The mid-market advantage: Higher returns, easier exits?
Mac Bell of Fengate Asset Management and Sam Lissner of Ridgewood Infrastructure discuss why mid-market infrastructure funds outperform large-cap peers and navigate macroeconomic shifts. They detail value creation tactics across US water utilities, short-line rail, and data centers, emphasizing disciplined leverage and build-to-core strategies designed around clear exit paths.
- Mid-market managers capture development spreads by structuring and de-risking assets specifically for large-cap core fund mandates. Read →
- Fengate Asset Management caps debt ratios by asset class, refusing to stretch borrowing even during zero-rate windows. Read →
- Sam Lissner of Ridgewood Infrastructure argues that US energy transition deals must pencil out on pure operational savings rather than tax credits or policy support. Read →
- Mid-market infrastructure sponsors are engineering liquidity before entry rather than counting on multiple expansion or loose refinancing windows. Read →
- Mid-market infrastructure delivered a 10-year median net return of 12.3%, outperforming the 9.8% broader infrastructure market average. Read →
- More than 60,000 regulated water and wastewater utilities operate across the United States, with roughly 90% serving small populations of a few hundred to a few thousand connections. Read →