The Portfolio Management Function

In this episode of Infra A Penny, we step back from infrastructure to look at the wider economic and marketpicture shaping the end of the year ahead.SIMCo CEO, Randall Sandstrom, shares his latest economic and market outlook, starting with the two opposing forces driving the global economy: the energy shock from the Middle East conflict and the productivityboost from AI.He explores the outlook for the US, UK and Euro area in turn, from economic growth and labour markets through to inflation and the path for interest rates in each region. The episode also goes beyond the macro backdrop to consider what this means for markets: strong corporate earnings, thesell-off in government bonds, and the health of credit markets amid a wave of AI-related debt issuance.Finally, Randall looks ahead to the key risks and opportunities he sees for investors as markets head into 2027.Want to hear more on infrastructure and the credit market? Tune in to Infra A Penny, SIMCo’s podcast channel.

In this episode of Infra A Penny, we turn the spotlight inwards to explore the SIMCo story: from the firm’s beginnings as a specialist infrastructure debt manager to the global investment platform it is today.Host Leah Dean is joined by Dolf Kohnhorst, founding Partner and Head of Infrastructure, and Georgi Teofilov, Managing Director and Head of Credit, to discuss how SIMCo and its investment strategies have evolved over the past decade and a half.They explore the launch and development of flagship fund SEQI, the expansion into new strategies and institutional mandates, and SIMCo’s recent partnerships. The conversation also goes behind the scenes of SIMCo’s investment process – from origination and credit analysis through to portfolio management – and considers what differentiates the firm in an increasingly established infrastructure debt market.Finally, Dolf and Georgi look ahead to the next chapter for SIMCo and the opportunities they see for the firm and infrastructure credit more broadly.

Over the course of a few years, SEQI lent approximately £55 million too Bulb Energy until November 2021, when Bulb became the first company to enter into energy supply company administration and its parent, Simple Energy, entered into normal schedule B1 administration at the same time. Five years on, the outcome speaks for itself: every penny repaid, with interest.In this special joint episode with Freshfield's No Worse Off podcast, key figures from the insolvency - SIMCo’s Steve Cook, Interpath's Richard Heis, and Freshfields' Jamie Murray Jones - join host Lindsay Hingston to tell the inside story: from the unique challenges of the energy special administration regime, to a creative asset realisation strategy that delivered for customers, creditors and government alike.In partnership with Freshfields

In this episode of Infra A Penny, Leah Dean, VP Sustainability, discusses SIMCo's approach to sustainability and the thinking behind our newly refreshed Sustainability Framework.Leah explains how environmental, social and governance considerations are integrated throughout the investment process, why SIMCo has introduced a new dual-scoring methodology, and how the framework has evolved in response to changing investor expectations, regulation, and the wider ESG landscape.The discussion also explores the role of sustainability regulation, including SFDR, TCFD and the ongoing rollout of the IFRS Sustainability Standards, before looking ahead to the future of responsible investment and the key themes emerging during London Climate Action Week.

In this episode of Infra a Penny, we are joined by Mihailo Polenak from SIMCo’s credit team to discuss how technological innovation is reshaping the future of the global energy sector.From solar power and battery storage to hydrogen, smart grids, and AI-driven electricity demand, the conversation explores how emerging technologies evolve from scientific concepts into bankable infrastructure assets.The episode examines:Why technological innovation is critical to the energy transitionWhat “bankability” means in infrastructure investingHow solar became mainstream infrastructureThe growing challenges facing future energy systemsThe role of storage, grid modernisation, hydrogen, and next-generation technologiesWhy infrastructure investors need to stay ahead of technological trendsWhile SIMCo is not a venture investor, understanding which technologies may become tomorrow’s critical infrastructure is increasingly important in a rapidly changing energy landscape.Listen now to hear how innovation, infrastructure, and the energy transition are becoming more interconnected than ever.

