Question 1

What does the Core Infrastructure Fund invest in?

Accepted Answer

The Core Infrastructure Fund invests in unlisted infrastructure funds and makes direct investments to create a diversified portfolio across different sectors, geographies and risk-return profiles.

The fund invests in airports, utilities, social infrastructure, waste management infrastructure, seaports, telecommunications, registry and renewables across Australia, Korea, United States of America, United Kingdom, Europe and New Zealand.

The fund targets regulated assets with strong downside protection and GDP-linked assets with growth potential across all market cycles.

Question 2

What are the key benefits of investing in the Core Infrastructure Fund?

Accepted Answer

The Core Infrastructure Fund offers:

• Diversified portfolio which aims to provide consistent returns, distribution yield, strong downside protection and growth potential for wholesale investors.
• Access to exclusive opportunities typically reserved for large institutional investors.
• Lower fees and minimum investments than traditional unlisted funds.
• Invest Unlisted are infrastructure specialists with multi-cycle experience.

More broadly, unlisted infrastructure as an asset class typically has a range of benefits:

• Reliable income: Long-term assets with contracted revenue streams provide cash flow visibility, supporting regular distributions that compound steadily over time.
• Inflation protection: Built-in inflation protection as regulated assets increase prices when costs rise, protects real earnings throughout the asset lifecycle.
• Capital preservation: Limited competition, high barriers to entry and regulated return frameworks structurally insulate infrastructure from economic cycles – preserving capital through periods of broader market stress.
• Low correlation and low volatility: The non-discretionary demand for essential assets means that returns have a low correlation with equities, bonds and real estate. Unlisted infrastructure benefits from less volatility as investments are not subject to short-term market sentiment like listed infrastructure.
• Long-term growth potential: Decarbonisation, digitalisation and demographic changes are driving sustained demand for new and upgraded infrastructure, creating a compelling long-term opportunity.
• Portfolio diversification: Reliable income, inflation protection, low correlation to traditional asset classes and long-term growth potential mean unlisted infrastructure addresses multiple investment objectives – making it an essential allocation in any balanced portfolio.

Question 3

What are the key risks of investing in the Core Infrastructure Fund?

Accepted Answer

All investments carry risk and unlisted infrastructure is no different, some of the key risks include:

• Market risk: Investment markets are subject to economic conditions, regulatory framework changes, market sentiment, political events and environmental and technological factors which can impact the risk-return profile.
• Liquidity risk: Unlisted infrastructure is illiquid by nature and should be viewed as a long-term investment. Funds liquidity mechanisms vary and exiting an investment may not always be possible at a time that suits the investor.
• Concentration risk: A portfolio over-exposed to a single geography or sub-sector carries additional risk. Diversification across sectors, geographies and asset lifecycles can reduce but not eliminate this risk.

These risks are mitigated through rigorous due diligence on investments, disciplined portfolio construction and active portfolio monitoring to identify issues before they arise.

Question 4

Why should I invest with Invest Unlisted over another unlisted infrastructure manager?

Accepted Answer

Many unlisted infrastructure funds are closed to new investors or have high minimum investment amounts that make them inaccessible to investors. The Core Infrastructure Fund aggregates capital to access these funds, while also providing access to direct investments. This provides diversification across multiple managers, sectors and geographies at lower fees than investing directly.

Discover the Invest Unlisted difference:

• Exceptional investments, exceptional access – Access the same high-quality infrastructure assets as large institutional investors, with lower minimum investments and fees.
• Multiple cycles, one focus – Our team brings deep experience across multiple market cycles with a specialist focus on infrastructure investing.
• Our partnerships unlock opportunities – Our longstanding relationships, local presence and credibility allow us to create opportunities that others can't access.
• Disciplined and responsible investing – We invest alongside our clients with rigorous due diligence and ESG considerations integrated into our investment process.

Question 5

Is the fund available outside of Australia?

Accepted Answer

Yes. International investors must meet the definition of an Australian wholesale investor (as defined in the Corporations Act) and may wish to seek local tax advice before investing.

Question 6

What are the fees of investing in the Core Infrastructure Fund?

Accepted Answer

Invest Unlisted charges a management fee of 0.55% p.a. with no performance fees. Additional charges are paid to service providers and, if our underlying funds perform, they receive a performance fee.

Question 7

How liquid is my investment?

Accepted Answer

Unlisted infrastructure is a long-term asset class that is built to withstand all market cycles. Our goal is to return capital within three years for investors wishing to redeem, subject to the liquidity terms of the underlying funds.

Question 8

How does investing in unlisted infrastructure compare to investing in listed infrastructure?

Accepted Answer

Unlisted infrastructure is held privately through a fund structure, whereas listed infrastructure is traded on public stock exchanges like the ASX.

Unlisted infrastructure is not subject to daily price fluctuations, reducing short-term volatility and insulating returns from broader market sentiment. Unlisted infrastructure typically offers higher return potential, longer investment horizons, lower correlation to traditional asset classes and access to assets that are not available on public markets.

Listed infrastructure, while more liquid, can behave more like equities during periods of market stress - moving with investor sentiment rather than the underlying asset's fundamentals.

Question 9

How does an infrastructure investment compare to a property investment?

Accepted Answer

Infrastructure and property are complementary asset classes that serve different roles in a portfolio. Property offers growth and income potential tied to economic cycles and location-driven demand. Infrastructure provides long-duration, stable cash flows underpinned by non-discretionary demand, regulated revenues and high barriers to entry.

The key differences are duration, volatility and correlation. Infrastructure assets typically have longer operating lives, more predictable revenue streams and lower correlation to equity and property markets - making it a strong diversifier alongside property holdings. Both asset classes offer inflation protection, but infrastructure's regulated or contracted revenue structures provide a more direct and consistent linkage.

Question 10

What won’t the Core Infrastructure Fund invest in?

Accepted Answer

We are highly selective with our investments; we don’t compromise on quality and only commit capital when the risk-return profile justifies it. For example, we have a predetermined portfolio allocation protocol and strategy for the Core Infrastructure Fund which guides our investment approach. With a Chief Investment Officer and Investment team with over 25-years of experience in the Unlisted Infrastructure sector.

Question 11

What happens if one of the assets in the funds underperform?

Accepted Answer

Having a diversified portfolio across different sectors, geographies and risk-return profiles provides protection against the impact of any single asset underperforming on the fund’s overall performance. Where an asset or manager underperforms, we take the lead in driving accountability – acting quickly and without compromise.

Core Infrastructure Fund

About the fund

Portfolio

Sector exposure

Geographic exposure

Key information

Eligibility

Asset control

Income

Invest with us

Invest directly

Invest via platform

Discover the benefits of unlisted infrastructure