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Amber is a leading international investment manager. For over 15 years, we have mobilised capital into essential, responsible infrastructure.

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Amber develops and invests across a wide range of infrastructure sectors, each characterised by a long-term investment horizon and robust, creditworthy counterparties.

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Amber manages or advises ninefunds with over £5 billion in funds under management. With a presence across 12 countries, Amber manages 175 infrastructure investments representing total assets under management of £14 billion.

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BeNEX

Transport and Logistics

BeNEX is a key player in the German Local Public Passenger Transportation (‘LPPT’) market and acts as an investor in both rolling stock as well as train operating companies (‘TOCs’), which themselves operate rail franchises across Germany.

Sector
Transport and Logistics
Location
Various, Germany
Status
Operational
Equity ownership
100%
Financial closes
August 2007 (49%)
July 2019 (51%)
Term length
Various

About

BeNEX was established in 2007 as a joint venture between INPP and Hamburger Hochbahn AG, a subsidiary of the Federal State and City of Hamburg, but has been wholly owned by INPP since July 2019.

Concession agreements

14

as at 30 June 2025

As at 30 June 2025, BeNEX had concession agreements with 14 of the 16 German federal states, providing c.65m train km of transportation services per annum. 

Revenue generation

c.€ 740 m

2025

BeNEX leases trains to its TOCs typically for a period matching the underlying operating concession term, typically 10-15 years with a 2–3 year preparation period to cover vehicle procurement.

The company owns a diverse rolling stock fleet of more than 130 passenger trains, employs more than 3,000 people and generated revenues of c.€530 million in 2024. this is further contracted to increase to c.€740 million by the end of 2025.

Visit the website

Timeline

Benefits delivered

Growth of Revenue since initial investment (2007)

1,340 %

Estimated by the end of 2025
Passengers transported

c. 123 m

During 2024
CO2 emissions avoided during 2024

c. 437 k tons

Compared to a corresponding use of cars by passengers

Why we invested

Our strategic partnership with BeNEX highlights INPP's commitment to investing in resilient and sustainable transportation infrastructure within economically robust regions like Germany.

BeNEX close up train in platform
  • Strategic Positioning: A unique opportunity to invest in a developing infrastructure market, due to the liberalisation of Germany’s LPPT sector following the railway reform of 1994
  • Resilient Business Model: A long-term, concession-based business on behalf of the public sector combined with infrastructure characteristics such as inflation linkage, limited demand risk and high barriers to entry
  • Geographic Diversification: Strengthens our portfolio by making further investments in Europe 
  • Sustainability: As a naturally low-carbon mode of transport, rail plays a key role in the EU's plan to make Europe the first climate-neutral continent by 2050
  • Pipeline Growth: Significant opportunity for continued expansion in a highly regulated and growing market. Following EU law, almost all LPPT concessions are subject to mandatory EU tendering resulting in c.70m train km in 10-15 tenders p.a.
Sustainable Development Goals (SDGs)

2030 Agenda for Sustainable Development adopted by UN Member States in 2015

SDGs supported:

SDG contribution

Outcomes

BeNEX provides INPP a comprehensive avenue to deliver robust financial returns while positively influencing Germany's transportation sector and broader community.

  • Significant Growth: Approximately quadruple the train km service volume and approximately fourteenfold increase of revenues since our initial investment in 2007
  • Passenger Impact: Approximately quadruple the number of passengers transported, and more than tripling of passenger km operated since 2007
  • Partnerships: Established relationships with nearly all 16 Federal States in Germany
  • Asset Stewardship: Our active shareholder role has led to sustainable development and a favorable position to acquire the remaining shares at attractive terms following 12 years of joint ownership
  • Focused Management: Close cooperation with management resulted in the divesture of non-preferred business segments and a focus on profitable growth of rail operations, including the re-win of expiring concessions to date

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