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Shares offered by the Company have not been and will not be registered under the Securities Act or with any securities regulatory authority of any State or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US Persons (within the meaning of Regulation S under the Securities Act). The Company has not been and will not be registered as an "investment company" under the United States Investment Company Act of 1940 and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of any Excluded Territories and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the Shares may be offered, sold, renounced, transferred or delivered, directly or indirectly, in any Excluded Territories.

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The Company is a closed ended FTSE 250 listed investment company which is incorporated in Guernsey and is recognised as a third country self- managed AIF in very limited EEA jurisdictions under the EU Alternative Investment Fund Managers Directive and in the UK under the UK Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773).  The Ordinary Shares of the Company are excluded from the UK FCA restrictions on promotion that are applicable in the UK to non-mainstream investment products, due to its current investment company structure.

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Our purpose is to invest responsibly in social and public infrastructure that delivers long-term benefits for all stakeholders.


We aim to provide our investors with stable, long-term, inflation-linked returns, based on growing dividends and the potential for capital appreciation.
We expect to achieve this by investing in a diversified portfolio of infrastructure assets and businesses which, through our active management meets societal and environmental needs both now and into the future.

This is supported by a robust investment cash flow with inflation linkage.

Through the active management of our existing asset portfolio, new investments and the prudent use of gearing, we target a long-term return in excess of 7% per annum. Whilst the Company’s long-term target is currently 7%, it acknowledges that the macroeconomic environment has changed significantly in the last 12 months and therefore intends to reassess this target once the macroeconomic environment stabilises. In the meantime, the level of returns offered by new investment opportunities will be assessed against the prevailing macroeconomic conditions and alternative capital allocation options.

A full copy of our Investment Objectives can be found in the Company's latest Prospectus which can be downloaded below.

Download Prospectus

Summary Investment Policy

  • New investments that meet the Company’s Investment Policy are made after assessing their risk and return profile relative to the existing portfolio. In particular, we seek investments to complement the existing portfolio through enhancing long-term, predictable cash flows and/or to provide the opportunity for higher capital growth. The Board also regularly reviews the overall composition of the portfolio to ensure it continues to remain aligned with the Company’s investment objectives.
  • Desirable key attributes for the portfolio include:
  1. Stable, long-term returns;
  2. Inflation-linked investor cash flows;
  3. Early stage investor (e.g. the Company is an early stage investor in a new opportunity developed by our Investment Adviser)or investments secured through preferential access (e.g. sourced through pre-emptive rights or through the activities of our Investment Adviser);
  4. Other capital enhancement attributes (e.g. potential for additional capital growth through ‘de-risking’ or the potential for residual/terminal value growth);

New investments must meet at least two of four key attributes and in addition must have positive SDG contribution.

The Company will, over the long-term, maintain a spread of investments both geographically and across industry sectors in order to achieve a broad balance of risk in the Company’s portfolio. It does not expect to invest in non-OECD countries, unless it can get comfortable with the risk-return profile.

Asset allocation will depend on the maturity of the local infrastructure investment market, wider market conditions and the judgement of the Investment Adviser, and the Board on the suitability of the investment from risk and return ESG perspectives.

The Company’s Investment Policy restricts it from making any investment of more than 20% of the total assets in any one investment in order to limit the risk of any one investment to the overall portfolio.

As a London Stock Exchange-listed Company, INPP is also subject to certain restrictions pursuant to the U.K.L.A. Listing Rules.

Further investments will continue to be sourced by the Investment Adviser, Amber Fund Management Limited. Some of these investments will have been originated and developed by, and in certain cases may be acquired from, members of the Amber Infrastructure group.

The Company has established detailed procedures to deal with any conflicts of interest and to manage conduct in respect of any such acquisition (see Corporate Governance).

The Company may also make prudent use of leverage to enhance returns to investors, to finance the acquisition of investments in the short-term and to satisfy working capital requirements.

Under the Company’s Articles, outstanding borrowings including any financial guarantees to support subscription obligations in relation to investments, are limited to 50% of the GAV of the Company’s investments and cash balances. INPP has the ability to borrow in aggregate up to 66% of such GAV on a short-term basis (i.e. less than 365 days) if considered appropriate.

Material changes to the investment policy summarised in this section may only be made by ordinary resolution of the shareholders in accordance with the U.K. Listing Rules.

Related content

Our strategy

INPP's strategy covers three interlinked areas of focus.

View our strategy

At a glance

INPP invests in public or social infrastructure assets and related businesses internationally where the risk profile meets the Company’s risk, return and ESG requirements.

Find out more about INPP

Investor and other financial information

INPP’s Board places great importance on communications with shareholders and welcomes shareholders’ views.

View our financial highlights