong institutional support.
2. Co-Investment Management: The fund offers multiple co-investment opportunities to investors, which they manage on behalf of investors, generating management fees and potentially carried interest.
3. Portfolio Company Returns: Returns generated from successful exits of portfolio companies - IIF has made 29 investments across four funds, with 22 realized exits and 2 IPOs. Average exit multiple is 2.7x.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Israel Infrastructure Fund (IIF) is a private equity infrastructure fund that raises capital from institutional investors and deploys it across long-term investments in infrastructure assets. The fund manages five funds since 2006 with $3.2 billion in capital under management, focusing on energy, transport, water, environment, digital infrastructure, and municipal utilities. IIF provides active management engagement, operational expertise, and project finance capabilities to maximize returns on its 29 investments, of which 22 have been realized and 2 taken public.

Product overview

Israel Infrastructure Fund (IIF) is a private equity fund specializing in infrastructure investments. It is not a single unified product but rather manages a diversified portfolio of infrastructure assets across four main sectors: Energy (power plants like Dalia Power Energies with 2518 MW capacity, Tamar Natural Gas Field supplying 70% of Israel's power, wind farms in Poland), Transport & Smart Mobility (highways including Highway 6 and Highway 431, Jerusalem Light Rail operations, smart mobility solutions like Pango with 4 million users), Water, Environment & Natural Resources (Via Maris desalination plant producing 90 million CM/year, Veridis environmental services, Milgam municipal services), and Digital Infrastructure (Serverfarm Israel data centers, Voneus UK rural broadband, Unlimited/IBC fiber network connecting 2.3 million households). IIF has raised five funds since 2006 with $3.2 billion in capital under management and a 19-year track record of originating, managing, and successfully exiting complex infrastructure transactions.

Differentiator

Problem solved

Functional benefit

Products and services

• Dalia Power Energies

Quantifiable outcome

• 2.7x average exit multiple across 22 realized exits
• +4 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered strategic and core.

• Bezeq InternationalstrategicStrategic or Co-development Partner · 1 January 2022Collaboration with Serverfarm Israel to build a new data center in Bnei Zion, Israel. The 3MW facility covers around 9,000 square meters and meets international environmental standards.
• Serverfarm USAstrategicTechnology or Integration · 1 January 2021Global data center developer and operator partnering with IIF for development, construction and operation of high value data centers in Israel (Serverfarm Israel).
• HOTstrategicStrategic or Co-development Partner · 1 January 2021HOT acquired approximately 23.3% of IBC shares for NIS 170 million as part of merger approved by Competition Authority to encourage expansion of fiber infrastructure in Israel.
• CellcomstrategicStrategic or Co-development Partner · 1 January 2021Major Israeli telecommunications company and partner in IBC fiber venture. IBC provides fiber infrastructure services to Cellcom.
• Delek AutomotivestrategicStrategic or Co-development Partner · 1 January 2017Delek Automotive acquired 70% of Veridis, with IIF holding 20% and Harel 10%. Delek Automotive is controlled by Gil Agmon.
• Shikun & BinuicoreStrategic or Co-development Partner · 1 January 2013Major Israeli infrastructure company. IIF and Shikun & Binui co-invested in Highway 6, Derech Eretz Highways, and other infrastructure assets.
• Ashtrom GroupcoreStrategic or Co-development Partner · 1 January 2011Real estate and infrastructure group; partnered with IIF and Harel in acquiring Connex Jerusalem (operating company of Jerusalem Light Rail). Ashtrom holds 50% stake.
• Yehuda Raveh & CocoreStrategic or Co-development Partner · 1 January 2006One of Israel's leading commercial law firms, expert in financing for joint public-private projects such as PPPs and BOTs. Yehuda Raveh is co-founder of IIF and senior partner at the firm.

Scale indicators8 records

Recent moves19 records

Expansion highlights4 records

Broad incumbents

• Brookfield Infrastructure Partners: Largest global infrastructure investor with multi-strategy exposure across transport, energy, digital, and utilities. Directly comparable to IIF on core infrastructure asset classes (transport concessions, renewables, digital infrastructure), though at materially larger scale and broader geographic footprint.
• Macquarie Asset Management (MIRA): Macquarie's infrastructure arm is among the largest global infrastructure PE platforms with a multi-fund strategy analogous to IIF. Comparable on transport concessions, energy transition, and digital infra investing, with significantly larger AUM and global mandate.
• KKR Global Infrastructure: KKR's infrastructure platform invests in core and core-plus infrastructure assets globally across energy, transport, digital, and utilities. Direct strategic comparable to IIF on multi-vertical core infrastructure PE, though at substantially larger scale.
• Blackstone Infrastructure Partners: Blackstone's infrastructure fund pursues core and core-plus investments in transport, energy transition, digital, and social infrastructure. Highly comparable mandate to IIF but with significantly greater AUM and operational breadth.
• Global Infrastructure Partners (BlackRock): Now part of BlackRock, GIP has invested in energy, transport, and digital infrastructure globally with a focus on large-scale value-oriented infrastructure equity. Highly comparable mandate on transport concessions and energy assets.

Direct peers

• IFM Investors: Australian-based infrastructure fund manager owned by pension funds, investing in core infrastructure globally across transport, energy, digital, and utilities. Closely comparable operating model to IIF as a long-duration pension/insurer-backed infrastructure investor.
• Antin Infrastructure Partners: Paris-listed mid-market European infrastructure PE firm investing in energy, transport, digital, and environmental assets. Direct comparable to IIF on multi-vertical core infra mandate, multi-fund strategy, and target deal size (mid-market).
• Meridiam: European infrastructure developer-investor specializing in long-term public-private partnerships across energy transition, mobility, and social infrastructure. Comparable to IIF on PPP/BOT concessions, energy transition focus, and long-duration hold strategy.
• Infracapital: European mid-market infrastructure PE platform (M&G Investments affiliate) investing in renewables, transport, digital infrastructure, and social infrastructure. Direct comparable on multi-vertical core infra mandate and mid-market deal size.
• Equitix: UK-based infrastructure fund manager investing in core and core-plus economic and social infrastructure. Comparable to IIF on long-duration concession-based assets, investor base mix of pension funds and insurers, and multi-fund structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/iif-israel-infrastructure-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Israel Infrastructure Fund