Infrastructure Stewardship Due Diligence: Forensic Operational Analysis for Underwriting

How much can you trust what an infrastructure target knows and says about itself, and what does its demonstrated behaviour imply about the plan you are about to underwrite?

Technical due diligence inspects the asset. Financial due diligence normalises the accounts. Operational due diligence assesses the business model. Yet the forward plan rests on the operator’s own record of what it has actually delivered, maintained, deferred, and evidenced.

Complex infrastructure can carry embedded liabilities obscured by poor asset information, deferred care, and weak delivery discipline. We analyse operational records to test whether the target’s evidence supports its claims, identify what its historic behaviour implies for the forward plan, and translate findings into financial-model adjustments, transaction protections, and a costed post-close plan.

Hartley McMaster advises infrastructure investors, lenders, and operators from London and Hong Kong.