We are living through the most consequential infrastructure investment cycle in modern history. Across seven foundational verticals — transportation, energy, digital infrastructure, waste and water, agriculture, social infrastructure, and defense — cumulative global investment of $106 trillion will be required by 2040 to meet the demands of a rapidly urbanizing, digitizing, and decarbonizing world.

The Starlight Global Infrastructure Fund (the “Fund”) is built to capture this generational opportunity. Rather than investing broadly across all infrastructure verticals, the fund concentrates its 40-holding portfolio across five high-conviction structural supercycles where the combination of long-term contractually secured cash flows, essential service characteristics, and multi-decade demand tailwinds creates the most compelling risk-adjusted return environment for Canadian accredited investors.

The five supercycles represented in the Starlight Global Infrastructure Fund map directly to the most capital-intensive infrastructure verticals globally: Digital Infrastructure & Financial Networks digital and financial network overlay, Power Generation & Demand energy/power, Energy Transition & Decarbonization energy transition subset, Transportation Logistics & Trade, and Physical Infrastructure & Construction waste/water and physical infrastructure. Together, these verticals account for the overwhelming majority of the $106 trillion identified investment requirement.

Three forces are converging to make the current decade the most significant infrastructure investment window since the post-war reconstruction era.

1. Artificial Intelligence and the Digital Technology Revolution

AI is spurring massive demand for data centres and supporting infrastructure. In 2025, Amazon, Google, Meta, and Microsoft committed more than $400 billion in capital spending — much of it in data centre capacity to support AI. The International Energy Agency (IEA) projects that global electricity consumption from data centres will more than double to over 1,000 TWh annually by 2030, while the Electric Power Research Institute’s (EPRI’s) 2026 Powering Intelligence report projects US data centres will account for 9–17% of total domestic electricity consumption by that date.

2. The Global Energy Transition

The clean energy transition is among the most substantial forces shaping infrastructure investment globally. Global installed wind and solar capacity rose approximately 20% annually from 2010 to 2023, according to the IEA. BloombergNEF’s 2026 Energy Transition Investment Trends report confirmed that global clean energy investment reached a record $2.3 trillion in 2025 — up 8% year-over-year — with clean energy supply investment surpassing fossil fuel supply for the second consecutive year. To meet global decarbonization targets, the IEA estimates annual energy infrastructure investment must more than double by 2030.

3. Geopolitical Realignment and Supply Chain Restructuring

Infrastructure investment has become a strategic tool in global politics. Countries are using large-scale projects to extend influence, secure resources, and reshape trade networks. Nearshoring and friendshoring trends are restructuring global trade infrastructure — a direct tailwind for the Fund’s transportation and logistics holdings. The Organisation for Economic Co-Operation and Development (OECD) and World Bank have documented that Southeast Asian governments alone have announced investments of more than $250 billion in ports, deep-water berths, rail, and logistics parks in direct response to supply chain diversification away from China.

These forces are amplified by a decisive shift in how private capital is deployed. From the second half of 2023 through the first half of 2024, cross-vertical infrastructure strategies — those investing at the intersection of multiple infrastructure themes — attracted 75% of all infrastructure capital raised globally, according to the IJInvestor Funds and Investors Report. The Fund’s five-supercycle structure is designed precisely to capture this cross-vertical opportunity set.

The Investment Thesis

Digital infrastructure requires an estimated $19 trillion in global investment by 2040 — and while this figure may appear lower than transportation or energy in absolute dollar terms, its role as the enabling layer for every other vertical means it will see the fastest growth from current investment levels. Fibre networks, towers, satellites, and data centres form the backbone of business, cities, digital services, and AI-powered systems across all other infrastructure categories.

As of mid-2024, 78% of organizations globally reported using AI in at least one business function, up from 55% the prior year, according to a McKinsey State of AI survey. Gen AI adoption more than doubled from 33% to 71% in just over a year. A decade ago, 30-megawatt data centres were considered large; today, 200-megawatt facilities are increasingly common. Goldman Sachs projects data centre power demand will increase by 165% by 2030.

