Why Ancala?
Its reputation as a leading mid-market infrastucture investor is extremely appealing , you want to be working with and learning from taletened people which there certainly is here. Then also bevause it does operates in the mid-market, its a place where those operational and strategic decisions really matter. You’re not just monitoring metrics — you’re actively shaping asset performance across a diverse portfolio of utilities, energy transition, transport, digital and social infrastructure. That combination of hands-on involvement, asset-level diversity, and exposure across essential sectors is exactly the environment where I want to develop and build a career.
Why Infra?
I’m interested in infrastructure because it’s about building and maintaining the systems that society depends on every day — from water, energy, and transport to digital networks. It’s tangible, essential work that directly impacts people and communities.
I like that the sector combines long-term planning with complex operational challenges which keeps things interesting and varied and I think for me infrastructure investing is the perfect blend of combining financial analysis (something I enjoy) with real-world impact which is kind of the ideal in a job.
Why this role specifically?
As far as the role itself, I think it suits my existing skills set most notably in modelling and valuations but also builds on my last 8 months at Foresight doing infrastructure valuations, but I’m hoping with a broader remit where I can get more involved in the value enhancement side of asset management. Hoping with at a smaller fund manager than foresight the roles are less specific and there’s the chance to get involved in more aspects of investment management. I would like to be in a more client orientated role and getting to work more closely with the portfolio companies is something that I miss in my current role that I would really like to get that exposure and the learnings that would come from that.
- “How does infrastructure valuation differ from other asset classes?”
- Long-dated cash flows
- Inflation linkage
- Regulatory frameworks
- Lower volatility
- Focus on downside protection
Recent deals
U.S. Chemical Infrastructure Portfolio
* Dec 2025: Ancala acquired a portfolio of critical pipeline-connected sites and storage facilities across the U.S. Gulf Coast from Hexion.
* These sites are now operated by a new platform, Valentra, serving chemical production and industrial customers. Ancala
🔹 Telecom Tower Platform – TorLoc Towers
* Late 2025: Acquired 300 telecom towers in Ireland from Phoenix Tower International, forming a new digital infrastructure platform called TorLoc Towers — Ancala’s first entry into Irish telecom infrastructure.
What areas of infra are ancalas assets?
- Renewable Energy & Energy Transition
Includes assets that generate or support low-carbon and renewable energy, such as wind, solar, biomass and decarbonised heating/cooling infrastructure—for example Noventa, a decarbonised heating and cooling specialist. - Utilities
Core services like water and energy distribution that are essential to daily life—for instance Portsmouth Water and utility networks like Leep Utilities. - Transport Infrastructure
This covers operations that support movement of people and goods, including special platforms like aerial emergency services (Avincis) and transport support facilities. - Circular Economy & Waste Infrastructure
Assets that help manage waste and resource recovery in a sustainable way, including anaerobic digestion facilities (e.g., Biogen) and companies involved in recycling and sustainable waste management. - Supply Base & Logistics Infrastructure
Facilities such as Fjord Base in Norway, an industrial supply base supporting offshore energy and logistics services. - Modular & Specialist Infrastructure Solutions
Temporary modular buildings and related infrastructure solutions, such as those offered by MUCH Group, which provide space solutions for government, industry and emergency response. - Pipeline & Industrial Infrastructure (recent expansion)
Ancala’s portfolio includes pipeline-connected infrastructure for chemical storage and transport, reflecting broader industrial infrastructure exposure.
What are the primary valaution methods of infra assets?
The primary methods of valuing infrastructure assets include discounted cash flow (DCF) analysis, RAB-based valuation for regulated assets, market multiples, precedent transactions, and IRR analysis. The DCF method is the core approach, forecasting long-term, often inflation-linked cash flows and discounting them using an appropriate WACC to reflect the asset’s risk profile. For regulated utilities, valuation is closely tied to the Regulatory Asset Base (RAB), as companies earn an allowed return on that asset base, and investors often reference EV/RAB multiples. Market multiples such as EV/EBITDA and precedent transaction analysis are used as benchmarking tools to reflect comparable assets and current market pricing. Additionally, investors assess projected IRR and equity yield, particularly given infrastructure’s focus on stable, long-term cash generation and downside resilience rather than high growth.
What are ODIs?
“ODIs, or Outcome Delivery Incentives, are performance-based incentives or penalties set by the regulator for certain operational metrics. For example, a water company might be rewarded for reducing leakage or penalized for poor customer service. They directly impact revenue and cash flow, so monitoring and improving ODI performance is key for value creation.”
Q: What risks are specific to mid-market infrastructure?
“Operational concentration risk, management team dependence, regulatory risk, capex execution risk, and limited scale are typical risks. Active monitoring and operational involvement help mitigate these risks.”
Key differences between mid and market large cap infrastructure?
Mid-market infrastructure differs from large infrastructure primarily in scale and approach. Mid-market assets are smaller, allowing investors and analysts to be more hands-on, drive operational improvements, and actively manage performance. Value creation tends to focus on efficiency, capex optimisation, and regulatory engagement rather than purely financial engineering. Large infrastructure assets, by contrast, are often highly regulated, politically sensitive, and require complex financing structures, so management is more strategic and less operationally involved.”
Questions for them?
The portfolio from when I had a llok, seems to be mostly operational assets, do you guys take on much development risk, or would this just be you invest in a company that does that?
