Middle market. Maximum impact.
North America’s lower middle market offers a powerful opportunity to invest in high‑quality infrastructure businesses across sectors we’ve backed for decades. We invest in assets capable of generating sustainable, attractive returns for our clients, then work relentlessly to strengthen them over time.
100
global investment specialists
30+ years
investment track record
$23.6bn
assets under management and over 200 clients
28 years
North American leadership team experience
Source: First Sentier Group, in USD as at 31 December 2025
Our North American infrastructure companies
Digital & connectivity
Megatrend: Digitalization
Thematic drivers:
- Growing digital demands and consumption
- Need for more data storage and power to facilitate AI revolution
- Need for connectivity and smart city solutions
Altum Digital Infrastructure
- Based in the United States, Altum Digital Infrastructure owns and operates a portfolio of seven mission critical data centers totaling approximately 75 MW of critical IT load and ~750,000 square feet across key Tier 1 and Tier 2 U.S. markets. The platform is focused on the wholesale data center segment, serving hyperscale, cloud, and large enterprise customers.
- Initial acquisition date: Feb 2026
US Signal
- US Signal Company, LLC is a leading data center and fiber network solutions provider in the United States. The company operates 10,000+ miles of fiber network and 17 data centers across multiple US Midwestern states, including Michigan, Indiana, Illinois and Wisconsin.
- Initial acquisition date: Feb 2023
Transportation & logistics
Megatrend: Urbanization
Thematic drivers:
- Increased demand for efficient transportation and logistics infrastructure
- Onshoring trend and technological advancements to supplement dependence on brittle supply chains
Infinity Aviation
- Infinity Aviation Group (‘Infinity Aviation‘), is Igneo’s fixed based operator (FBO) platform. Infinity Aviation provides essential aviation services and infrastructure for general aviation, business and air cargo customers in the United States. The company seeks to acquire and develop high-quality businesses and assets including FBOs and aircraft hangars in growing general aviation markets.
- Initial acquisition date: Jun 2025
Patriot Rail
- Based in Jacksonville Florida, Patriot Rail operates a portfolio of 32 short line freight railroads encompassing more than 1,260 track miles across 23 states in the United States. In addition to rail freight, Patriot’s operations include other rail-related services (such as railcar storage, transloading, railcar cleaning, scrapping, repair and maintenance, and contract switching). Patriot has a high quality, diversified customer and commodity mix across its portfolio, with a focus on safe and reliable service as a core value.
- Initial acquisition date: Oct 2019
Energy
Megatrend: Power demand and decarbonization
Thematic drivers:
- Addressing competing priorities of energy security, affordability, and materiality
- Decarbonization and transition from fossil fuels
Soltage
- Soltage is a renewable power producer that develops, owns, operates and manages solar and storage assets across 18 states in the US. Established in 2005, Soltage is a vertically integrated distributed generation platform with in-house project development, design and engineering, finance and asset management / reporting functions.
- Initial acquisition date: Aug 2023
Terra-Gen
- Terra-Gen, based in California and New York, develops, constructs, owns, and operates utility-scale wind, solar and battery storage throughout the United States. Terra-Gen’s portfolio spans across 32 generating facilities and storage facilities located primarily in California, with additional locations in New York and Texas. The Company operates ~3,300 MW of facilities and has ~4,300 MW pipeline of projects under late-stage development or in construction, with an additional ~4,400 MW in early- to mid- stage development.
- Initial acquisition date: Dec 2020
Indigo Generation
- Established in 2001, Indigo Generation is a 136 MW gas-fired, simple-cycle electric peaking generation station located in North Palm Springs, California. Indigo provides essential wholesale electricity generation capabilities to the local area during seasonal peak periods, as well as dispatchable capacity contracted with local utilities to ensure grid reliability.
- Initial acquisition date: Feb 2026
Latest North American insights
Investing in America’s Domestic Transportation Backbone
The changes in US Federal government policy in 2025 impacted trade flows with knock-on effects on the transport infrastructure which facilitates trade. In anticipation of tariffs, importers had been frontloading inventory even ahead of the election result. Yet while some subsectors of transportation infrastructure such as ports are more directly exposed to these changes in policy, are there other areas of relative stability and opportunity?
"As owners of and investors in US infrastructure and related businesses, we have determined which sectors and regions will be stable and prosper as the country aims to pivot towards greater domestic manufacturing."
Spotlight on Data Centers
We believe mid-market infrastructure investors who have direct experience in data center investments are well positioned to participate in future greenfield and brownfield data center growth in core markets. These assets are well positioned to become core infrastructure assets over time, supporting the increasing demand for latency sensitive workloads.
"In 2024, Microsoft, Meta, Google and Amazon collectively spent over $200b in capex projects driven by investments in AI and cloud computing."
Leadership team
John Ma
Partner, Co-Head of North America
John is a Partner and Co-Head of North America for Igneo Infrastructure Partners and is based in New York.
John is currently a board director at Patriot Rail and Terra-Gen. Prior to joining the team in 2018, John held a senior role at the Port Authority of New York & New Jersey, which operates the bi-state region’s airports, ports, bridges and tunnels, and PATH commuter rail. Prior to that, John was a Managing Director and head of US infrastructure advisory in the Investment Banking Division of Goldman, Sachs & Co.
John has a J.D. from Yale Law School and an A.B. from Harvard College.
Michael Ryder
Partner, Co-Head of North America
Michael Ryder is a Partner and Co-Head of Igneo Infrastructure Partners team in North America. He is based in New York and has been with the business since 2022.
Prior to joining Igneo, Michael was a Senior Managing Director and Head of Americas at OMERS Infrastructure and was a senior member of its executive management committee. Michael also previously held senior leadership and investment committee positions at Blackstone and Morgan Stanley Private Equity.
Michael holds a Masters of Business Administration with High Distinction from Harvard Business School where he was a Baker Scholar, a Bachelor of Engineering (Hons) and a Bachelor of Commerce from the University of Melbourne. He serves as an Honor Role Trustee for Scholarship America.
North America Investor Relations: NAIR@igneoip.com, T: +1 212 497 9980
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