Article written by Paul Newfield, Partner and CEO at Morrison

From New Zealand origins to a global infrastructure leader

Many New Zealand investors know Infratil, the infrastructure investment company listed on the NZX and ASX. Fewer know our story behind it, the story of Morrison, which began in Wellington in 1988 and now spans seven offices across Europe, North America and the Asia-Pacific region.

Today, Morrison offers several ways to invest in global infrastructure through both privately-owned and publicly-listed companies.

Infratil is an example of our private markets infrastructure strategy – while Infratil itself is a listed company, it generally invests in unlisted companies where it can take a controlling interest allowing the Morrison team to drive business strategy.

In contrast, Morrison’s Listed Infrastructure strategy takes smaller percentage shareholdings in a more diversified global portfolio of listed infrastructure companies where we have high conviction in their long-term outlook. We have managed high conviction listed infrastructure portfolios for over 20 years on behalf of large institutional investors. New Zealand investors can now access this strategy through the recently launched Morrison Listed Infrastructure – High Conviction PIE Funds on the InvestNow platform.

An early mover in infrastructure

Our business was founded by Lloyd Morrison in Wellington in 1988 to advise government and private-sector clients as New Zealand and Australia embarked on their early infrastructure privatisations. Lloyd recognised that many of these infrastructure businesses could be excellent long-term investments. So, in 1994 Morrison established and listed Infratil to be a long-term investor in this new asset class. Infratil was one of the world’s first listed infrastructure investment companies and its creation proved to be a prescient step. Infrastructure has become a highly sought-after asset class globally and, through Infratil, Morrison has built one of the longest investment track records in global infrastructure.

Morrison’s investment philosophy has remained consistent across private and listed markets. We invest for the long term, focusing on major trends that are changing how people live and how economies operate. By looking across private and listed markets globally, we aim to spot infrastructure growth areas early and identify the companies who are best placed to meet those needs.

A key part of our approach is a commitment to building and retaining deep in-house sector expertise. This includes people who have spent their careers running real infrastructure businesses, not just building financial models. Their real-world experience helps them understand how infrastructure businesses operate day to day, how industry dynamics are changing, and what it will take to deliver long-term outperformance.

Demand for infrastructure is rising across many developed economies after long periods of underinvestment. Other demand drivers include the shift to lower-carbon energy, rapid adoption of new technology, population growth, changing demographics, and a greater focus on the security of essential domestic infrastructure and supply chains.

Renewable energy shows how this approach can work. In 1994, Infratil made its first investment in Trustpower, a hydroelectric power company in New Zealand. With our support, Trustpower moved early into wind power, building its first wind farm in 1998. In 2016, we encouraged Trustpower to spin out its wind energy business into a standalone company called Tilt Renewables, which became a multi-billion-dollar Australasian business.

While New Zealand was something of a pioneer in renewable energy, we later saw similar trends developing in other markets as wind and solar power became the most cost-effective solution to replace aging, carbon-intensive coal power plants. This led us to build substantial renewable-energy businesses across North America, Europe and Asia on behalf of Infratil and other Morrison-managed funds.

We have taken a similar approach in transport, digital infrastructure, and energy and water utilities. Identifying major global trends early – and investing selectively as they develop – has been a consistent feature of our history.

Investing wisely in ideas that matter

Within Morrison, we call the global themes that will drive future infrastructure requirements “ideas that matter”. Our investment activity today is organised around several of these themes. The examples below include privately owned businesses that we manage for Infratil and other clients, as well as listed companies that the PIE Funds may invest in over time.

• Energy transition – The way energy is produced, transported, stored and used is changing rapidly. Governments and businesses are seeking energy that is secure, affordable and lower in carbon emissions. New technology, falling costs and changing regulation are reshaping electricity networks and creating new investment needs.

We invest in renewable electricity generation around the world. We also invest in the transmission networks that carry electricity from generators to communities and businesses. These networks need to expand and become more resilient as demand grows and more renewable power is connected. One private-market example is Transgrid, which owns and operates Australia’s largest high-voltage electricity transmission network and is a backbone of the national electricity market. In the UK, Europe and North America, we also invest in listed network companies whose revenues are set or overseen by regulators. These businesses often have relatively predictable cash flows, and their allowed revenues may rise with inflation.