The payment network layer that sits atop this digital infrastructure is equally infrastructure-like in its characteristics. The Capgemini World Payments Report 2025 documents that global non-cash transaction volumes reached 1.4 billion in 2023 and are on track to reach 2.83 billion by 2028 — growth that flows directly through the payment rails of the Fund’s network holdings. These platforms exhibit defining infrastructure characteristics: multi-year issuing bank agreements, zero credit risk, and switching costs that take years and significant capital to overcome.

Selected Fund Holdings

The Investment Thesis

Power infrastructure — including generation, transmission, and distribution assets — represents an estimated $23 trillion in required global investment through 2040, driven by a sustained acceleration in electricity demand not seen in developed economies for two decades. The IEA’s Electricity 2024 report projects global energy demand growing approximately 4% annually through 2027, with data centres, EV charging, and industrial electrification as the primary new demand categories.

In the United States alone, EPRI projects that data centre electricity consumption will reach 380–790 TWh by 2030 — up from approximately 177–192 TWh today — requiring the equivalent of between 50 and 200 new large-scale power plants. Grid modernisation is now a bipartisan imperative: the US Infrastructure Investment and Jobs Act allocated $65 billion to grid upgrades, while the EU’s REPowerEU programme has mandated accelerated grid investment through 2030, creating a multi-year contracted order book for transmission and distribution equipment manufacturers and regulated utilities.

BloombergNEF documents that grid investment reached $483 billion globally in 2025 — up 17% year-over-year — making it one of the fastest-growing categories in clean energy capital deployment. The convergence of AI-driven electricity demand growth, decarbonization mandates, and aging grid infrastructure creates a structural multi-decade investment cycle for regulated utilities and renewable energy platforms that hold long-duration, inflation-linked contracted assets.

Selected Fund Holdings

The Investment Thesis

The global energy transition represents one of the most capital-intensive structural shifts in infrastructure history. BloombergNEF’s Energy Transition Investment Trends 2026 report confirmed that global energy transition investment reached a record $2.3 trillion in 2025 — up 8% from 2024 — with clean energy supply investment surpassing fossil fuel supply for the second consecutive year. BloombergNEF’s base-case economic transition scenario projects average annual investment reaching $2.9 trillion over the next five years.

The IEA’s World Energy Outlook 2024 identifies a critical decade for the energy transition: demand for all three fossil fuels is set to peak by 2030 under stated policy scenarios, while electricity demand grows much faster than overall energy demand. This transition is not binary — natural gas infrastructure, LNG terminals, and midstream networks play a pivotal bridging role, particularly across Asia and Europe where coal-to-gas switching is the most practical near-term decarbonization pathway. The IEA projects LNG trade volumes growing through 2030 as European energy security imperatives and Asian demand growth outpace domestic renewable capacity additions.

The intersection of energy transition and transportation creates the most rapidly emerging investment theme: sustainable fuels. Global Sustainable Aviation Fuel (SAF) demand is projected to reach 17 million metric tons per year by 2030, according to International Air Transport Association (IATA) — requiring LNG and midstream infrastructure to co-exist alongside emerging clean fuels networks through the transition decade. The IEA’s Gas Market Report 2025 documents that European energy security policy has created structural, decade-long demand for US LNG under long-term fixed-price contracts.

Selected Fund Holdings

The Investment Thesis

Transportation and logistics is the single largest global infrastructure investment vertical, with $36 trillion in required cumulative investment through 2040 according to the Global Infrastructure Hub’s Oxford Economics analysis — reflecting the scale of unmet demand across aging roads, congested ports, and strained public transit systems globally, compounded by decarbonization mandates and the restructuring of global supply chains. Maritime transportation alone facilitates approximately 80% of global trade by volume, according to UNCTAD’s 2024 Review of Maritime Transport.

The OECD and World Bank have documented a decisive supply chain shift: Vietnam and Indonesia attracted almost $50 billion of greenfield manufacturing projects in 2023 alone, raising Southeast Asia’s foreign direct investment in manufacturing by roughly 20% from 2019 levels. In response, Southeast Asian governments have announced investments of more than $250 billion in ports and logistics infrastructure. This supply chain realignment — driven by geopolitical tension and China-plus-one diversification strategies — creates structural, multi-decade demand for global logistics operators with the scale and network density to manage complex, multi-modal freight flows.

