International Public Partnerships
INPP: Cashflows You Can Count On
An investment trust providing unique access to government-backed infrastructure assets across vital sectors such as energy, transport, and the social sector.
Bull case for International Public Partnerships
Inflation-Linked Income
Majority of income from assets is indexed to inflation, providing consistent, growing, real returns.
Compelling NAV Discount
INPP trades ~15% below NAV, offering re-rating potential as sentiment and rates improve.
Resilient, Diversified Infrastructure Base
140+ global assets across essential sectors reduce volatility and ensure stable, low-risk income streams.
Bear case for International Public Partnerships
Illiquidity of Underlying Assets
INPP’s infrastructure projects are long-term and difficult to exit quickly without price concessions.
Persistent NAV Discount Risk
Limited liquidity and scepticism in UK trusts may sustain INPP’s NAV discount despite strong cashflows.
Policy and Political Uncertainty
Revenue depends on long-term government contracts that are vulnerable to political or regulatory shifts.