Aleatica: A case study
Overview
Built for stability, positioned for growth
Aleatica is a leading transportation infrastructure operator focusing exclusively on the development and operation of toll roads and other mobility assets. Aleatica’s portfolio comprises 20 assets across seven countries in Europe and Latin America.
Fund(s) advised by IFM first invested in Aleatica in 2015 through a minority stake in a single toll road in Mexico and has since expanded that investment to control the broader transportation platform.
Why did we invest in Aleatica?
The Aleatica platform features a mature base of brownfield assets with strong concession agreements in strategic markets and is well-positioned for future growth in Europe and Latin America.
Aleatica’s portfolio of assets spans toll roads, ports, light rail, and airports. These assets operate under attractive long-term concession frameworks with government counterparties, which generally feature inflation-linkage and downside protection mechanisms. These mechanisms, which provide protection from operational or financial underperformance, include regulated frameworks, contracted returns, availability payments, toll-setting discretion, and more.
The assets are strategically located in high-growth regions underpinned by strong demographic trends and demand for modernized transportation networks. These regions also benefit from well-understood legal frameworks that enhance security and operational stability.
With 16 operational assets and four under construction, Aleatica benefits from a mature, stable base of brownfield assets with a history of volumes and revenue growth. Aleatica’s greenfield assets, located in Mexico and South America, provide a path towards further revenue and cash flow growth for the company once completed.
Aleatica’s established platform is well-positioned for future growth across Europe and Latin America, regions with ongoing investment needs in transportation infrastructure. This growth potential is underpinned by the diversity and expertise of Aleatica’s management team and builds upon successful previous expansions of the platform as detailed below.
Our active approach: What’s been the focus since 2015?
Since 2015, the investment in Aleatica has been strategically elevated from a minority interest in a single toll road, to control of the Aleatica platform, leveraging relationship development and value-added toll road expertise. IFM’s active approach has resulted in the following key achievements:
Value creation and risk reduction
Like-minded, long-term investors
Strategic foothold for further investment
Technical and operational expertise
Increasing indirect ownership
The outcome
IFM’s active approach to managing its investment in Aleatica has achieved positive results by growing, de-risking, and optimizing the business. Since acquisition, IFM’s initiatives have improved Aleatica’s existing portfolio of assets, expanded the Aleatica platform through organic and inorganic growth, and strategically positioned the business for continued expansion. Importantly, Aleatica has strengthened its relationships with government, community, and other stakeholders and solidified its social license to operate through an intense focus on safety and customer service. The success of the Aleatica business demonstrates the tangible impact of IFM’s hands-on approach to driving significant value for its investors.
*Unless otherwise specified, all data included within this case study is sourced from IFM/Aleatica.
Explore our other case studies
View case studiesDisclosures
Case studies are provided for illustrative purposes only and should not be relied on to make an investment decision. This case study was chosen because it demonstrates IFM’s active approach to infrastructure investing. This material is provided for informational purposes only. This material does not constitute an offer, invitation, solicitation, or recommendation in relation to the subscription, purchase, or sale of securities in any jurisdiction and neither this material nor anything in it will form the basis of any contract or commitment. Past performance does not guarantee future results. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. This material is confidential and should not be distributed or provided to any other person without the written consent of IFM Investors. IFM-14APR2025-4356006
Related articles
Digital portfolio: A debt case study
Switch, Inc