• Digitisation and connectivity – Fast, reliable internet and data connections are essential to modern life. The physical infrastructure behind these services – including data centres, fibre networks and mobile towers – can be attractive investments, combining the downside protection of essential services with growth upside from the rapid uptake of technologies such as cloud computing and AI.

CDC, a major owner and operator of data centres in Australia and New Zealand, is an investment we manage for Infratil and other clients. Our research into the growing need for data storage and processing led to the purchase of CDC in 2016. Since then, CDC has grown from 30 megawatts (MW) of operating capacity in Canberra to become a major Trans-Tasman provider with 1,100 MW of contracted capacity. Listed markets allow investors to access a number of large global data-centre operators and communications networks. Like CDC, these companies may benefit as new technologies require more data to be moved, processed and stored.

• Global mobility – Trade and travel continue to grow within and between economies. Airports, roads and railways help people and goods move efficiently and can benefit from increasing demand over time.

Airports are a familiar example. We currently help manage several airport investments, including Wellington Airport, which is owned by Infratil. We have also invested in listed airport companies for over two decades and currently manage selected investments in airports, roads and railways across Europe and North America.

• Circular economy – Many industries are moving away from a “take, make and dispose” model. Businesses that use fewer raw materials, reduce waste, and reuse or recycle products can lower costs and make better use of limited resources.

One private company we manage in this area is Viscount Reuse, which owns and manages a shared pool of reusable plastic crates in Australia and New Zealand. Its approximately 7.5 million crates replace single-use cardboard and polystyrene boxes in fresh-food and retail supply chains. The crates circulate between Viscount’s washing sites, food producers, distribution centres and stores. In listed markets, we mainly find opportunities in waste collection and recycling businesses with infrastructure-like characteristics, such as essential demand and high barriers to entry. We have invested in North American waste and recycling companies, where larger operators may also benefit as the industry becomes more consolidated.

Morrison today

Morrison has built one of the largest specialist infrastructure team with more than 225 employees across seven offices, who manage over NZ$60 billion of assets for clients around the world (as at 30 June 2026). We operate as one global team, drawing on people from across the firm so that each investment benefits from the most relevant skills and experience.

From our beginnings in Wellington to our global presence today, our approach has stayed consistent. We focus on identifying investments that will serve the long-term needs of society. While the opportunities have evolved and the team has grown, our fundamental purpose remains the same: we aim to deliver extraordinary investment performance by investing wisely in ideas that matter.

If you’d like to learn more about the Morrison Funds, please refer to the Product Disclosure Statements and other disclosure material available on the Morrison landing page on InvestNow.

Disclaimer:

Adminis Funds Limited (FSP1008007) (NZBN 9429052179914) is the Manager and Issuer of the Morrison Listed Investments – High Conviction PIE Scheme (NZD Hedged and NZD Unhedged) (the Funds). MLI Management Pty Ltd (AFSL 340502) is the Investment Manager of the Funds. This document has been prepared for information purposes only and is intended to provide general background information. It does not constitute legal, tax, financial or investment advice, or any recommendation. It should not be relied upon when making an investment decision. Investors should consider seeking professional advice before deciding whether to acquire, continue to hold, or dispose of units in the Funds. Units in the Funds are offered only under, and in accordance with, the Product Disclosure Statement (PDS) issued by Adminis Funds Limited in accordance with the Financial Markets Conduct Act 2013. A copy of the PDS is available free of charge from Adminis Funds Limited or on the Disclose Register at https://disclose-register.companiesoffice.govt.nz. The information in this document is general in nature and does not take into account the investment objectives, financial situation, or particular needs of any person. Investors should read the PDS carefully before making an investment decision and may also seek advice from a licensed financial advice provider. The Funds are managed investment schemes. The value of investments may go up or down and returns are not guaranteed. Past performance is not a reliable indicator of future performance. Each Fund is a portfolio investment entity (PIE). Tax outcomes depend on an investor’s individual circumstances and prescribed investor rate (PIR). Investors are responsible for providing the correct PIR to Adminis Funds Limited. While all reasonable care has been taken to ensure the information in this document is accurate, no representation or warranty is made as to its completeness or accuracy, including in relation to any forecasts. To the maximum extent permitted by law, Adminis Funds Limited, its related bodies corporate, directors, and employees accept no liability for any loss arising from reliance on this document.

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