UK Regulated Infrastructure Assets

Regulated infrastructure represents one of the most predictable and inflation-linked asset classes available to institutional investors. The regulated asset base (RAB) framework ensures that asset owners earn a regulated return on their invested capital, with periodic price reviews by independent regulators (Ofgem for energy, Ofwat for water, ORR for rail). This regulatory protection creates highly visible cash flows that are attractive to long-term investors.

The infrastructure fund management industry has grown substantially as institutional investors have increased their allocations to real assets. Managers specializing in regulated infrastructure command premium management fees and long fund lives, making them attractive GP stakes candidates. The durability of infrastructure management fee streams is among the highest in alternative asset management, as fund lives typically extend to 15 to 25 years with multiple extension options.

For GP stakes investors, understanding the underlying asset base is essential to evaluating infrastructure managers. A manager with exposure to core regulated assets with stable RAB growth profiles presents a different risk and return proposition than one focused on greenfield development or merchant power assets. The data in this report enables that analysis by mapping specific assets to their owners and regulatory frameworks.