Included below are current and past portfolio companies of the Infrastructure Investing strategy. Current portfolio company descriptions are as of June 30, 2020, while past portfolio companies are as of the time of exit.
Caiman Energy II, LLC / Blue Racer Midstream Caiman Energy II is an independent midstream energy company with operations focused on the Utica Shale. In 2012, Caiman II originally formed Blue Racer Midstream (BRM) through a joint venture with Dominion Resources, which sold its 50% interest in BRM to First Reserve in 2018. BRM has more than 700 miles of natural gas, natural gas liquids and condensate pipelines in operation in Ohio and West Virginia and more than 800 million cubic feet per day of processing capacity and ~120,000 barrels of fractionation capacity.
CrowdVision Ltd. CrowdVision is the developer of one of the world’s most advanced automated crowd analytics software. The software processes overhead video streams in real time, providing live and actionable insights to users of the technology. Increasingly, the technology is being adopted by airport owners and operators where it provides a real-time informational advantage and understanding of passenger flows that improves airport operations, generating significant business value.
Linden Cogen Holdings, LLC Linden Cogen Holdings is a 972-megawatt, inside-the-fence, natural gas-fired cogeneration plant located in Linden, New Jersey on the site of Phillips66 Bayway Refinery. Strategically located, Linden Cogen is well-positioned in the Northeast power markets that have significant barriers to entry.
LoneStar Airport Holdings LLC LoneStar Airport Holdings LLC holds a 40-year lease to operate the South Terminal at Austin-Bergstrom International Airport (AUS) in Austin, Texas. The South Terminal is an existing, three-gate, single-story terminal located on the south end of the airport that was rehabilitated for commercial use starting in 2017. AUS is located eight miles southeast of downtown Austin and is the closest commercial airport to the Austin catchment area.
New Salem Harbor Station New Salem Harbor Station is a 674-megawatt natural gas-fired power plant constructed on an approximately 20-acre site of a now-deactivated coal-fired power plant near Boston, Massachusetts. New Salem Harbor Station achieved commercial operations in May 2018 and became the first new-build, gas-fired generator constructed in Massachusetts in over a decade. The plant is configured as two independently dispatchable 1x1 combined cycle units, each consisting of a combustion turbine generator, a heat recovery steam generator and a steam turbine generator.
NorthStar Terminals NorthStar Terminals was formed to develop, build and operate midstream energy assets in North America, with a particular focus on opportunities emerging in the transportation sector for shifting vehicles, trains and marine vessels from diesel fuel to liquefied natural gas (LNG). NorthStar is a joint-venture partner in the 120,000-gallons-per-day JAX-LNG liquefaction terminal and Polaris New Energy barges delivering LNG to customers in Jacksonville, Florida.
NorthStar Transloading LLC NorthStar Transload is a fully permitted and zoned rail transloading terminal in the heart of the Bakken Shale. The terminal is located on the Montana-North Dakota border in McKenzie County, North Dakota on a 400-acre parcel of owned land that is bisected by the Burlington Northern Santa Fe railroad. NorthStar’s East Fairview and Alexander terminals are connected by the 23-mile NorthStar Express crude pipeline, which has 80,000 barrels per day of throughput capacity and interconnections with the Dakota Access Pipeline along with several regional crude gathering pipelines.
Ports America Ports America is the largest independent marine terminal operator in the United States. The company provides terminal management and a full range of stevedoring, labor services and labor management in more than 80 locations in 40 ports. It is the only tri-coastal operator and holds an approximate 27% share of the total U.S. container market. Key locations include New York/New Jersey, Baltimore, Los Angeles/Long Beach, New Orleans, Savannah, Charleston, Tacoma, Tampa Bay, Miami and Houston.
REEF Technology, Inc. REEF Technology is the largest parking operator in North America, with over 4,500 locations and 2 million parking spots. The company is a leading provider of last-mile parcel delivery services and logistics through its ghost kitchens, electric vehicle charging and online grocery delivery business units. REEF leverages data analytics across its infrastructure footprint to analyze capacity utilization, driver behavior and staffing.
