Astatine is an independent investment advisory firm focused on investing in infrastructure and
related assets. Astatine was founded in 2005 as Alinda Capital Partners, and was purchased in
March 2022 by its current Co‐Managing Partners, Andrew Bishop and James Metcalfe. Messrs.
Bishop and Metcalfe hold their interests in the firm through a holding company named Astatine
Investment Partners LLC (f.k.a. Alinda Holdings Acquisition LLC).
On April 13, 2022, Astatine, which was up until that date defined in its ADV Brochure as “Alinda,”
announced a re‐branding of the firm to “Astatine Investment Partners” or “AIP.” The purpose of
the re‐branding was to underscore the changes in the firm’s personnel and investment strategy
over the previous five years. Astatine’s management put in place a new generation of
professionals and continued the firm’s transition from a large‐cap, core strategy to a mid‐cap,
core‐plus strategy. Certain affiliated entities of AAM were legally renamed in May 2022 and
October 2022; the names of the Astatine Managed Vehicles, as the term is defined below, remain
unchanged.
Astatine continues to source and capitalize on attractive investment opportunities by acquiring,
holding, financing and disposing of infrastructure and related investments. Astatine seeks to target
investment opportunities that present appropriate risk‐reward characteristics and that are
capable of providing long‐term capital appreciation and current yield. Astatine currently focuses
on the digital, transportation, and utility‐related sectors, which are adjacent to core infrastructure.
Astatine provides investment advisory and/or administrative services to investment vehicles
sponsored by Astatine that are exempt from registration under the Investment Company Act of
1940, as amended (the “1940 Act”), and whose securities are not registered under the Securities
Act of 1933, as amended (the “Securities Act”). These investment vehicles include the pooled
investment vehicles Alinda Infrastructure Fund II, L.P., Alinda Infrastructure Fund III, L.P., Alinda
Infrastructure Fund IV, L.P., ATA I, L.P. and ATA 2 L.P. (which, together with their respective parallel
funds, are referred to as the “Astatine Funds”). In addition to the Astatine Funds, Astatine has
established Alinda Airports UK, LP (“Alinda UK Airports”) and Eurovision Co‐Investor A, L.P.
(“Eurovision”) and may, from time to time, establish additional co‐investment funds (together
with Alinda UK Airports and Eurovision, each a “Co‐Investment Fund”, and the Co‐Investment
Funds together with the Astatine Funds, the “Funds”) or enter into co‐investment arrangements
with certain investors to facilitate co‐investments alongside the Astatine Funds. Astatine or its
affiliates may provide investment advisory services to investors through Separately Managed
Accounts (each, a “Separately Managed Account”) on terms and conditions agreed to pursuant to
Management Agreements (as defined below) for such Separately Managed Accounts. The Funds
and Separately
Managed Accounts are sometimes referred to collectively as “Astatine Managed
Vehicles”.
Astatine formulates the investment objectives of each Fund, directs and manages the investment
and reinvestment of each Fund’s assets, and provides periodic reports to the limited partners or
other investors in each Fund (each, a “Limited Partner” or “Investor”). Astatine originates and
recommends investment opportunities for the Astatine Managed Vehicles, identifies sources of
capital for, structures, monitors and evaluates portfolio investments, recommends the manner
and timing of dispositions of portfolio investments and provides such other services related
thereto. Specifically, Astatine generally renders the following services in connection with the
Astatine Managed Vehicles’ investment programs:
analyzing and investigating potential portfolio companies, including their businesses and
operations;
analyzing and investigating potential divestitures of portfolio companies, including
identification of potential acquirers and evaluation of offers made by such potential
acquirers;
structuring acquisitions and dispositions of portfolio investments;
identifying and arranging sources of capital and other financing for portfolio investments
and portfolio companies;
supervising the preparation and review of all documents required in connection with the
acquisition, disposition or financing of each portfolio investment; and
monitoring the performance of portfolio companies and, where appropriate, providing
advice to the management of the portfolio companies during the life of a portfolio
investment.
Investment advice generally is provided to each Astatine Managed Vehicle pursuant to separate
investment management agreements (each, a “Management Agreement”). The terms of the
services to be provided are set forth in the respective Astatine Managed Vehicle’s Management
Agreement. Investment advice is provided by the applicable Astatine Adviser directly to the
relevant Astatine Managed Vehicle and not individually to the Limited Partners thereof, subject to
the direction and control of the applicable general partner or other governing entity of the
Astatine Managed Vehicle (the “General Partner”). The governing documents of a given Astatine
Managed Vehicle may establish restrictions on investments in certain types of securities. Any such
restrictions are set forth in the governing documents of such Astatine Managed Vehicle, and such
governing documents are provided to each applicable Investor prior to investment.
The Funds were organized to make debt and equity investments in infrastructure assets and
businesses located primarily in OECD countries, especially in North America and Europe.
Separately Managed Accounts may also make debt and equity investments in assets and
businesses globally and may invest alongside the Funds in one or more portfolio investments.
As of December 31, 2022, AAM managed $826,660,772, of which $520,904,768 was managed on
a discretionary basis.