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About Our Funds

The Funds are offered by RBC GAM Inc. and distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with the Funds. Please read the offering materials for a particular fund before investing. The performance data provided are historical returns, they are not intended to reflect future values of any of the funds or returns on investment in these funds. Further, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The unit values of non-money market funds change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual fund securities are not guaranteed by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. RBC ETFs do not seek to return any predetermined amount at maturity. Index returns do not represent RBC ETF returns.

About RBC Global Asset Management

RBC Global Asset Management is the asset management division of Royal Bank of Canada ("RBC") which includes the following affiliates around the world, all indirect subsidiaries of RBC: RBC GAM Inc. (including Phillips, Hager & North Investment Management and PH&N Institutional), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, BlueBay Asset Management LLP, and BlueBay Asset Management USA LLC.

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Accept Decline

The RBC GAM Private Markets Global Infrastructure Investment team seeks to provide investors with direct access to a globally diversified portfolio of high-quality core/core+ private infrastructure assets with the objective of generating attractive risk-adjusted returns comprised of income and capital gains.

Team structure

The team is led by Andrew Hay, Managing Director & Head, Global Infrastructure Investments at RBC Global Asset Management Inc. (RBC GAM Inc). The team is comprised of infrastructure investment professionals with a broad and deep network of industry contacts, and extensive experience that includes senior roles in origination, investing, and governance at Canada’s largest pension plans. The team leverages the internal support of RBC Global Asset Management (RBC GAM)’s investment and operational platform as well as the external support of its experienced and aligned co-investment partners and advisors.

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40+ years of experience

Over 40+ years of combined experience in the infrastructure space

Extensive global origination & execution track record

Robust screening and investment process

Multi-cycle experience

Experience underwriting both steady state as well as opportunistic investments through multiple cycles

Deep network

Broad and deep network across global institutional infrastructure market

Significant partnership experience

Significant experience negotiating partnerships across geographies and sectors with a wide range of partners

Global directors experience

Deep global board of directors experience in Canada, U.S., UK, and Australia

Investment philosophy and style

Investment selection

Investing in high-quality private infrastructure assets should provide stable and predictable cash flows over a long-term investment horizon. The team targets investments likely to benefit from attractive economic growth, positive demographic trends, strong and consistent contractual income returns, and inflation sensitivity. Investments should operate in regions with stable and predictable regulatory regimes, and tested rule of law.

Partner selection

The co-investment partnership model provides the team with support during the two most operationally intensive phases of the lifecycle of a private infrastructure asset: investment due diligence and asset management/value creation. The team proactively seeks co-investment partners in relevant sectors and geographies that are experienced in sourcing and executing investment opportunities and acting as responsible asset managers and owners. These partners must also demonstrate alignment, established through significant equity invested alongside the fund, a long-term investment horizon, and exceptional reputations and values.

Portfolio design

The team seeks to generate attractive risk-adjusted returns consisting of both yield and capital appreciation. They aim to achieve this by investing in a portfolio of core and core+ private infrastructure assets diversified by co-investment partner, sector, value driver, and geography, with a focus on developed market countries included in the Organization for Economic Co-operation and Development (OECD).

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Investment process

A disciplined and replicable investment process is a fundamental requirement of our approach. Our investment process is comprised of five major steps, described on the cards.

Each step in the investment process benefits from an experienced team of professionals specializing in private infrastructure investments, which is significantly augmented by the other research and investment capabilities within RBC GAM. The RBC GAM Infrastructure Investment and Governance Committee serves as an oversight body with respect to the team's strategy and its assets.

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Investment process

A disciplined and replicable investment process is a fundamental requirement of our approach. Our investment process is comprised of five major steps, described on the cards.

Each step in the investment process benefits from an experienced team of professionals specializing in private infrastructure investments, which is significantly augmented by the other research and investment capabilities within RBC GAM. The RBC GAM Infrastructure Investment and Governance Committee serves as an oversight body with respect to the team's strategy and its assets.

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Yield and capital appreciation


High cash flow visibility

Portfolio construction benefits


Tends to have lower correlation to traditional asset classes

Embedded inflation protection


Invested in GDP-sensitive assets

Access to illiquidity premium


Characteristic of private markets asset class

Significant investable opportunity set

A large and scalable need for private capital

Opportunity to invest responsibly


Opportunities for responsible investment and value creation
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Our strategies