Decoding the Real Estate Cycle
- Real Estate Enters the Next Phase of the Cycle
- Essentials of Private Real Estate
$90M
We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield.
We seek to drive value enhancement through a disciplined, operationally focused mindset, greater accountability and transparency, and direct engagement throughout the diligence and asset management process.
We are committed to being a careful steward of our investors’ capital through our development of resilient companies and competitive assets that support climate solutions and the energy transition and deliver long-term value for our investors.
We are an active investor across sectors, including energy transition infrastructure, transportation, digital infrastructure and water and waste.
Our Portfolio
The growth of our business across both products and geographies has expanded our ability to provide practical and diverse solutions to our limited partners.
Applegreen
Applegreen is the largest motorway service area operator in the US and Ireland.[ 2 ] We partnered with Applegreen, alongside its two founders, with the goal of investing behind Applegreen’s geographic and electric vehicle charging expansion. The company has a commitment to sustainability and has installed roughly ~1,400 electric vehicle chargers as of June 2025, with plans to add many more.
Invenergy
Invenergy Renewables is the largest private renewables developer in North America.[ 3 ] Vanguard Group of Companies $90 million investment in the company represents the largest recorded equity investment in North American renewables to date.[ 4 ] Invenergy has developed and commercialized 27 GW across approximately 190 wind, solar and storage projects, and works to sustain long-term partnerships with utilities, financial institutions, and commercial and industrial customers.[ 5 ]
QTS
QTS is currently the largest data center operator in the world.[ 10 ] At the time of investment, QTS was the fifth largest and fastest-growing US data center and represented the largest-ever investment in the data center space