Morrison & Co
Morrison & Co, renamed Morrison in 2023, is a specialist infrastructure investment manager operating across private and listed markets.
Last updated October 14, 2026
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Overview
Morrison & Co is a New Zealand-founded infrastructure investment manager with activities spanning private infrastructure, listed infrastructure vehicles, investment advisory work and public-private partnership funds. The firm was established in 1988 by Lloyd Morrison to provide broad investment advisory services to public- and private-sector clients in New Zealand and Australia. During the privatisation activity of the early 1990s, it narrowed its focus toward infrastructure investment and advisory services, building expertise in assets such as airports, ports, energy businesses, utilities, telecommunications infrastructure, data centres and other essential services. A central development in the firm's history was the creation of Infratil in 1994. Infratil became one of the early listed infrastructure investment vehicles and was listed on the New Zealand Exchange and the Australian Securities Exchange. Morrison managed the vehicle and participated in the development and ownership of infrastructure businesses including airports, energy, telecommunications, retirement living and data centres. Morrison also managed Infratil Australia Limited from its establishment in 1994 until its takeover in 2000 by the Australian Infrastructure Fund. Before that transaction, the Australian vehicle held interests in Perth Airport, Darwin International Airport, Alice Springs Airport, Southern Hydro and the Port of Portland. Morrison expanded into institutional infrastructure mandates and public-private partnership investing. The New Zealand Superannuation Fund appointed the firm to manage a global infrastructure mandate in 2006. In 2009, Morrison launched the Public Infrastructure Partnership Fund, described as New Zealand's first fund dedicated to public-private partnership investments. The fund and its successor, PIP II, supported projects involving schools, hospitals, student accommodation, prisons and convention facilities. The model combined institutional and community-trust capital with long-term investment in social infrastructure. The firm continued to broaden its platform through new funds and mandates. In 2018 it established the Morrison & Co Growth Infrastructure Fund, a commingled vehicle focused on unlisted infrastructure and sustainability-oriented investment. The fund reached approximately A$580 million at its third and final close in 2020 and targeted gross returns of 13% to 15% per year, according to the reference material. Morrison also assumed management of the Utilities Trust of Australia in 2018, taking responsibility for a portfolio of core infrastructure assets then valued at approximately A$6 billion. In 2019, the firm acquired the agriculture business Sundrop Farms for an undisclosed amount. Morrison's international expansion accelerated after 2018, with offices and investment activity extending beyond Australasia into Asia, Europe, the United Kingdom and North America. In 2021, the firm raised US$3 billion for an open-ended global infrastructure fund. That year, a Morrison-managed consortium acquired a 49% interest in InfraCo Towers from Telstra; the business was later renamed Amplitel. Morrison also stated a goal of becoming climate positive across its own operations, combining emissions reduction with offsetting and community-oriented programs where elimination was not possible. Leadership changed in 2021 and 2022. Marko Bogoievski, who had served as chief executive after Lloyd Morrison and retired following 13 years with the firm, was succeeded by Paul Newfield, formerly the firm's head of Australia and New Zealand. In April 2023, Morrison completed the acquisition of FiberLight, a US fibre-network infrastructure company, in a transaction reported in the reference material at approximately US$1 billion. In the same year, the firm changed its brand name from Morrison & Co to Morrison. The business remains positioned as a specialist, long-term infrastructure investor serving institutional capital and investing in assets intended to provide essential services and relatively durable cash flows.