Watco Companies, LLC Based in Pittsburg, Kansas, Watco Companies provides transportation, terminal and port, mechanical, and supply chain services for customers throughout North America and Australia. Watco’s Transportation Services group is one of the largest short-line rail transportation service providers in the U.S. and Australia. Watco’s Terminal and Port Services business segment operates throughout the U.S. and Mexico. Watco’s Mechanical Service segment has one of the largest rail car repair shop networks in North America, and Watco Supply Chain Services segment provides supply chain services in highway, intermodal, rail logistics and international logistics.
Star Atlantic Waste Holdings Star Atlantic owns interests in Advanced Disposal (NYSE: ADSW), the fourth largest non-hazardous solid waste management company in the United States. ADSW is a leader in environmental services, providing non-hazardous solid waste collection, transfer, recycling and disposal services for residential, commercial and industrial customers across high-growth markets throughout the eastern half of the U.S. and the Commonwealth of the Bahamas. Highstar formed Star Atlantic by consolidating several waste management businesses over the past decade, including Interstate Waste Services and Veolia. In October 2016, the team took the business public through the initial public offering of Advanced Disposal.
Aerostar Airport Holdings, LLC Aerostar Airport Holdings, LLC holds a 40-year lease and concession to operate the Luis Muñoz Marín International Airport (SJU) in San Juan, Puerto Rico. SJU is the largest airport in Puerto Rico, handling over 8 million passengers annually across 20 different airlines. SJU provides the island’s only significant international gateway and connection to the rest of the region, primarily the U.S. Aerostar’s operation of SJU is the first successful privatization of a medium- or large-hub airport in the United States under the FAA’s Pilot Privatization Program.
Caiman Energy Caiman Energy provides natural gas gathering, processing and fractionation services for producers in the rich gas window of the Marcellus shale. Caiman owned and operated over 115 miles of pipeline and a cryogenic processing plant with 120 million cubic feet per day of capacity.
Coachella Partners LLC Coachella Partners LLC owns an indirect interest in the West of Devers transmission upgrade project (“WOD Project”) currently being developed by Southern California Edison. Coachella has the right to invest its ownership share in the FERC-regulated transmission project and will receive a fixed, annual lease payment from the California Independent System Operator. The WOD Project involves the upgrade of an existing 48-mile corridor of transmission lines in parts of Riverside and San Bernardino counties, California and will interconnect over 2 GW of renewable generation into the greater Los Angeles area. In February 2019, the team sold its interest in Coachella to an infrastructure-focused financial sponsor.
Kinder Morgan, Inc. Kinder Morgan is an energy infrastructure company in North America owning an interest in or operating approximately 84,000 miles of pipelines which transport natural gas, gasoline, crude oil and carbon dioxide (CO), among others. Kinder Morgan also owns or operates approximately 155 terminals which store or handle petroleum products, chemicals and other products.
London City Airport Limited London City Airport (LCY) is an unregulated, niche airport primarily catering to business travelers due to its proximity to Canary Wharf, the City of London and the West End. The airport has a blue-chip customer base with a broad route network. LCY has a single runway, 14 scheduled aircraft stands, parking facilities and several other buildings, including the Jet Centre terminal, which provides private jet services.
NGL Energy Partners LP NGL Energy Partners is a publicly-traded Master Partner Limited Partnership that was formed in 2010 through the combination of NGL Supply, a wholesale propane supply and marketing business, and Hicksgas, a retail propane distribution company, creating an integrated propane supply and distribution company. NGL operates across four business segments in the U.S.: Crude Logistics, Water Solutions, Liquids and Refined Products/Renewables.
Star West Generation, LLC Star West Generation is a 1,676 megawatt (MW) power generation platform with five plants in the Desert Southwest: Arlington Valley, Griffith Energy, Tracy, Hanford and Henrietta. Arlington Valley has an attractive tolling agreement in place with a contract that expires in 2025 with a creditworthy utility counterparty. Griffith Energy operates in merchant energy markets throughout the year, creating upside potential as coal plants in the region retire. Tracy, Hanford and Henrietta are three power plants in California. Tracy is a combined cycle gas turbine power generation facility. Hanford and Henrietta are both simple-cycle, combustion turbine power generation facilities. All of Star West Generation’s plants benefit from modern, reliable and efficient technology with high availability in an attractive power market with tightening reserve margins.