Partnership aims to deploy up to $750 million for infrastructure debt investment opportunities with $240 million of capital committed to date

Orion Infrastructure Capital (“OIC”) and Liberty Mutual Investments (“LMI”), the investment firm for Liberty Mutual Group (“Liberty”), announced an expansion of their long-term strategic partnership and launch of a new Credit Income Strategy focused on middle market infrastructure debt opportunities originated across OIC’s platform. As a part of the partnership, LMI entered into a long-term Investment Management Agreement (“IMA”) with OIC, whereby LMI has the option to deploy up to $750 million of capital. To date, LMI and OIC have jointly committed $240 million via the IMA.

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Founded in 2015, OIC is focused on middle market infrastructure investments in key subsectors, including: energy infrastructure, transportation & logistics, power infrastructure, digital infrastructure, waste & recycling, and other infrastructure. Building on the success of its prior funds, OIC will continue to focus on sourcing proprietary deals and structuring bespoke financing solutions to high-quality operating companies with resilient cash flows.

The newly formed Income Strategy will operate within OIC’s existing Infrastructure Credit business, with a distinct investment mandate designed to complement the firm’s existing strategies. Income Strategy investments to date include the following businesses:

• SkyGround Utility – a premier provider of overhead and underground electrical distribution and transmission infrastructure solutions.
• The LifeLine Group – a leading producer of corn-based food ingredients, renewable fuel, animal feed, and other related co-products.

Ethan Shoemaker, Investment Partner and Head of Infrastructure Credit at OIC, said:

“LMI’s commitment allows us to expand the range of capital solutions we can provide to established middle market infrastructure businesses. We see a compelling opportunity to generate attractive current income while supporting essential businesses with resilient cash flows. We are grateful for LMI’s continued confidence in OIC and look forward to building the strategy together.”

John Kim, Head of Alternative Credit at Liberty Mutual Investments, said:

“This partnership reinforces LMI’s commitment to providing flexible financing solutions across the capital structure, tailored to the needs of our partners and the opportunities we pursue. Middle market infrastructure has strong sector tailwinds, and we are pleased to deepen our long-standing relationship with OIC through this new strategy, which brings our credit capabilities to a growing set of opportunities across essential energy and infrastructure businesses.”

LMI’s Energy & Infrastructure team within the Alternative Credit business, which provides flexible capital solutions across real assets and infrastructure, led the firm’s participation. LMI invests more than $130 billion of capital globally across public and private markets on behalf of Liberty and partners with businesses to support long-term growth and pursue attractive risk-adjusted returns.

Nazar Massouh, CEO and Founding Partner of OIC, said:

"We are proud to be building a premier multi-strategy middle market infrastructure investment firm. LMI has been a valued partner in that journey, and we look forward to continuing to deliver for LMI and all our investors."

Latham & Watkins LLP served as legal counsel to OIC.

About OIC
With approximately $6.6 billion in assets under management, OIC invests in North America and select international markets. OIC’s unique partnership approach – for entrepreneurs, by entrepreneurs – cultivates creative credit, equity, and growth capital solutions to help middle market businesses scale and deploy sustainable infrastructure. OIC’s target investment sectors include energy infrastructure, transportation & logistics, power infrastructure, digital infrastructure, waste & recycling, and other infrastructure. OIC was founded in 2015 by a team of energy and sustainability veterans, successful infrastructure investors, and former asset owners and industry operators. Across OIC’s platform is a team of approximately 50 professionals based in New York, Houston, and London.

For more information, visit https://oic.com/

About Liberty Mutual Investments
Liberty Mutual Investments (“LMI”) is the investment firm for Liberty Mutual Group (“Liberty”), a global insurance and capital solutions partner. With deep expertise in liquid, credit, and alternative strategies, LMI invests more than $130B of capital globally, taking a long-term approach across its integrated platform. LMI has a clear purpose: build enduring businesses side-by-side with our partners, drive economic growth, and generate superior risk-adjusted returns that power Liberty’s strategy and secure its promises.

Liberty Mutual Group Asset Management Inc. does business under the name Liberty Mutual Investments. For more information, visit https://www.libertymutualinvestments.com/.

Important Information and Disclosures
This press release is provided for informational purposes only and does not constitute investment advice or an offer to sell, or a solicitation of an offer to buy, any securities or interests in any investment fund or vehicle. Liberty Mutual Group Asset Management Inc. (d/b/a Liberty Mutual Investments) provides investment advisory and management services only to insurance companies and wholly owned direct or indirect subsidiaries of Liberty. This press release may contain forward-looking statements that are as of the date of this press release; actual results may differ materially, and neither Liberty nor OIC undertakes any obligation to update such statements. Additional information is available at www.libertymutualgroup.com/investors and https://oic.com/.

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