Infrastructure Investing: CV Investors Seeking Predictable Growth

Infrastructure investing offers an appealing combination of stability, predictability, and steady growth—even in  a difficult-to-predict economic environment. The promising long-term outlook for infrastructure spending has led to an increase in funds adopting infrastructure-focused strategies. In addition, established firms with proven track records in this space have continued to raise larger infrastructure funds with varying risk profiles, resulting in substantial capital ready for deployment.

In fact, infrastructure funds raised $87 billion in 2024, a 14% increase over 2023.¹ While this is somewhat lower than 2022 levels, large funds are targeting over $140 billion for infrastructure investments in 2025.^2,3  

Here, we discuss the increasingly relevant intersection of infrastructure investing and continuation vehicles, highlighting a growing range of opportunities for investors seeking more predictable growth in today’s environment.

A Widening Aperture: CES Power, ECO STOR, and TTSP HWP

As the infrastructure market has proliferated and become more specialized, investors—both sponsors and institutional allocators—are increasingly targeting assets previously considered outside the traditional definition of infrastructure yet still possessing essential characteristics of this asset class. Such investors are increasing the pool of buyers and capital partners for a diverse range of businesses.  

“This trend is driving more buying and selling activity among private equity funds,” observes Jonathan Abecassis, a managing director. “We’re seeing crossover deals in which infrastructure funds are selectively acquiring infrastructure services assets. Our team has also noted private equity funds pursuing buy-and-build strategies to create asset-based platforms that will be attractive to infrastructure investors.”   

In true secondary market fashion, the CV investor community is following suit, says Andrew Gulotta, a managing director: “Infrastructure secondary funds are investing into assets and portfolios beyond core infrastructure, and secondary investors focused on CVs are backing infrastructure-like assets.”  

Abecassis, Gulotta, and team point to a selection of recent Harris Williams clients that attracted attention from infrastructure investors, and that illustrate key seller practices for optimizing visibility and traction among this important group of buyers. 

CES Power

CES Power, for example, is a global leader in providing comprehensive power generation, distribution, and temperature control solutions for large-scale live events. It offers a wide range of equipment, including generators, air conditioners, heaters, electric utility vehicles (UTVs), and energy storage systems. 

“With clear avenues identified to scale the business further, CES Power’s private equity sponsor, with our guidance and assistance, raised a CV to recapitalize the business supported by a mixture of new and existing LP investors,” says Richard Siegel, a managing director.  

“CES Power checks many boxes for CV investors looking for infrastructure opportunities,” notes Luke Semple, a managing director. “It has an entrenched, blue-chip customer base supporting forward revenue visibility; a robust, difficult-to-replicate asset base with an attractive return profile; and annually recurring demand drivers with proven recession resilience.” Siegel also observes that many of the new LP investors have primary capabilities and have made commitments to the sponsor’s latest fund. 

ECO STOR

For its part, ECO STOR is a leading developer and operator of utility-scale battery energy storage system (BESS) projects in Germany and is poised to play an important role in Germany’s energy transition. ECO STOR’s growth is underpinned by a significant and increasing requirement for flexibility in the German grid.  

Harris Williams advised Nature Infrastructure Capital on the raise of the single-asset fund for their 50/50 joint venture with X-ELIO, a portfolio company of Brookfield, for the investment in ECO STOR. The fund will support ECO STOR’s near-term funding needs as they develop their pipeline of BESS assets. 

“Strong political and regulatory tailwinds are driving the development of renewable electricity generation capacity,” says Dainora Miliauskaite, a director. “Investors from across growth, impact, and infrastructure allocations were attracted to the opportunity to back a market leader and early mover in the build-out of battery projects in Germany, with infrastructure LPs ultimately providing the majority of the capital.” 

TTSP HWP

TTSP HWP, an engineering firm focused on data center advisory, development, and design services, brings its own well-differentiated value proposition to this compelling opportunity. The company is a leading German technical advisor providing engineering, design, and project management services for the development of large and complex data centers. Harris Williams advised TTSP HWP, a portfolio company of Adiuva Capital and Athanor Capital Partners, on its sale to Tikehau Capital.

“TTSP HWP’s comprehensive technical service offering makes it the only one-stop shop for data center advisory, development, and design services,” notes Greg Waller, a managing director. “As such, the company is well-positioned to benefit from ongoing strong tailwinds in the data center industry.”

Reflecting this promising market position, TTSP HWP’s current managing partners, who hold a significant stake in the company, will reinvest substantially and remain actively involved, reinforcing their commitment to the next phase of growth.

Seeking Steadiness, Unlocking Growth

As these and other recent Harris Williams engagements make clear, the increasing interest of infrastructure-focused secondary investors in a growing variety of businesses creates more optionality, fosters stronger competition, and ultimately leads to better outcomes for our clients.

Infrastructure-focused CV investors also offer distinct advantages for certain sellers. For example, their approach to capital deployment, lower return expectations versus typical buyout players, and readiness to use capital to drive returns can unlock a wide variety of long-term growth objectives. “CV investors are part of the mix for more Harris Williams clients than ever before,” concludes Abecassis. “It’s an exciting time to help our clients tap into the value they can bring to so many businesses.”

1. https://www.bcg.com/press/17march2025-private-equity-infrastructure-investment-renewed-growth#:~:text=Infrastructure%20funds%20raised%20%2487%20billion,a%2019%25%20drop%20in%202023

2. https://www.cbreim.com/insights/articles/infrastructure-quarterly-q4-2024

3. https://www.cbreim.com/insights/articles/infrastructure-quarterly-q1-2025