Impact Stories
Infratil
About the company
When you hear the word ‘infrastructure’, what do you think of? Your mind possibly conjures up images of concrete, steel, roads, factories, and everything in between .
But allow us to introduce you to Infratil – a New Zealand investment firm that specialises in Australasian infrastructure and offers a different, modern perspective.
If you haven’t heard of Infratil before, you will likely know some of the companies in which it has invested. As an example, it owns 99.8% of One NZ, and 66% of Wellington Airport.
| Key Areas | % of Portfolio |
|---|---|
| Digital | 66% |
| Renewables | 21% |
| Healthcare | 8% |
| Airports | 5% |
as of 31 March 2025 [1]
Founded in 1994, Infratil has stayed true to its original vision: using infrastructure investment to generate returns while simultaneously improving the quality of life in local communities.
It targets an annual return of 11-15% after tax, via share price increase and dividends. From a risk management perspective, it deliberately borrows most of its money in New Zealand (rather than from abroad) and has a strong track record of using bonds (in simple terms, contractual I.O.U.s) as a source of stable funding.
Why Pathfinder invested
Pathfinder invested in Infratil in 2019 due to Infratil’s ability to generate long-term returns, whilst also having a positive societal impact in the process.
From a people and planet perspective, we believe the company’s overarching investment strategy is a good philosophical match for our members:
Planet: Amongst other things, they refuse to invest in companies that derive material earnings[2] from activities that might harm the environment. These include, but are not limited to, thermal coal extraction, oil exploration, and electricity generation using fossil fuels.
People: Investments in so-called ‘harmful activities’ such as munitions, tobacco, gambling and adult entertainment, are also off the cards. As part of their healthcare portfolio, they have “a strategic vision to be Australasia’s leading provider of radiology services, meeting the needs of a growing and ageing population[3]”. Whilst that’s only one example of their goals, this type of long-term positive vision fits well with our own ethical investing goal of ‘promoting healthy communities’.
What positive steps is this company taking?
At the time of writing:
- 100% of companies in Infratil’s portfolio are actively measuring their carbon footprint[1]. We see this as showing positive intent, because to reduce your emissions, you must first know what they are.
- Nearly one third (26%) of the portfolio companies are committed to having an SBTi-validated emissions reduction target. (SBTi stands for ‘Science-Based Targets initiative’ and offers a framework for greenhouse gas reduction targets)[1].
- 43% of Infratil’s Board-level positions are held by women[1]. Infratil’s board is made up of 7 Directors, 3 are women and 4 are men.
- The company has also earmarked $3.8m for proportionate community investment, which is apportioned across its various owned businesses, with each one donating different sums, in different ways. For example, One NZ - via its 'One Good Kiwi' initiative - has donated $3 million to over 100 youth-focused charities, between the October 2022 and March 2025. [4]
Collectively, this is a company that talks the talk and walks the walk.
Final thoughts
Infratil invests in large, infrastructure projects that positively impacts communities across Australasia.
With a proud heritage built on foundations of responsibility and resilience, the company shows a genuine commitment to investing in ideas that improve lives.
Sources & further reading:
1. Infratil - Annual Report 2025
2. Please note: Material earnings are defined as earnings that represent more than 5% of gross revenue or EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization; a measure of profitability).
4. OneNZ - Corporate Responsibility
Image: Unsplash, by Getty Images