Schroders Capital Semi-Liquid Global Energy Infrastructure
Providing investors access to a global portfolio of energy transition infrastructure assetsPlease note: On 20 May 2025, Schroders Capital Semi-Liquid Energy Transition changed its name to Schroders Capital Semi-Liquid Global Energy Infrastructure
Make an impact
An SFDR Article 9 infrastructure equity strategy with a defined sustainable objective to contribute to a net zero future
Diversify returns
Get exposure to unique renewables infrastructure assets that can deliver stable and inflation-linked returns
Open-ended and semi-liquid
Monthly subscriptions and quarterly redemptions (with a cap of 5% at the fund level)
Fund investment objective
The fund aims to provide a return in excess of 10% per annum (before fund fees have been deducted) over five to seven years and to support the transition to net zero (through the generation and efficient use of green and low-carbon energy and the avoidance of CO2e) by investing in a global portfolio of renewable and other energy transition-aligned infrastructure assets which the investment manager deems to be sustainable investments. The fund is actively managed.
What does the fund invest in?
Schroders Capital Semi-Liquid Global Energy Infrastructure is an SFDR Article 9, impact-driven fund investing in renewables and other energy transition-aligned infrastructure. The portfolio is diversified across technologies, geographies, regulatory regimes and weather patterns.
The fund is managed by Schroders Greencoat, part of Schroders Capital and one of Europe’s largest specialist energy transition infrastructure investment managers. Schroders Greencoat has a proven global track record, based on an extensive in-house asset management team of over 60 engineers and finance professionals, strong global network of project partners for fast capital call rates and an attractive fee structure with alignment of interest.
Learn more about the fund and its potential benefits in our product overview.
Why invest in the energy transition now?
- Continued and accelerating decarbonisation of power generation: The proportion of electricity produced using renewable sources is expected to rise significantly by 2050, supporting efforts to lower carbon emission.*
- Electrification of energy use: The role of electricity in meeting overall energy needs is expected to grow considerably by 2050, driven by the increasing use of technologies like electric vehicles and heat pumps.**
- Efficient management of intermittent renewable energy: Batteries will become increasingly important to manage periods when renewable energy is not producing, while hydrogen and electrofuels are expected to be a significant share of final energy use in hard to abate segments like aviation, shipping and steel production.
Source: Schroders Greencoat, 2026.
*BloombergNEF World Energy Outlook 2024, Net Zero Scenario.
**IRENA (2023), World Energy Transitions Outlook 2023: 1.5°C Pathway, Volume 1, International Renewable Energy Agency, Abu Dhabi.
CASE STUDY
In Q2 2024 the Fund invested in two large scale agricultural greenhouses projects, which use heat generated from local wastewater plants. Since 2019 Schroders Greencoat has invested £137m to construct and operate these assets - two of the world’s largest low carbon greenhouses - reducing the carbon footprint of produce by 75% compared to a conventional greenhouse. The investment offers long-term, secure income derived from 20-year inflation-linked, government backed Renewable Heat Incentive, as well as inflation-linked lease payments from growers.
Disclaimer: For illustrative purposes only and not a recommendation to buy/sell. Source: Schroders Greencoat, as at November 2024.
Schroders Greencoat controlled stake
100%
Transaction date
Q2 2024
Sector
Low carbon heating and agriculture
What are semi-liquid investment products?
Open-ended structures - where investors can buy and sell at a prevailing NAV - have historically had limited applicability in private markets due to the illiquid nature of the underlying investments. In response to this, semi-liquid structures have been developed to provide liquidity in a controlled manner.
A well-constructed portfolio, one that is diverse by geography, sector, type and vintage, can engineer a level of “natural liquidity” that is regular and consistent. Semi-liquids also employ liquidity management tools that can control liquidity within the fund. The result is a platform that provides investors with a liquidity window without compromising returns and helps them meet their investment objectives.
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Fund information
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Risk considerations
- Climate change risk: The fund's investments may be impacted by physical changes to the environment as a result of climate change, or indirectly from the transition to a low carbon economy.
- Commitment funding risk: The fund will have an investor commitment/draw-down funding model which exposes the investment vehicle to the credit risk of its investors. If an investor fails to comply with a drawdown notice, the investment vehicle may be unable to pay its obligations when due.
- Currency risk: If the fund’s investments are denominated in currencies different to the fund’s base currency, the fund may lose value as a result of movements in foreign exchange rates, otherwise known as currency rates. If the investor holds a share class in a different currency to the base currency of the fund, investors may be exposed to losses as a result of movements in currency rates.
- Derivatives risk: Derivatives, which are financial instruments deriving their value from an underlying asset, may be used to manage the portfolio efficiently. A derivative may not perform as expected, may create losses greater than the cost of the derivative and may result in losses to the fund.
