An award-winning, independent
infrastructure investment firm
iCON is an award-winning, independent investment firm managing funds with $12 billion of capital
We focus on making long term equity investments in private, mid-market, infrastructure businesses located in Europe and North America.
iCON’s affiliated funds have successfully invested in a diversified portfolio of 52 businesses spanning a range of infrastructure sectors including Transport, Utilities, Telecoms, Energy & Environment and Social Infrastructure.
Investors in iCON’s funds comprise blue-chip institutions across Europe, North America, the Middle East and Asia.
Our latest fund, iCON Infrastructure Partners VII, secured commitments of $3.7 billion in July 2025 following less than eight months fundraising.
Our statistics
Capital raised in excess of
$12
bn
Our latest fund
$3.7
bn
Investments
52
Portfolio companies
33
PRI signatory since
2012
Realised investments
19
History
iCON is an independent business, wholly owned by its executives. iCON was founded in 2011 following a spin-out from Deutsche Bank where the team was initially formed in 2004. The founding team members all work within the business today.
Our culture, strategy discipline and top-quartile return performance have been consistent across seven flagship funds that have been raised over the past 14 years.
Today, our team is comprised of over 80 professionals across four offices: London (our headquarters), New York, Paris and Berlin.
“Our success to date is founded on our commitment to a culture where the best talent can thrive in an environment of strategy discipline and execution excellence. Continued adherence to our principles promises to guide us to more shared success in the years to come”
Paul Malan, Senior Partner
Our Culture
iCON’s vision, social purpose and culture have stood the test of time, remaining the same throughout our history.
We believe that our distinctive culture is critical to the firm and its ongoing success, and is based upon iCON being a meritocratic, open, respectful, enjoyable and rewarding environment for our people.
Vision
iCON’s vision is to be the pre-eminent mid-market infrastructure investment firm over the long term in our chosen markets, currently Europe and North America.
Social Purpose
The social purpose of our investment activities is:
- to provide superior investment returns to the funds’ institutional investors which assists them in securing positive outcomes for their ultimate beneficiaries, which include pensioners and insurance clients;
- to support the provision of high-quality essential infrastructure services in a responsible manner to the communities which depend on them; and
- to provide development opportunities and personal fulfilment to employees across iCON and our funds’ investments.
iCON was established as an independent firm and continues to be wholly owned by its partners who work within the business. It is our objective that all of our people both feel and adopt the same ownership mentality and responsibility that has led to iCON’s success to date.
iCON is first and foremost a high-paced, results-driven organisation. We are committed to providing a meritocratic workplace environment where everyone has the opportunity to realise their potential, perform at the highest levels and have a sense of belonging and responsibility to the business as a whole.
We foster a strong, entrepreneurial culture within the firm which reflects our heritage. Accordingly, exercising initiative and taking responsibility are strongly encouraged and highly valued.
We aim to create an environment where everyone is genuinely excited and challenged by the opportunity to contribute meaningfully to work that is interesting and worthwhile, alongside colleagues who they respect and with whom they enjoy working.
Every single person at iCON has something valuable to contribute. It is our philosophy that everyone, regardless of status, experience or background, should have a voice on the issues that we face and that all such viewpoints should be appropriately respected.
We want our people to thrive and thus work to create an environment where everyone is welcome and can do their best work. We recognise and champion the value to our business that individuals with different backgrounds, characteristics and perspectives bring to their work and the firm as a whole.
We want everyone to share in the firm’s success and form part of one cohesive team, supporting and encouraging others in the firm to achieve the objectives of all.
Environmental, Social & Governance (ESG)
ESG and sustainability matters form an integral part of our asset allocation and investment processes. We have been a signatory to the Principles for Responsible Investment (PRI) since 2012.
In 2016, iCON established a Health and Safety (H&S) Committee to provide oversight of H&S issues across the portfolio. The Committee advises and promotes best practices in H&S risk management to all portfolio companies.
A summary of our ESG philosophy and approach is below.
Recent Awards
The 2023 Fund Manager of the Year (Europe) award was given by Infrastructure Investor on 1 March 2024, covering the time period from 1 January 2023 to 31 December 2023. No compensation was provided in connection with this award.
The 2022 Mid-Market Investor of the Year (Global) award was given by Infrastructure Investor on 1 March 2023, covering the time period from 1 January 2022 to 31 December 2022. No compensation was provided in connection with this award.
The 2022 Equity Fundraising of the Year (Europe) award was given by Infrastructure Investor on 1 March 2023, covering the time period from 1 January 2022 to 31 December 2022. No compensation was provided in connection with this award.
The 2022 Digital Infrastructure Deal of the Year (North America) award was given by Infrastructure Investor on 1 March 2023, covering the time period from 1 January 2022 to 31 December 2022. No compensation was provided in connection with this award.
The 2021 Mid-Market Investor of the Year (Global) award was given by Infrastructure Investor on 1 March 2022, covering the time period from 1 January 2021 to 31 December 2021. No compensation was provided in connection with this award.
The 2021 Transport Investor of the Year (North America) award was given by Infrastructure Investor on 1 March 2022, covering the time period from 1 January 2021 to 31 December 2021. No compensation was provided in connection with this award.
The 2021 Social Investor of the Year (North America) award was given by Infrastructure Investor on 1 March 2022, covering the time period from 1 January 2021 to 31 December 2021. No compensation was provided in connection with this award.
The 2021 EMEA Fund Performance of the Year award was given by IJInvestor Awards on 13 December 2021, covering the time period of 1 April 2020 to 30 April 2021. No compensation was provided in connection with this award.
The 2023 Top Performing European Infrastructure Fund Manager award was given by Preqin in June 2023, covering the time period from 1 March 2022 to 31 March 2023. No compensation was provided in connection with this award.
The 2021 feature as One of the Largest Unlisted Infrastructure Funds Closed in 2020 was given by Preqin in February 2021, covering the time period from 1 January 2020 to 31 December 2020. No compensation was provided in connection with this award.
The 2021 feature as One of the Most Consistent Top Performing Unlisted Infrastructure Fund Managers (All Vintages) was given by Preqin in February 2021, covering the time period from 1 January 2020 to 31 December 2020. No compensation was provided in connection with this award.
The 2021 feature as One of the Top Performing Unlisted Infrastructure Funds by Net IRR (Vintages 2008-2017) was given by Preqin in February 2021, covering the time period from 1 January 2020 to 31 December 2020. No compensation was provided in connection with this award.
The 2021 feature as One of the Largest Europe-Focused Unlisted Infrastructure Funds Closed in 2020 was given by Preqin in February 2021, covering the time period from 1 January 2020 to 31 December 2020. No compensation was provided in connection with this award.
The 2019 Consistent Top Performing Infrastructure Fund Manager feature was given by Preqin in February 2019, covering the time period from 1 January 2018 to 31 December 2018. No compensation was provided in connection with this award.
No compensation was provided in connection with these awards.