By Vishwesh Iyer
SINGAPORE, April 29, 2025 – After more than three decades of building a global portfolio in core infrastructure sectors, New Zealand-headquartered investment firm Morrison has turned its sights to Asia, with Singapore emerging as a strategic hub in its next chapter of growth.
Paul Newfield, Chief Executive Officer of Morrison, said the firm’s foray into Asia began in earnest just four years ago, despite its long-standing presence in other developed markets like Australia, New Zealand, North America, and Europe.
“In hindsight, we probably should have entered the market sooner,” Newfield told AsiaBizToday. “Our investors have traditionally favoured developed markets, but we’ve always recognised Asia’s potential, particularly in renewable energy, given our roots in New Zealand where renewables account for about 85% of the energy mix.”
That delayed entry is now gaining traction. Through its management of the fund, Infratil, Morrison oversees a stake in renewable energy platform Gurin Energy which holds one of the conditional licences to import clean energy into Singapore via a large-scale project based in Indonesia. Newfield sees strong potential in South Korea, Japan, Thailand, and the Philippines, adding that Asia has surprised the firm with the breadth of opportunities comparable to developed markets.
Business-Building Model, Not Project-Based Investing
Morrison’s approach to infrastructure investing is distinct from traditional private equity. Rather than acquiring stand-alone assets, the firm prefers to establish or scale businesses in control positions.
“Think of us not as project developers, but as long-term investors focused on building infrastructure businesses,” Newfield said. Gurin Energy is a prime example: launched as a startup with a handpicked leadership team, Morrison provided capital, governance, and strategic oversight while empowering the management to lead execution.
This approach has helped Morrison steadily grow its global portfolio, now valued at around USD 28 billion. Nearly half of this comprises renewable energy assets and platforms across Asia-Pacific, Europe, and the US. Digital infrastructure, including data centres, fibre networks, and telecom towers, represents about 25% of the portfolio. The firm has also invested in airports, water utilities, desalination plants, and more recently, circular economy ventures.
In Australia, for instance, Morrison runs a business supplying reusable plastic crates to major supermarkets, reducing the reliance on single-use packaging. “It’s a small but impactful shift in how we think about infrastructure,” said Newfield.
Singapore as Launchpad for Asia Growth
The firm’s decision to base its Asia hub in Singapore was driven by the city-state’s reputation as both an investment-friendly jurisdiction and a fundraising centre. Since 2021, Morrison has expanded operations or projects in Indonesia, Thailand, the Philippines, South Korea, and Japan.
However, two of Asia’s largest economies, China and India, remain off Morrison’s immediate radar. While the firm experimented with China using its own balance sheet, the complexity and risk profile proved misaligned with its clients’ expectations. As for India, Newfield noted that the sheer scale of opportunity demands a bespoke, India-only strategy, which the firm has opted not to pursue for now.
Across the global markets where Morrison operates, infrastructure investment dynamics vary widely. Australia is a mature market with fierce competition, prompting the firm to focus on building new platforms like data centres and renewables. North America, by contrast, is less developed in terms of private ownership, often requiring Morrison to compete with private equity while leveraging its long-term capital edge.
“Europe is mature but low-growth, while Asia-Pacific is highly diverse,” Newfield explained. “In Asia, the focus is often on meeting rising energy demand, not just decarbonisation.”
Interestingly, he noted that the US is starting to resemble Asia, especially with the rapid growth of data centres requiring fast and cost-efficient energy, where solar and battery storage solutions are becoming increasingly viable even without policy-driven incentives.
Morrison’s investment philosophy is shaped by long-term themes such as the global energy transition, digitalisation, and the circular economy. “These are multi-decade trends that we believe will define infrastructure investing,” Newfield said.
Healthcare is another emerging pillar for the firm, particularly diagnostics and imaging. While its current investments are concentrated in Australia and New Zealand, Newfield sees strong potential for Asia through cross-border models like teleradiology, where radiologists in Australasia can support hospitals in Asia and Europe.
Adapting to a Fragmented World
The current geopolitical and economic landscape poses fresh challenges, as globalisation gives way to more fragmented, nationalistic agendas. “Private ownership of critical assets is becoming harder in many countries,” Newfield observed. “We predicted this back in 2019, and it has accelerated since.”
Nonetheless, Morrison sees opportunity amid the uncertainty. “We believe in investing in the essential, whether it’s clean energy, digital connectivity, or healthcare infrastructure. These are long-term needs that transcend borders and political cycles.”
As Morrison doubles down on Asia, particularly through its Singapore-led strategy, its track record and commitment to patient capital may position it as a key player in shaping the region’s next phase of infrastructure transformation.