History
Morrison & Co began in New Zealand in 1988, when Lloyd Morrison founded the firm to provide investment advisory services to public and private-sector clients in New Zealand and Australia. Its initial remit was broad, but the investment environment of the early 1990s shaped the firm's later identity. As governments in Australasia pursued privatisation programs, Morrison concentrated increasingly on infrastructure assets and infrastructure-related advisory work. In 1994, the firm launched Infratil, a listed infrastructure investment vehicle that became a defining part of Morrison's business model. Infratil provided public-market access to infrastructure exposure and invested in assets such as airports, energy companies, telecommunications businesses, retirement living and data centres. Morrison also managed Infratil Australia Limited from 1994 until July 2000, when that vehicle was taken over by the Australian Infrastructure Fund. Its Australian portfolio before the takeover included airport, energy and port interests. Morrison expanded its institutional mandate business in 2006 when it was appointed by the New Zealand Superannuation Fund to manage a global infrastructure mandate. Three years later, it launched the Public Infrastructure Partnership Fund, designed to invest in New Zealand public-private partnership projects. The New Zealand Superannuation Fund served as cornerstone investor, alongside New Zealand community trusts and other institutional investors. A related New Zealand Social Infrastructure Fund was established in 2010 to broaden private participation. The first fund supported projects including schools, a convention centre, hospital accommodation, student accommodation and a prison. Morrison announced the first close of the follow-on PIP II fund in December 2015. The firm developed additional investment products during the late 2010s. In 2018, it created the Morrison & Co Growth Infrastructure Fund, a commingled vehicle aimed at unlisted infrastructure assets and incorporating a sustainability orientation. Morrison also assumed management of Utilities Trust of Australia in July 2018 after investors voted to terminate the previous manager's mandate. UTA, established in 1994, held a diversified portfolio of core infrastructure assets, including interests associated with water, electricity transmission, airports, gas networks and other essential services. Morrison subsequently expanded its geographic presence beyond Australasia into Asia, Europe, the United Kingdom and North America. Morrison acquired Sundrop Farms in 2019, adding a controlled-environment agriculture business to its infrastructure-related investment activities. In August 2020, its Growth Infrastructure Fund completed its third and final close at approximately A$580 million. The firm stated that the fund took a long-term approach to essential infrastructure and sought gross returns of 13% to 15% annually. In early 2021, Morrison committed to becoming climate positive across its own operations, with a preference for reducing or eliminating operational emissions and using offsetting where necessary. International fundraising and telecommunications infrastructure transactions marked 2021. Morrison raised US$3 billion for a new open-ended global infrastructure fund. It also managed a consortium that acquired 49% of InfraCo Towers from Telstra, with the Future Fund, Sunsuper and the Commonwealth Superannuation Corporation among the consortium participants. The tower business was later renamed Amplitel. Utilities Trust of Australia was recognised by GRESB in 2021 as one of the ten highest-rated infrastructure funds globally and the leading fund in Oceania for ESG performance, according to the supplied reference material. Leadership transitioned after Marko Bogoievski's retirement in 2021. Bogoievski had followed founder Lloyd Morrison as chief executive and had spent 13 years with the firm. Paul Newfield, previously head of Australia and New Zealand, became chief executive in 2022. In April 2023, Morrison completed the acquisition of FiberLight, a fibre-network infrastructure company in the United States, in a transaction reported at approximately US$1 billion. The same year, the company changed its brand name from Morrison & Co to Morrison. Its continuing business is centred on managing institutional capital and investing in private and listed infrastructure assets across multiple international markets.
- 2023
FiberLight acquisition and rebrand
[1]Morrison completes its FiberLight acquisition and changes its brand name from Morrison & Co to Morrison.
- 2022
Paul Newfield becomes chief executive
[1]Paul Newfield succeeds Marko Bogoievski as chief executive.
- 2021
Global fund fundraising and tower investment
[1]Morrison raises US$3 billion for a global infrastructure fund and leads a consortium investment in InfraCo Towers.
- 2020
Growth Infrastructure Fund reaches final close
[1]The fund completes its third and final close at approximately A$580 million.
- 2018
UTA management mandate begins
[1]Morrison takes over management of Utilities Trust of Australia and its core infrastructure portfolio.
- 2009
Public Infrastructure Partnership Fund launches
[1]Morrison establishes New Zealand's first fund dedicated to public-private partnership investment.
- 2006
New Zealand Superannuation Fund mandate
[1]Morrison is appointed to manage a global infrastructure mandate for the New Zealand Superannuation Fund.
- 1994
Infratil is launched
[1]Morrison launches Infratil, an early listed infrastructure investment vehicle.
- 1988
Morrison is founded
[1]Lloyd Morrison establishes the firm to provide investment advisory services in New Zealand and Australia.
Products and positioning
A specialist, long-term infrastructure manager focused on essential assets, institutional capital, public-private partnerships, sustainability and diversified infrastructure exposure across private and listed markets.
Listed infrastructure investment vehicle · 1994
Infratil
Launched by Morrison in 1994, Infratil is a listed infrastructure investment vehicle traded on the New Zealand Exchange and the Australian Securities Exchange. Its investments have included energy, airports, telecommunications, retirement living and data centres. Morrison manages the vehicle and receives a management fee linked to assets under management.
