In a recent ION Influencers Fireside Chat, Emil Henry, Founder of Tiger Infrastructure Partners, shared his insights on identifying next-generation infrastructure technologies and building high-growth, high-return investment strategies. Here’s a breakdown of the key topics discussed:

1. Emil Henry’s Background & Tiger Infrastructure’s Founding

• Started at Morgan Stanley’s LBO business, later launching his own firm.

• Served as Assistant Secretary of the U.S. Treasury, overseeing critical infrastructure security.

• Founded Tiger Infrastructure with backing from Julian Robertson’s Tiger Management, pioneering growth-focused infrastructure investing.

2. Thesis: Identifying Next-Gen Infrastructure

• Vibrant economies constantly require new infrastructure (e.g., data centers, EV charging, battery storage).

• Focus on essential services with real assets, long-term contracts, and monopolistic advantages.

• Avoid technology risk, business model risk, and excessive commodity exposure.

3. Investment Playbook: How Tiger Infrastructure Creates Value

Three-Step Value Creation Roadmap:

1. Build a diversified pool of high-unit-economic assets (e.g., scaling from 14MW to 1GW in battery storage).

2. Develop strong management teams (many startups begin in Tiger’s offices).

3. Optimize capital structure (start with equity, later introduce investment-grade debt).

4. Sourcing & Deal Flow Strategy

• 86% of investments are proprietary (not auction-based).

• Deep sector expertise allows early identification of trends (studied EV charging for years before investing).

• Long pre-investment engagement (1-3 years of collaboration before funding).

5. Future of Infrastructure Investing

• Digital, energy transition, and transportation remain core focus areas.

• Recent investments include:

  • Emed: Non-emergency medical transport (UK NHS contracts).

  • Circular economy tire recycling (supplying Michelin, Goodyear).

  • Student transportation services (long-term contracted revenue).

6. Why Growth Infrastructure Belongs in Investor Portfolios

• Low correlation with traditional infrastructure assets.

• Exposure to future core infrastructure before it becomes mainstream.

• Proprietary deal flow offers unique, high-return opportunities.

Key timestamps:

00:07 Introduction to ION Influencers Fireside Chats
01:27 Transition to Public Policy and Infrastructure
03:31 Thesis on Infrastructure Investment
05:16 Critical vs. Newest Infrastructure
08:56 Risk Management in Infrastructure Investments
09:57 Identifying Future Infrastructure Needs
14:43 Value Creation Roadmap Explained
15:46 Pattern Recognition in Investment Opportunities
18:47 Ensuring Longevity of Investments
22:29 Defining the Playbook and Investment Thesis
24:00 Building a Proprietary Deal Flow Model
24:53 Understanding Proprietary Investments
26:31 Long-Term Partnerships with Entrepreneurs
28:31 Evaluating New Opportunities
29:23 Future Directions for Tiger Infrastructure
32:17 The Case for Growth Infrastructure in Portfolios
34:27 The Value of Early-Stage Asset Ownership