Hugh Crossley is the CEO and co-founder of Equitix, set up in 2007. “The thesis for the business was to be a responsible, long-term investor in infrastructure, such as HS1, here at St Pancras,” he says.

“We have quite a large role,” says Bessemer Clark. “We advise on disputes, any new commercial contracts and all aspects of public-private partnership projects. It requires a really full and in-depth knowledge of [not only] Equitix’s needs, but also the PPP market.” Crossley says his long working relationship with Bessemer Clark isn’t just about legal expertise: “When you're doing something that means a lot to you, and you work extremely hard, it’s nice to do it with people whom you trust and get along with and who share your values.”

“Infrastructure was a relatively new asset class in 2007, but there are now huge global megatrends – such as decarbonisation and digitisation – that are driving the infrastructure sector and need enormous amounts of capital inflows,” says Crossley. “So infrastructure is becoming an established asset class and a meaningful percentage of every institutional investor’s portfolio.”

Responsible investing is now closely aligned with the movement to consider environmental, social and governance (ESG) issues in financial decision-making. “When we started in 2007, we wanted to act as custodians, because these are public assets and critical pieces of the fabric of society,” says Crossley. “We've got a duty to our investors to make the best return we can. But I believe that actually goes hand in hand with the long-term ESG aspect of these deals. If you don’t look after assets in a responsible manner, with a genuine care for the environment they exist in and the communities they serve, then you put your returns at risk.”

“These are complex investments, and it requires a lot of people to pull them together, often from diverse areas of expertise such as construction companies, operating companies, architects, lawyers, accountants and the public sector,” says Crossley. “There are always many stakeholders involved, so doing each investment in partnership with people who genuinely care is super important.”

For Bessemer Clark, this is more than a professional relationship. “You take great pride in the success of your client. And, given my long-standing relationship with Hugh, I also take pride in his success – so it’s personal, as well as professional.”