Automation and AI are simultaneously reshaping transportation economics. In rail, early adopters are using high-capacity fibre backhaul and AI to optimize crew planning, trimming labour costs by 10–15% according to studies cited by the International Union of Railways (UIC). Predictive maintenance programs have boosted fleet reliability by approximately 15% and lowered maintenance costs by roughly 20%. For rail and logistics operators with the technology investment and scale to capture these efficiency gains, the structural competitive advantage compounds over time.

Selected Fund Holdings

The Investment Thesis

Waste and water infrastructure represents $6 trillion in required global investment through 2040, but its strategic importance extends far beyond its dollar magnitude — touching almost every sector of the economy and every other infrastructure vertical. The UN Environment Programme’s Global Waste Management Outlook 2024 documents that municipal solid waste generation is expected to double from 2.1 billion tons in 2023 to 3.8 billion tons by 2050. Meanwhile, the US ASCE’s 2025 Infrastructure Report Card assigned drinking-water systems a C−grade and wastewater infrastructure a D+, reflecting decades of underinvestment requiring urgent capital deployment.

For investors, waste infrastructure is particularly compelling because of its localized, quasi-monopolistic characteristics. Collection rules, recycling targets, tipping fees, and regulatory approvals vary considerably at the municipal level, making long-term municipal exclusivity agreements — typically 20–30 year terms — the defining commercial feature. These agreements create the contracted revenue visibility that differentiates waste

Physical infrastructure construction and maintenance — the enabling layer for all five supercycles — faces a decisive capital deployment moment. The American Society of Civil Engineers estimates that failing to modernize US core infrastructure could cost the US economy $10 trillion in lost GDP by 2039. In Canada, Infrastructure Canada has committed over $180 billion in federal infrastructure investment through the Investing in Canada Plan, creating a decade-long contracted order book for integrated infrastructure operators across public transit, trade corridors, and green infrastructure.

Selected Fund Holdings

A convergence of technological change, demographic pressure, geopolitical realignment, and climate imperative is creating a genuine inflection point in global infrastructure investment. The Global Infrastructure Hub projects $106 trillion in required cumulative investment by 2040. BloombergNEF documents that clean energy investment alone reached $2.3 trillion in 2025 and is projected to average $2.9 trillion annually through 2030. The IEA estimates energy infrastructure investment must more than double annually to meet decarbonization targets. Each of these independent institutional projections points to the same conclusion: the current decade is the most significant infrastructure investment window of the modern era.

The Starlight Global Infrastructure Fund’s five-supercycle framework maps directly to the most capital-intensive verticals in this investment cycle: $36 trillion in transportation and logistics (4), $23 trillion in energy and power (2 and 3), and $19 trillion in digital infrastructure (1), with the physical infrastructure and essential services of waste and environmental services (5) providing portfolio ballast through their locally contracted, quasi-monopolistic cash flows.

For Canadian investors seeking an income-generating, inflation-protected allocation to the most durable structural investment theme of the next decade, the Starlight Global Infrastructure Fund Series F offers a tax-efficient 4.48% distribution yield*, with 86.8% of the distribution treated as return of capital for tax purposes in 2025.  The portfolio generated 34 dividend and distribution increases in 2025 with an average increase of 13.6%.  Finally, the cross-vertical portfolio construction positions unitholders to benefit from the full breadth of this $106 trillion investment opportunity.

Inception — 2018

Investment Objective:

To provide regular current income by investing globally in companies with either direct or indirect exposure to infrastructure.

Distribution Frequency
Fixed Monthly

Fund Codes / Ticker
Series A (SLC102)
Series F (SLC202)
Series FT6 (SLC252)
Series T6 (SLC152)
Series ETF (SCGI)

The views in this update are subject to change at any time based upon market or other conditions and are current as of April 24, 2026. While all material is deemed to be reliable, accuracy and completeness cannot be guaranteed.

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