- Energy transition-aligned (including renewable) infrastructure risk: The principal risks associated with investments in energy transition-aligned (including renewable) infrastructure assets include but are not limited to the wholesale market price of electricity or heat; commodity prices; feedstock prices; inflation; the availability of the assets to generate energy; counterparties; health and safety; the environment; energy market legal, regulatory and policy risks, including risks relating to the support from schemes overseen or paid by government in any given jurisdiction and risks relating to government intervention, sustainability risks and risks relating to the transition to a decarbonised economy. Additionally, greenfield investments (i.e.: investments prior to assets achieving commercial operations) are exposed to further risks relating to construction and / or development which include securing land, project financing, construction permits and contracts, modern slavery, cost overruns, project delays and environmental issues.
- Higher volatility risk: The price of this fund may be more volatile as it may take higher risks in search of higher rewards, meaning the price may go up and down to a greater extent. Infrastructure asset risk: The Fund may invest in sectors that are subject to significant regulation and so changes to such regulation or government policy could have a negative impact on financial performance. Where revenues or cash flows earned or generated by an infrastructure asset depend substantially on the level of use, changes in demand could adversely impact such revenues and cash flows, which could result in losses to the Fund.
- Infrastructure health and safety risk: The physical location, construction, maintenance, and operation of an infrastructure asset pose health and safety risks, including accidents like falls, equipment-related injuries, and electrocution. Third parties may also access sites, leading to potential injuries. If an accident occurs, the Fund or its investments may face liabilities or revenue losses due to asset operations being affected, which could materially impact the Fund's operations and financial performance.
- Interest rate risk: The fund may lose value as a direct result of interest rate changes.
- Liquidity risk: The fund invests in illiquid instruments, which are harder to sell. Illiquidity increases the risks that the fund will be unable to sell its holdings in a timely manner in order to meet its financial obligations at a given point in time. It may also mean that there could be delays in investing committed capital into the asset class.
- Maintenance & Renewal risk: During the lifetime of an investment, components of certain infrastructure assets are likely to need to be replaced or undergo a major refurbishment. Timing and costs of such replacements or refurbishments are forecast, modelled and provided for but various factors such as shorter than anticipated asset lifespans or underestimated costs and/or inflation higher than forecast, may result in life-cycle costs being higher than projected.
- Market risk: The value of investments can go up and down and an investor may not get back the amount initially invested.
- Modern slavery risk: Modern slavery is a risk in the supply chains for renewable energy technologies, such as wind, solar, and rechargeable batteries, due to concerns about forced labour in the mining and production of key materials like cobalt, polysilicon, and copper. Heightened public scrutiny and legislation require due diligence and supply chain assessments, but the Fund's complex supply chain may make it difficult for the Investment Manager to identify all exposures to modern slavery risks, potentially affecting supply chain security and exposing the Fund to reputational and regulatory risks.
- Multi-strategy risk: The fund can be exposed to a broad range of risk. These include high yield bonds, ABS and MBS, convertible contingent bonds, emerging market and frontier and smaller companies risks. This can give rise the following risks: interest rate, credit, currency and liquidity risk.
- New assets and emerging technologies risk: As OECD countries advance their transition to net zero, adjacent technologies will be vital for integrating renewables into the energy landscape. The Fund's investment strategy may evolve to include new asset classes such as hydrogen infrastructure and electric vehicle charging. However, these emerging technologies come with increased operational, development, and performance risks. Additionally, the Fund may invest in assets at various construction or development stages, either through direct ownership or platform investments.
- Operational risk: Operational processes, including those related to the safekeeping of assets, may fail. This may result in losses to the fund.
- Performance risk: Investment objectives express an intended result but there is no guarantee that such a result will be achieved. Depending on market conditions and the macro economic environment, investment objectives may become more difficult to achieve.
- Private market valuations: In times of stress it may be difficult to find appropriate prices for private asset investments and they may be valued on the basis of proxies or estimates. This may lead to significant changes in the valuation of the fund, or the inability to determine a reliable net asset value which may lead to a suspension of the fund.
- Property development risk: The Fund may invest in property development which may be subject to risks including, risks relating to planning and other regulatory approvals, the cost and timely completion of construction, general market and letting risk, and the availability of both construction and permanent financing on favourable terms.
- Sustainability risk: The fund has the objective of sustainable investment. This means it may have limited exposure to some companies, industries or sectors and may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria chosen by the investment manager. The fund may invest in companies that do not reflect the beliefs and values of any particular investor.
- Tax risk: The Fund and its returns may rely on certain available tax efficiencies at the inception of the Fund which may be subject to changes in tax treatment or interpretations. Any change in the actual or perceived tax status or exposure of the Fund or its investments as well as in tax legislation, practice or in accounting standards could adversely affect the anticipated level of taxation