InfraRed Capital Partners completes an investment in French fibre broadband platform

5 May 2023 Investments
InfraRed Capital Partners (“InfraRed”) announces the completion of an investment by HICL Infrastructure PLC (“HICL”), the London-listed infrastructure investment company managed by InfraRed, InfraRed’s European Infrastructure Income Fund IV and other InfraRed-managed funds and accounts, into the Altitude’s (“Altitude”) fibre-to-the-home (“FTTH”) platform (“Altitude Infra”).

Altitude Infra is a leading owner/operator in the French FTTH market, with a c. 30% market share of the fibre footprint in the Public Initiative Networks (PIN) areas. It owns and operates 27 separate infrastructure networks awarded under the PIN scheme which together cover more than five million homes across France. Altitude Infra is the sole wholesale provider of FTTH fibre in its subsidised rural networks and has completed c.70% of its fibre roll-out target.

France has an attractive market framework, underpinned by a regulated national initiative to meet full FTTH rollout by 2025 and regulated by  ARCEP, the French telecom regulator. Altitude Infra earns inflation-linked wholesale revenues generated from the sale of its broadband and network services to Internet Service Providers such as Free, Bouygues Telecom, Orange and SFR under an ARCEP tariff structure.

This transaction expands InfraRed’s fibre investment portfolio, which also includes Deutsche GigaNetz, a German telecommunications provider; and Complete Technology Group, a UK-based telecommunication provider.

Sébastien Pochon, Head of Origination & Execution, Partner at InfraRed said:

“Altitude Infra is a high-quality core infrastructure investment of the modern economy, connecting communities in remote areas of France to essential fibre broadband.

“This transaction brings additional diversification to our income strategies in a market and sector we know already well. It further advances our investments in digital communications assets which provide not only an essential public service but also predictable and inflation-linked revenues.”


About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure investment manager, with more than 190 professionals operating worldwide from offices in London, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and custodian of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$14bn+ of equity capital1 for investors around the globe, in listed and private funds across both income and capital gain strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating2 for its infrastructure business for seven consecutive assessments, having secured a 5 star rating for the 2021 period. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BentallGreenOak, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

1.  Data as at Q3 2022. Equity Capital is calculated using a 5-year average FX rate

2.  Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at

Further reading