The New Energy & Infrastructure Lenders: Insurance Capital
IPFA Special Interest Group
Insurance capital has become a major, long-dated funding source for infrastructure, increasingly deployed through dedicated insurance-capital-backed funds and platforms known as “high grade capital solutions”. These vehicles channel significant balance-sheet capital into investment-grade infrastructure debt, matching long-dated liabilities and benefiting from favourable regulatory capital treatment when compared to traditional bank lending.
This SIG will clearly set out how the behaviour of these lenders differs from traditional bank and institutional lenders, examine how these funds are structured, deployed and regulated, what their risk appetite is, and what their growth means for sponsors, banks and advisers adapting to a new lender mix.
Group objectives
To build a cross-disciplinary community of practice that helps IPFA members understand and access high grade capital solutions, and to establish practical market standards around insurance-capital-backed funds in infrastructure.
- Map the landscape of high grade capital solutions and insurance-backed funds active in infrastructure debt, including their risk appetite and constraints.
- Set out how the behaviour of these lenders differs from traditional bank and institutional lenders.
- Share best practice on structuring financings for these vehicles, including matching-adjustment eligibility, rated-note formats and capital efficiency.
- Examine bank-insurer origination and distribution partnerships and their impact on deal execution and pricing.
- Assess the rating-agency environment shaping appetite.
- Explore the role of these solutions in funding the critical infrastructure and the energy transition.
Co-Chairs to be announced soon.
Proposed activities
- A white paper describing and mapping high grade capital solutions, structures and regulatory treatment across key jurisdictions.
- Practical structuring guidance and a benchmarking library of landmark transactions.
- A panel or webinar series featuring senior insurance investors and structuring specialists.
Timeline
Group initiated: Aug 2026
First meeting: October 2026
Group to complete: Feb 2027
Outputs shared: March 2027 onwards
This group is now open for applications. Please apply below if you’d like to join.
Special Interest Groups are for IPFA members with a Full, Honorary or Solo subscription. We welcome IPFA members at all stages, from early-career professionals interested in building their knowledge, to experienced industry leaders looking to contribute to global knowledge.
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