In this episode, Matt Dimond, Head of Client Capital at SIMCo, explores how infrastructure credit has evolved from a niche investment strategy into a core pillar of global capital allocation.We discuss the dramatic expansion of the infrastructure universe, from traditional utilities and transport to digital assets, renewable energy, and specialised social infrastructure, and the powerful themes driving this growth, including energy transition, digitalisation, and demographic change.We examine how the asset class has performed through major market disruptions such as the GFC and COVID-19, highlighting its resilience, defensive characteristics, and low correlation to broader market cycles.The conversation also dives into the scale of today’s market, the structural imbalance between infrastructure equity and debt, and why private credit providers are playing an increasingly central role in financing mid-market transactions. Matt explains how regulatory shifts, investor demand, and capital efficiency considerations have shaped the asset class, and why infrastructure credit is now firmly “coming of age.”We also look ahead and outline why infrastructure credit is well-positioned for continued growth, supported by global investment needs, sustainability imperatives, and increasing investor recognition of its role in diversified portfolios.

In this special International Women’s Day episode of Infra a Penny, three women from SIMCo come together to share reflections on building a career in infrastructure finance. From early opportunities and rapid responsibility to the realities of working in a small, high-performing team, the conversation explores what progression really looks like and how support, visibility, and culture can shape that journey. The episode dives into this year’s theme, “Give to Gain,” unpacking how generosity of time, support and knowledge plays a critical role in both individual growth and collective success. Through personal stories, the team reflects on the importance of advocating for others, learning from those around you, and building confidence by stepping outside your comfort zone. Along the way, they touch on the unique advantages of working in a smaller firm, the value of male allyship in a traditionally male-dominated industry, and the lessons that have shaped their careers so far. Whether you’re early in your career or simply interested in how different factors come together to drive progression, this episode offers a thoughtful and relatable perspective on what it means to grow (and help others grow) in today’s workplace.

In this episode, our CEO and CIO, Randall Sandstrom explains the important factors distinguishing infrastructure credit vs general corporate credit (private and public).The five key points: Demand for infrastructure capital far outstrips the supply of infrastructure capital (the “infrastructure investment gap”).Infrastructure is a defensive asset class providing essential services with relatively inelastic demand that tends to outperform industrial credit in times of economic weakness. Infrastructure debt is a heavily covenanted asset class with extensive credit enhancements that are often lacking in corporate credit. Often, infrastructure revenues are contracted and steadier, which decreases business risk.Infrastructure lending is normally against mission critical, hard assets.Hear how these factors contribute to infrastructure credit returns being less volatile with lower default rates and lower loss rates than general corporate credit.

In this episode of Infra A Penny, we take a closer look at what fund operations really means at SIMCo and why it’s far more than a traditional back-office function.Leah is joined by Daniel Hoodeh, Head of Fund Operations, to explore how portfolio management, liquidity oversight, hedging, reporting, and operational controls all play a central role in running infrastructure credit funds effectively.Dan shares his career journey through global institutions and reflects on what drew him from large-scale banking into the fast-paced, high-ownership environment of a boutique infrastructure credit manager.Whether you’re curious about the inner workings of private credit funds, considering a career in fund operations, or interested in how infrastructure investing is supported behind the scenes, this episode highlights just how impactful the function can be.

In this episode of Infra A Penny, we sit down with Anurag Gupta, SIMCo’s Chief Risk Officer and Chair of the Investment Committee. Anurag oversees risk management, compliance, and operations across our funds, bringing over two decades of experience in project finance and infrastructure investment.Together, we cover Anurag’s career journey, including his role on the Board of TfL and the unique perspective it brings, and how he became SIMCo’s CRO. Anurag talks us through standout projects across transport, power, and social infrastructure from his career and shares insights into the future of nuclear power, including the landmark Sizewell C project.This conversation offers a behind-the-scenes look at the crucial role of risk management in infrastructure investing and why it sits at the heart of what we do at SIMCo.