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About us
Amber is a leading international investment manager. For over 15 years, we have mobilised capital into essential, responsible infrastructure.
What we do
We source, finance and manage infrastructure assets for both the public and private sectors, applying an integrated approach throughout the lifecycle of each investment.
Amber develops and invests across a wide range of infrastructure sectors, each characterised by a long-term investment horizon and robust, creditworthy counterparties.
As long-term investors, we recognise the need to consider how a changing world could impact our core business activities and investments.
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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.

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


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


as at 30 June 2023

As at 30 June 2023, BeNEX had 11 concession agreements with 13 of the 16 German federal states, providing c.43m train km of transportation services per annum via the six TOCs it is invested in. This is further contracted to increase to 12 concessions with a total of c.49m train km within the next 18 months.

Revenue generation

c.€ 0 m

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 more than 120 passenger trains, employs around 1,900 people and generates revenues of c.€320 million.

Growth of Revenue since initial investment (2007)

0 %

Passengers transported 2022

c. 0 m

CO2 emissions avoided 2022

c. 0 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.65m 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:


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

  • Significant Growth: Tripling of train km service volume and sextupling of revenues since our initial investment in 2007
  • Passenger Impact: Fivefold increase in the number of passengers transported, and 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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