Human resources for infrastructure funds involves building organizations capable of sustained performance over fund lives measured in decades. The specialized skills required for infrastructure investing—spanning investment analysis, asset management, and operational execution—combined with the long-term nature of investments creates workforce planning considerations distinct from shorter-duration strategies. Infrastructure managers must attract, develop, and retain talent across functions while managing the organizational evolution that extended fund lives require.
Organizational Structure
Infrastructure fund organizations typically include capabilities beyond traditional investment management, reflecting the operational intensity of the asset class.
- Investment Team: Professionals focused on sourcing, evaluating, and executing transactions. Infrastructure investment roles often require sector-specific expertise in energy, transportation, utilities, or telecommunications alongside financial analysis skills.
- Asset Management: Teams responsible for portfolio company oversight, value creation initiatives, and operational improvements. Infrastructure asset management may involve hands-on engagement with physical assets and operating teams.
- Operations and Finance: CFO, fund administration coordination, investor relations, and compliance functions supporting fund operations. Infrastructure operations teams often manage more complexity given long fund lives and structural intricacy.
- Sector Specialists: Larger infrastructure managers may employ engineers, regulatory experts, or operating executives with deep expertise in specific infrastructure sectors.
The appropriate organizational structure depends on fund size, strategy focus, and the extent of in-house versus outsourced asset management. Many infrastructure managers partner with specialized operating companies for asset-level management while maintaining investment and oversight capabilities internally.
Talent Acquisition
Recruiting for infrastructure roles draws from diverse talent pools depending on position type.
Investment professionals may come from:
- Infrastructure-focused investment banks and advisory firms
- Other infrastructure fund managers
- Corporate development roles at infrastructure companies
- Project finance lending backgrounds
Asset management and sector specialist roles often require industry operating experience:
- Utility company management and operations
- Energy project development and operations
- Transportation and logistics management
- Engineering and construction backgrounds
The specialized nature of infrastructure creates a relatively small talent pool, particularly for senior roles combining investment and operating experience. Compensation structures and career development opportunities factor significantly in recruiting.
Compensation Structures
Infrastructure fund compensation typically includes base salary, annual bonus, and participation in carried interest. The extended fund life and long-dated carry realizations create particular considerations.
- Carried Interest: Carry grants remain the primary long-term incentive, but the extended time to realization in infrastructure—potentially 15-20 years from fund launch—creates retention challenges. Interim carry distributions from earlier funds, acceleration provisions, or synthetic carry arrangements may address timing concerns.
- Co-Investment: Allowing team members to co-invest alongside funds aligns interests and provides additional ownership opportunity. Infrastructure co-investment pools for employees are common.
- Retention Incentives: Given the long fund life, specific retention arrangements may be appropriate for key personnel. Vesting schedules, deferred compensation, and succession planning all factor into retention strategy.
- Asset Management Incentives: Professionals focused on portfolio asset performance may receive incentives tied to asset-level value creation or operational metrics alongside fund-level economics.
Professional Development
Career development within infrastructure fund organizations may follow different patterns than shorter-duration strategies. The long fund life means individuals may work on the same investments for extended periods, requiring deliberate attention to skill development and career progression.
Development considerations include:
- Rotation across portfolio assets to build sector breadth
- Exposure to both investment and asset management functions
- External training in sector-specific areas
- Board seat experience at portfolio companies
- Clear progression paths for junior professionals
Succession Planning
The extended fund life makes succession planning particularly important for infrastructure managers. Key personnel may retire, depart, or transition roles during a fund's existence, and smooth transitions are essential for LP relationships and continued fund operations.
Succession planning addresses:
- GP and senior leadership transitions
- Key person provisions in fund documents and how they interact with personnel changes
- Knowledge transfer for specific portfolio assets or LP relationships
- Internal promotion versus external hiring for senior roles
- Communication with LPs around leadership changes
Institutional LPs scrutinize succession planning as part of due diligence, recognizing that infrastructure fund relationships extend far longer than typical investment manager tenures.
HR Operations
Standard HR functions—benefits administration, payroll, compliance, and employee relations—apply to infrastructure managers as to other organizations. Specific considerations may include:
- Multi-Jurisdiction Employment: Teams located in multiple offices or countries require coordinated employment arrangements across jurisdictions.
- Benefits Design: Competitive benefits packages help attract talent in a specialized labor market. Health, retirement, and other benefits should reflect competitive practices.
- Regulatory Compliance: Employment law compliance, including pay equity and disclosure requirements, applies to fund manager organizations.
- Workplace Policies: Standard policies around conduct, conflicts, and professional expectations establish organizational norms.
Culture and Organizational Health
Building and maintaining organizational culture matters for long-term retention and performance. The extended timeframes of infrastructure investing mean that team members work together over many years, making cultural fit and organizational health significant considerations.
Cultural elements that infrastructure organizations often emphasize include:
- Long-term orientation aligned with investment horizons
- Collaboration between investment and asset management functions
- Technical excellence and operational focus
- Commitment to safety and environmental responsibility reflecting asset operations
Questions to Address for HR Strategy
- What organizational structure supports the fund's strategy and investment pace?
- Where will talent be sourced for specialized infrastructure roles?
- How do compensation structures address the extended time to carry realization?
- What development paths exist for junior professionals over long fund lives?
- How is succession planning addressed for key positions?
- What HR infrastructure supports the organization's current and anticipated size?
Human resources for infrastructure funds must support organizations through fund lives that may span two decades or longer. Building appropriate structures for talent acquisition, development, compensation, and succession from the outset positions infrastructure managers for sustained performance over the extended horizons that characterize the asset class.