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

Infrastructure expertise since 2013

In infrastructure, we pursue a broadly diversified co-investment approach in existing infrastructure projects with attractive return opportunities. Thanks to this direct co-investment approach, you benefit from lower fees compared to a fund-of-funds solution, flexible project selection, and broad diversification across countries, sectors, and experienced general partners.

Our Evergreen solutions

+2.3 bn

Capital commitments in US dollars

Strong investor confidence provides a solid foundation for broadly diversified infrastructure projects.

10+

Years of experience

Since 2013, strong track record with infrastructure investments through a co-investment approach.

90+

Co-investments made

A total of seven investment groups launched with three external asset managers.

Open-end (Evergreen)

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.

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-VI are closed. A further closed-end product is planned for the beginning of 2027.

Infrastructure Evergreen

Unhedged variant: open for subscription
CHF hedged variant: open for subscription

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

Variant	Infrastructure Evergreen (unhedged)	Infrastructure Evergreen (CHF hedged)
Manager	GCM Grosvenor	GCM Grosvenor
Launch	November 27, 2023	Planned in January 2027
	Prospectus (German)	Prospectus (German)
	Certificate of subscription (German)	Certificate of subscription (German)

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

Name	Zurich investment foundation Infrastructure Evergreen	Zurich investment foundation Infrastructure Evergreen (hedged variant)
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 largely hedged)
Auditor	PricewaterhouseCoopers (PwC)	PricewaterhouseCoopers (PwC)
Launch	November 27, 2023	Planned: 1st semester 2027
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 net asset value (at the level of the target fund for private infrastructure) plus 0.1% on the net asset value of the investment group
Performance fee	8%*	8%*
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 defined periods) at the level of the target fund
Expected Total Expense Ratio	1,5-3% (dependent on performance fee)	1.5%–2.9% (less possible discount during the build-up phase)

^*Performance 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 ZAST Infrastructure Evergreen (German)/ prospectus ZAST Infrastructure Evergreen CHF Hedged (German).

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

Clear investment strategy with established processes

Stable returns

Investing in already operational brownfield assets with long-term secured contracts creates continuous and predictable income streams. This allows you to benefit from reliable distributions, even in volatile market phases.

Diversification

Broad diversification across sectors, regions and managers reduces dependence on individual markets and minimizes concentration risks. Your portfolio becomes more resilient to political, regulatory, and economic changes.

Inflation protection

Many infrastructure investments are inflation-indexed or provide income streams linked to price developments. This helps keep your returns protected and stable, even during periods of rising inflation.

Do you have any questions or may we advise you?

Good advice is based on trust and personal exchange. Give us a call or send us an e-mail. We will be happy to advise you.

Write to us:
zurichinvest@zurich.ch

Call us:
044 628 78 88

Here for you:
to our client advisors

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Successful infrastructure investments via co-investments

Diversify broadly with co-investments, and generate steady returns with brownfield investments. Thanks to good advice, you can also benefit from attractive fees.

Infrastructure

Infrastructure expertise since 2013

Open-end (Evergreen)

Closed-end

Infrastructure Evergreen

What is a co-investment?

What are brownfield investments?

What is a co-investment?

What are brownfield investments?

Infrastructure programs already launched

Clear investment strategy with established processes

Stable returns

Diversification

Inflation protection

Do you have any questions or may we advise you?

Write to us:zurichinvest@zurich.ch

Call us:044 628 78 88

Here for you: to our client advisors

Other posts that may interest you

Infrastructure investments in politically unstable times

Navigating an occasionally choppy 2026 with a tailwind – opportunities and prospects

Macro and Market Publications

New opportunities in the infrastructure asset class

"The need for infrastructure investment has never been as high as it is today"

Low interest boosts infrastructure asset class

Why AI can't exist without a data center

Successful infrastructure investments via co-investments

Write to us:
zurichinvest@zurich.ch

Call us:
044 628 78 88

Here for you:
to our client advisors