The Infrastructure Investor Podcast

Igneo: 'I don’t want to be on the phone to clients explaining why our valuations dropped'

2026-03-23 · 07:00 UTC ·PEI Group ·1 min read

Brief

Igneo’s Niall Mills used the firm’s fully realized 2009 European Diversified Infrastructure Fund I to explain how disciplined exits and frequent LP reporting shape infrastructure investing. The conversation centered on auction-driven sale processes, quarterly valuations, and why Igneo prefers core/core-plus assets despite stronger industry appetite for higher-risk strategies, while still looking for ways to participate in digital infrastructure growth.

Why it matters

Niall Mills said Igneo, a mid-market infrastructure investor founded in 1994, has fully realized its 2009-vintage European Diversified Infrastructure Fund I, giving it a complete exit cycle to analyze rather than just partial realizations.

Key details

  • Mills highlighted two operating lessons from that fund exit: a strong auction process can improve outcomes on asset sales, and Igneo provides quarterly valuations to LPs to avoid surprises and reduce the risk of having to explain sudden valuation drops.
  • Bruno Alves and Mills discussed how mid-market managers can benefit from the boom in digital infrastructure, while Igneo is intentionally sticking to a core/core-plus strategy even as many infrastructure managers move further up the risk curve.
Source evidence

title: Igneo: 'I don’t want to be on the phone to clients explaining why our valuations dropped'
author: PEI Group
contenttype: podcast
publication: The Infrastructure Investor Podcast
published: 2026-03-23T07:00:00+00:00
sourceurl: https://infrastructureinvestorpodcast.podbean.com/e/igneo-i-don-t-want-to-be-on-the-phone-to-clients-explaining-why-our-valuations-dropped/

word_count: 129

In this episode, editor-in-chief Bruno Alves sits down with Niall Mills, global head of Igneo Infrastructure Partners . Igneo has been investing in the mid-market since 1994 and is one of the first managers to feature on the podcast with a full fund realisation behind them. We spend a good part of our discussion dissecting the lessons learned from exiting the 2009-vintage European Diversified Infrastructure Fund I , including why there’s value in a good auction process and the reasons behind Igneo’s decision to do quarterly valuations for their LPs. The discussion also touches on the mid-market, including how managers in the space can capitalise on the booming digital infrastructure sector, and Igneo’s steadfast adherence to core/core-plus at a time when many managers are climbing up the risk curve.