Energy and infrastructure, logistics and supply chain, and mining and energy services across Europe, the Middle East and Africa.
Overview
We concentrate on three groups of assets and businesses that economies rely on every day.
Energy and infrastructure assets move and deliver power, fuel and water. Logistics and supply-chain businesses carry goods to markets. Mining and energy services contractors make extraction and production possible. Each depends on physical assets and long-term customer relationships, and each can be underwritten from contracts, operating records and asset values rather than from forecasts alone.
Sectors
We invest in the assets that store, move and deliver energy, and in the infrastructure around them. Our work spans oil and gas value chains, including storage terminals and midstream and downstream assets, as well as power generation and grid, energy-transition infrastructure, and transport and water infrastructure. These assets tend to be long-lived, difficult to replicate and supported by contracts or regulation, which is what allows them to be financed over many years.
What we look for
We invest in the shipping, port and freight businesses that keep regional trade moving. We favour platforms where contracted volumes and hard assets support the cash flow, and where the business is important to its customers’ own operations, so that it is difficult to replace.
What we look for
We invest in the contractors and service operators that make extraction and energy production possible, from fleets and equipment to engineering and maintenance. These businesses are usually paid under multi-year service contracts, so contract quality, equipment condition and safety performance matter as much as the market.
What we look for
Risk and underwriting
Energy and infrastructure assets are long-lived and capital-intensive, and many carry contracted or regulated revenues. We focus on counterparty credit, regulatory and permitting change, commodity and volume exposure, and the pace of the energy transition.
Logistics businesses connect producers to markets. We look closely at contract coverage, asset condition and utilisation, customer concentration, and exposure to trade and freight cycles.
Service providers depend on the activity of their customers. We assess contract length and renewal history, fleet and equipment condition, safety performance, and the strength of management and local relationships.
A short guide
Understanding how an asset is paid is the starting point for underwriting it.
A storage terminal receives, stores and dispatches liquid or gaseous products, such as crude oil, refined products, chemicals or liquefied gas, for customers who pay for tank capacity and for handling. Revenue is often contracted for several years, sometimes on a take-or-pay basis in which the customer pays for capacity whether or not it uses it. Value depends on location, connections to pipelines, ports and rail, the condition of the tanks and the credit of customers.
Power and grid assets typically earn from regulated tariffs, long-term power purchase agreements or capacity payments. Value depends on the regulatory framework, the creditworthiness of the buyer, the quality of the grid connection and the permits that allow the asset to operate.
Ports and logistics assets earn from handling volumes, storage and related services, under concessions, leases or customer contracts. The key questions are the length and terms of the concession or lease, how volumes are contracted, how much traffic is concentrated in a few customers and what capital the asset needs to stay competitive.
Service contractors are paid by their customers under contracts that cover equipment, labour and performance over several years. Revenue follows customers’ activity, so we look closely at contract length, renewal history, equipment condition and utilisation, safety record and how payment and cost increases are handled in the contract.
Region
Our home market and headquarters base. Europe has deep, regulated energy, port and storage infrastructure, established legal systems and a broad base of counterparties, and it is where many of the assets that move energy and goods across the region are located.
Our operating base is in Dubai, close to energy producers, major shipping lanes and a concentration of sovereign and family capital. The region sits at the centre of trade between Europe, Asia and Africa.
Resource-rich markets with growing infrastructure needs, where long-term, carefully designed capital can work alongside local operators. We approach these markets with extra attention to counterparties, jurisdiction and the practicalities of operating.
Instruments
Direct and co-invested equity in operating assets and platforms, held alongside partners whose interests are visible in the documents. Equity carries the first loss and the last claim, so we are particular about the assets and the terms.
Instruments between debt and equity, such as preferred equity, shaped around an asset’s cash flow and the protection of the downside. Hybrid capital can suit assets that need more than lenders will provide but where owners wish to limit dilution.
Bespoke arrangements, such as preferred and mezzanine participations, built for each transaction and its partners. Terms set out who is paid first, what conditions apply before distributions and what rights investors have if performance falls short.
We choose the instrument that fits the asset, not the other way round. See how we work with partners for the parameters we apply.
Discipline
Boundaries that keep our work focused.
We allocate capital over long horizons, guided by downside discipline and an awareness of liquidity, and we manage each position until exit.
We source and evaluate opportunities directly and through our networks, and we hold them to institutional diligence standards.
We carry out a full financial, operational and legal assessment before any commitment, including a downside case.
We build equity, hybrid and structured instruments around risk-adjusted objectives and clear governance.
Energy and infrastructure, logistics and supply chain, and mining and energy services, with a focus on assets and operators that support trade and energy production.
Europe, the Middle East and Africa, from offices in London and Dubai.
Equity, hybrid and structured capital, tailored to each transaction and agreed with co-investors.
Yes. Storage terminals are part of our industrial infrastructure focus. We look at location, connections, contract cover and the credit of customers.
Yes. Shipping and maritime services, ports and terminals are part of our logistics and supply-chain focus.
We begin with the downside: we ask what could go wrong, and invest only where the asset and the terms hold up. Read more under Investment Approach.
Perspectives
How family offices are moving from wealth preservation to long-horizon, co-invested capital, and why that matters for energy and infrastructure.
Nabrel
27 October 2026
NABREL