What opportunity does the fund offer that was not previously on the market?

There have been few opportunities for investors in the public markets to access this type of asset class . It has been hard for investors in Europe, let alone London, to access stocks where you can gain exposure to data centres, for example. Yet the appetite for digital infrastructure assets was attractive.

How much did the fund raise?

We raised £300m in our IPO and have now raised £845m across four rounds including follow on raises. We have been able to scale up and maintain our investment thesis, buying assets with long-term visibility on revenues, contracts and inflation protection.

What has been the investor response?

Our investor base is diverse, broad and deep. It includes private wealth managers, fund managers, institutional investors and private investors.

When we held our IPO we had to educate investors about digital infrastructure and our strategy and how we would execute on it. Now that we are executing on that strategy and have gone back to the market, our conversations with investors have turned to our assets and how they are performing.

What does the permanent capital structure enable the fund to do?

There are many benefits from the permanent capital structure of London’s investment funds market.

The investment trust sector was attractive for the product we are creating, which aims to create a sustainable, growing accretive yield, including through investing in long life assets.

Certain vendors like the permanent capital structure of an investment trust. As a publicly listed company we are transparent. And we are not looking to flip assets; we generally aim to hold them for the long term. There’s no pressure to sell them, which reflects their long-life nature.

The investment trust structure enables us to look across the full digital infrastructure sphere. Understanding the full value chain is important to being a good investor in this space.