Morrison & Co offers a range of separately managed and co-mingled products providing access to high conviction private and listed market opportunities.
As a specialist alternative asset manager Morrison & Co offers a range of services to its clients and has delivered superior results through detailed sector knowledge, operational expertise, and transactional excellence.
Morrison & Co's service offering spans the full spectrum of alternatives investment management including research, origination, due diligence, deal/trade execution, debt arranging and capital management, transition management, portfolio management, long-term active asset management and governance.
Our products include
Focused investment funds targeting specific risk, return and sector profiles. Offered in both closed and open-ended formats with agreed sector and geographic scope. Suitable for clients seeking specific diversified exposures within the alternatives universe.
Separately Managed Accounts (SMAs)
Customised investment management services for individual clients designed to deliver target return and yield objectives to match specific liability profiles. Bespoke and flexible mandates suitable for an active management approach with clients seeking to supplement their in-house capability in complex or early stage opportunities. Augmented with long-term asset management capability.
Asset management mandates
Negotiated long-term asset management mandates for individual clients and specific assets. Suitable for assets requiring active management and operational expertise held within a long-term infrastructure portfolio.
Current SMA Clients
Infratil was founded and publicly listed by Morrison & Co in 1994 as a vehicle offering New Zealand investors access to long-term infrastructure investment.
Infratil's current portfolio includes energy, renewable energy, airports, public transport, social infrastructure, and telecommunications technology in New Zealand, Australia and North America. During Morrison & Co's 24 years of management, Infratil has delivered strong returns to a diversified set of domestic and global retail and institutional shareholders.
NZX/ASX listed vehicle (IFT.NZ; IFT.AU;)
Infratil targets a balanced portfolio of returns and yield, with bias towards growth infrastructure, control positions and higher complexity assets
Infratil has delivered 16.6% annualised compound total shareholder return (after tax) over 24 years
Australasian Sovereign Wealth Fund and Pension Clients
Morrison & Co manages capital on behalf of a select group of sovereign wealth and pension funds on a Separately Managed Account (SMA) basis that have a long-term investment focus based on the need to match long dated generational liabilities. This includes the New Zealand Superannuation Fund and the Commonwealth Superannuation Corporation.
These mandates cover global listed and private markets and offer direct ownership of real assets with control or co-investment opportunities (often as part of a club structure).
Mandates vary by client but cover global infrastructure across debt, equity, listed and unlisted markets.
Utilities Trust of Australia (UTA) is an open-ended core infrastructure fund for institutional investors with a long-term investment horizon and a low-to-moderate appetite for risk. The Fund has a globally diversified portfolio of quality assets and a track record of delivering strong returns with low volatility over time.
UTA was established in 1994 as one of Australia's first infrastructure funds providing global investors with an established and diversified infrastructure portfolio. The portfolio covers multiple sectors including airports, regulated utilities and toll roads and has been constructed to protect against inflation, deliver strong cash yields and have low volatility.
Morrison & Co commenced managing the portfolio in July 2018 and will continue to actively manage the assets to enhance value over time.
Public Infrastructure Partners I Fund
The first Public Infrastructure Partners (PIP) Fund raised in 2009 focused on availability-based social infrastructure PPP's in New Zealand. Morrison & Co worked with central, regional and local government agencies, to identify partnership opportunities to develop social infrastructure such as educational, healthcare and student accommodation facilities. These investments are typically structured as long-term concession arrangements under which the PIP Fund will finance, build and maintain assets, for a 25-35 year term, before transferring them back to public ownership at the concession conclusion. Fund investments include:
NZ Schools I PPP
NZ Schools II PPP
Melbourne Convention Centre PPP
Bendigo Hospital key health worker accommodation
University of Wollongong Student Accommodation
Auckland Prison PPP
Public Infrastructure Partners II
PIP Fund II was the follow-on fund with similar investment criteria to PIP Fund I. PIP Fund II had a focus on developing availability-based and contemporary social infrastructure working with local, regional and central New Zealand government agencies.
The Fund reached a final close of $115m and was fully invested in 2018:
Pūhoi to Warkworth PPP Road
NZ Schools II PPP
NZ Schools III PPP
Akoranga Student Village
Waikeria Prison PPP
Public Infrastructure Partners III
PIP Fund III is a follow-on fund with similar investment criteria to PIP Fund I and PIP Fund II. PIP Fund III has a focus on developing social infrastructure in New Zealand and Australia.
The Fund reached first close of $100m in January 2018. The Fund's first investment is the Waikeria Prison PPP.
Morrison & Co Growth Infrastructure Fund
The Morrison & Co Growth Infrastructure Fund (MGIF) is a closed ended vehicle that was established in 2018 to provide institutional and sophisticated investors with access to attractive risk-adjusted returns through investments in unlisted infrastructure assets. The primary focus of MGIF will be on growth infrastructure and investments utilising a sustainability approach, located in developed OECD countries, predominantly in Australia.
As one of the world's longest established infrastructure managers, Morrison & Co intend to leverage their expertise for the benefit of MGIF’s investors to develop a diversified portfolio of unlisted growth-oriented infrastructure investments.
First close of MGIF was held during 2018 where commitments of A$235m (before adjustments) were received. Second close of MGIF is expected to be held in Q2 2019.
This website does not constitute an offer to invest or the solicitation of an offer to invest or an offer to provide investment management services in any jurisdiction to any person. This website is not a recommendation to invest or financial product advice by H.R.L. Morrison & Co Limited, any of its related companies, or any of their respective directors, employees, advisors or shareholders. This website does not take into account any investor’s objectives, financial situations or needs, and you should seek advice before making any investment. An investment in any financial product involves a degree of risk and H.R.L. Morrison & Co Limited does not guarantee the performance of any asset or fund, the repayment of capital or any particular amount of return.