What is a co-investment?

Co-investment refers to a direct investment in a company alongside an infrastructure fund. The infrastructure fund normally holds the majority and the co-investment investor a minority stake in the infrastructure investment.

What are brownfield investments?

Brownfield describes infrastructure investments that already exist and that are operational. The returns from brownfield infrastructure investments generally result in particular from ongoing cash flow from operational activities and only to a small extent from capital gains. Infrastructure investments that are still in the set-up stage are referred to as greenfield. Returns from greenfield infrastructure investments essentially result from capital gains.

What is a co-investment?

Co-investment refers to a direct investment in a company alongside an infrastructure fund. The infrastructure fund normally holds the majority and the co-investment investor a minority stake in the infrastructure investment.

What are brownfield investments?

Brownfield describes infrastructure investments that already exist and that are operational. The returns from brownfield infrastructure investments generally result in particular from ongoing cash flow from operational activities and only to a small extent from capital gains. Infrastructure investments that are still in the set-up stage are referred to as greenfield. Returns from greenfield infrastructure investments essentially result from capital gains.

Infrastructure

We pursue a co-investment approach for infrastructure. You participate directly in an infrastructure investment together with an infrastructure fund. Direct access means you have fewer fees compared to a fund-of-funds solution.

Open-end

Open-end investment solutions have no fixed duration: subsequent investments and sales of units are possible.
Cash management expenditure is low, and the money remains invested.
Also available as CHF hedged solution.

More about the product

Closed-end

Closed-end solutions have defined investment and realization periods.
Closed-end investments involve continuous distribution and repayment.
The cash volume is efficiently kept to a minimum, and there is no dilution following the final closing.

Our infrastructure programs I-V are closed. Infrastructure VI is still open for subscription until June 30, 2025. A further closed-end product is planned for 2026.

Product overview

Infrastructure Evergreen

Version unhedged: open for subscription
Version CHF hedged: open for subscription

The investment group invests mainly in global co-investments with a focus on core/core+ brownfield investments.

Version	Infrastructure Evergreen (version unhedged)	Infrastructure Evergreen (version CHF hedged)
Manager	GCM Grosvenor	GCM Grosvenor
Launch	November 27, 2023	Planned first half-year 2025
	Prospectus (German)	Prospectus (German)
	Certificate of subscription (German)	Certificate of subscription (German)

Advantages Target portfolio
(version unhedged) Target portfolio
(version CHF hedged) Manager Product data

Name	Zurich investment foundation Infrastructure Evergreen (version unhedged)	Zurich investment foundation Infrastructure Evergreen (version CHF hedged)
Legal structure	Investment foundation under Swiss law	Investment foundation under Swiss law
Investor group	Pension funds with Swiss domicile	Pension funds with Swiss domicile
Currency	USD, unhedged (currencies are not hedged)	CHF, hedged (currencies are hedged for the most part)
Auditor	PricewaterhouseCoopers (PwC)	PricewaterhouseCoopers (PwC)
Launch	November 27, 2023	Planned: first half-year 2025
Investment period	4-year initial portfolio build-up	4-year initial portfolio build-up
Management fee	1% on the net asset value (not on committed capital)	1% on the net asset value (at target fund level for private infrastructure) plus 0,1% on the net assue value of the investment group
Performance fee	8%¹	8%¹
Hurdle	7,5% (with full catch-up and clawback within 4-year accrued periods)	7,5% (with full catch-up and clawback within 4-year accrued periods) at target fund level
Expected Total Expense Ratio	1,5-3% (dependent on performance fee)	1,5-2,9% (minus possible discount during the build-up phase)

¹Performance fee on the underlying private infrastructure target fund and based on its USD unhedged performance.

Redemption

Redemption requests must be submitted at the end of each year, for the first time as of December 31, 2025. Repayment generally within 2 years (with 2-year extension option if required).

Details on the redemption and repayment modalities can be found in the:

Prospectus (German) – Infrastructure Evergreen (version unhedged)
Prospectus (German) – Infrastructure Evergreen (version CHF hedged)

Why Zurich Invest Ltd is the right choice

Over 2,2 billion capital commitments

The Zurich Investment Foundation has applied a successful co-investment approach since 2013 for infrastructure investments.
To date, more than 75 co-investments have been realized.
In total, more than USD 2,2 billion in capital has been committed in seven vehicles.

Go to performance

Graphic of the manager selection process

Clearly structured selection process

We collaborate with successful external portfolio managers.
They are chosen in an independent selection process.
Thanks to this independence, we can choose the optimal solution for you.

Go to manager selection

Infrastructure programs already launched

Infrastructure Evergreen (unhedged)	Performance
Infrastructure VI	Performance
Infrastructure V	Performance
Infrastructure IV	Performance
Infrastructure III	Performance
Infrastructure II	Performance
Infrastructure I	Performance