Foresight completes A$660 million capital raise to invest in a Kinetic continuation vehicle

SYDNEY, 21 September 2026 – Foresight Group (“Foresight”), the leading global infrastructure and real assets investment manager, is pleased to announce it has closed a A$660 million capital raise, backed by Australian and international institutional investors, to support its continued investment in global mass transit operator Kinetic.

 

The transaction was oversubscribed, with strong demand from Australian superannuation funds and international institutional investors, reflecting confidence in Kinetic’s future growth. It forms part of a continuation structure through which Foresight will remain a significant shareholder in Kinetic. 

 

Foresight’s investment in Kinetic reflects its long-term investment approach, investing in high-quality assets and businesses, driving their growth over time, creating value for investors, and retaining exposure where it continues to see compelling long-term value.

 

Foresight first invested in Kinetic in 2020 and has supported the business through a period of significant expansion. Since then, Kinetic has grown from its Australian origins into one of the world’s leading mass transit operators, with operations across Australia, New Zealand, the United Kingdom, Europe and Asia. 

 

Kinetic combines a hard-to-replicate infrastructure base with long-term contractual protections and significant operating scale, with more than 300 contracts globally.  The business continues to expand across Australia and international markets, underpinned by rising public transport demand, electrification and new contract wins, including recent growth in Victoria, Singapore and major rail operations in London and Stockholm.

 

Edward Lloyd, Head of Australia at Foresight, said:

“We’re pleased to introduce new institutional investors to Kinetic and to continue our investment in the business alongside TPG.

“The strong level of demand reflects the quality of Kinetic, the resilience of its underlying business and the opportunities we continue to see for further growth.

“Australia is an important market for Foresight, and the level of investor commitment reflects continued confidence in the opportunities we are bringing to market. There is a significant need for new energy and infrastructure investment, and institutional capital will be central to funding it. We continue to see a broad range of opportunities across renewable energy, energy storage and essential infrastructure.”

 

Adrian Kong, Investment Director at Foresight, commented:

“Kinetic is a key enabler in the shift to zero-emission public transport, combining essential transport infrastructure at scale, and is well placed to help governments decarbonise their networks.  We are looking forward to investing in Kinetic’s next phase of growth”

 

The transaction does not change Kinetic’s shareholding structure, with Foresight retaining its 30% interest, alongside TPG Rise Climate.

 

Foresight has been active in the Australian infrastructure market for more than 25 years and currently manages around A$5 billion of assets in Australia. It continues to assess opportunities across renewable generation, energy transition and other infrastructure needed to support the country’s growing energy and economic requirements.

 

Macquarie Capital and Ashurst acted as advisers to Foresight in relation to the transaction.