Infrastructure
We invest in Core+ and Core infrastructure assets principally in North America. Our goal is to leverage Blackstone’s scale and value-add mindset to drive value creation and economic growth.
Assets Under Management
$53B
Total Enterprise Value of Our Portfolio Companies[1]
$173B
Note: All figures are as of September 30, 2024, unless otherwise indicated.
1. Reflects aggregate Total Enterprise Value (“TEV”) at acquisition of the companies in which Blackstone Infrastructure (including co-invest) owns 20% or more of the equity as of September 30, 2024.
WHAT WE DO
We are an active investor across sectors, including energy transition infrastructure, transportation, digital infrastructure and water and waste.
Long-Term Investors
We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield.
Value-Add Mindset
We seek to drive value enhancement through a disciplined, operationally focused mindset, greater accountability and transparency, and direct engagement throughout the diligence and asset management process.
Responsible Investing
We are committed to being a careful steward of our investors’ capital through our development of resilient companies and competitive assets that support climate solutions and the energy transition and deliver long-term value for our investors.
Applegreen
Applegreen is the largest motorway service area operator in the US and Ireland and the second-largest in the UK.[2] We partnered with Applegreen, alongside its two founders, with the goal of investing behind Applegreen’s geographic and electric vehicle charging expansion. The company has a commitment to sustainability and has installed roughly ~1,000 electric vehicle chargers as of 2023, with plans to add many more.
Invenergy
Invenergy Renewables is the largest private renewables developer in the United States.[3] Blackstone’s $4.1 billion investment in the company represents the largest recorded equity investment in North American renewables to date.[4] Invenergy has developed and commercialized 26 GW across approximately 190 wind, solar and storage projects, and works to sustain long-term partnerships with utilities, financial institutions, and commercial and industrial customers.[5]
ASPI
ASPI is the largest toll road network in Europe by traffic volume and the largest Italian toll road concession, spanning over 3,000 kilometers and covering approximately 50% of the Italian toll motorway system.[6] We believe that ASPI is positioned to benefit from continued post-COVID traffic growth given its concentration in Northern Italy, one of Europe’s most prosperous areas. We partnered with Cassa Depositi e Prestiti (“CDP”) and Macquarie Asset Management in the acquisition of ASPI and plan to invest significantly over the course of our ownership to improve ASPI’s toll road network.
Carrix
Carrix is the largest marine terminal operator in North America[7] and plays a critical role in the global supply chain. As international commerce grows, we believe Carrix’s gateway trade lanes will benefit. We are excited to continue partnering with the company’s leadership team to invest behind future growth.
Phoenix Tower International
Phoenix Tower International (PTI) is a leading private cell tower platform that operates over 28,000 cell towers across the Americas and Europe.[8] Funds managed by Blackstone Infrastructure Partners acquired a stake in PTI in 2021 to help expand and to strengthen its platform in Europe and the Americas. Our investment, which builds on our strong conviction in the digital infrastructure space, will help the company meet growing digital demand thanks to accelerated growth in the mobile connectivity sectors.
QTS
QTS is currently the largest data center provider in the US.[9] At the time of investment, QTS was the fifth largest and fastest-growing US data center, and represented the largest-ever investment in the data center space.[10, 11, 12] QTS is also a leader in sustainability and ESG and was named an infrastructure sector leader by GRESB in 2022.
2. Based on number of sites. Source: Applegreen management materials, February 2022.
3. Source: Orennia as of September 2022.
4. Source: CapIQ Pro, September, 2022. As of September 2022. Based on company information and Blackstone estimates.
5. Wood Mackenzie (2021). Excludes regulated utilities and solar panel manufacturers; includes in-construction and contracted projects.
6. Source: ASPI Website, December 2023.
7. Source: Drewry Global Container Terminal Operators Annual Review and Forecast 2023/2024.
8. Pro forma for signed M&A.
9. Source: Based on QTS leased MW footprint in the US and DatacenterHawk data as of April 2024.
10. Source: CapIQ, June 2021. Based on consensus EBITDA CAGR estimates from 2020-2022.
11. Source: Green Street, June 2021.
12. Source: CapIQ, June 2021. Based on consensus EBITDA CAGR estimates from 2020-2022.
“Infrastructure is one of Blackstone’s most active investment areas. We have a long history of investing in projects that improve quality of life for local communities.”