Public-private partnership fund · 2009
Public Infrastructure Partnership Fund
Launched in 2009, the fund was designed to provide capital for New Zealand public-private partnership projects. Its investments included schools, hospital accommodation, student accommodation, a convention centre and a prison. The New Zealand Superannuation Fund was its cornerstone investor, with additional commitments from community trusts and institutional investors.
Public-private partnership fund · 2015
PIP II
PIP II is a follow-on vehicle to Morrison's original Public Infrastructure Partnership Fund. It continued the strategy of investing in New Zealand public-private partnership projects and reached first financial close in December 2015.
Unlisted infrastructure fund · 2018
Morrison & Co Growth Infrastructure Fund
The Growth Infrastructure Fund is a commingled fund focused on unlisted infrastructure assets and a sustainability-oriented investment approach. It completed its third and final close in 2020 at approximately A$580 million and targeted gross returns of 13% to 15% per year, according to the supplied reference material.
Core infrastructure fund · 1994
Utilities Trust of Australia
Utilities Trust of Australia is an open-ended infrastructure fund established in 1994. Morrison became its manager in 2018. The portfolio has included Australian Registry Investments, Perth Airport, TransGrid, Phoenix Natural Gas and South East Water, as well as assets that were later sold.
Global infrastructure fund · 2021
Global infrastructure fund
In 2021, Morrison raised US$3 billion for a new open-ended global infrastructure fund. The vehicle extends the firm's strategy beyond Australasia and is intended to invest in infrastructure assets across international markets.
Marketing campaigns
- 2008A measurable goal
New Zealand
Lloyd Morrison launched a campaign seeking a common, measurable national goal for New Zealand. The initiative was motivated partly by concerns that the country's economic growth trajectory could lead to a substantial decline in its ranking for GDP per capita.
Outcome. No definitive campaign outcome is specified in the supplied reference material.
Brand decisions
2023
Acquisition of FiberLightM&ABackground
Morrison continued expanding into North American digital infrastructure.
Action taken
The firm completed its acquisition of FiberLight, a fibre-network infrastructure company, and announced Bill Major as FiberLight's chief executive.
Aftermath
The transaction strengthened Morrison's exposure to fibre infrastructure in the United States.
Reported transaction value. Approximately US$1 billion (April 2023)
2023
Rebrand from Morrison & Co to MorrisonStrategyBackground
The firm was broadening its international infrastructure investment platform and updating its public identity.
Action taken
Morrison changed its brand name from Morrison & Co to Morrison.
Aftermath
The business continued operating as an international specialist infrastructure manager under the Morrison name.
2021
Investment in InfraCo TowersM&ABackground
Telstra offered an ownership interest in its mobile-tower infrastructure business.
Action taken
A Morrison-managed consortium acquired 49% of InfraCo Towers, with the Future Fund, Sunsuper and the Commonwealth Superannuation Corporation participating.
Aftermath
The business was subsequently renamed Amplitel.
2018
Expansion into growth infrastructureStrategyBackground
Morrison sought to broaden its product range beyond established core infrastructure mandates.
Action taken
The firm established the Morrison & Co Growth Infrastructure Fund, targeting unlisted infrastructure assets with a sustainability focus.
Aftermath
The fund reached its third and final close in 2020 at approximately A$580 million.
Total fund size. Approximately A$580 million (Third and final close, August 2020)
2009
Creation of the Public Infrastructure Partnership FundProduct launchBackground
New Zealand's public-private partnership market created demand for long-term capital dedicated to social infrastructure.
Action taken
Morrison launched the Public Infrastructure Partnership Fund, with the New Zealand Superannuation Fund as cornerstone investor.
Aftermath
The fund invested in schools, health-related accommodation, student accommodation, a convention centre and a prison, and was followed by PIP II.
1994
Launch of InfratilProduct launchBackground
Morrison was seeking a scalable way to invest in infrastructure while providing access to public-market capital.
Action taken
The firm launched Infratil as a listed infrastructure investment vehicle.
Aftermath
Infratil became a major platform for Morrison's infrastructure investment activities and expanded into airports, energy, telecommunications, retirement living and data centres.
Recent events
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