Cantor Fitzgerald Sustainable Infrastructure Fund

Last Updated 04/05/2024

Shows hypothetical growth of $1000 since inception

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About The Fund

Cantor Fitzgerald registered the Cantor Fitzgerald Sustainable Infrastructure Fund (the "Fund") on 1/6/2022. The Fund marks the third-ever interval fund registered to direct investor capital into initiatives that meaningfully advance sustainable development efforts – an application for the interval fund structure that we've long maintained holds the potential to align retail-accessible investment products with the UN's Sustainable Development Goals (particularly Goal 7: Affordable and Clean Energy; Goal 9: Industry, Innovation and Infrastructure; Goal 11: Sustainable Cities and Communities; and Goal 13: Climate Action).

The Fund aims to generate attractive total return for investors, with an emphasis on current income, by investing in a portfolio of Private Investment Funds as well as public infrastructure securities. The Fund's investments will be thematically focused on "Megatrends," referring to an increasingly popular phrase describing macro trends that are changing how the global economy, business, and society operate. These include shifting the global economy's "center of gravity" away from the US and toward China and India, a rapid doubling of the share of the world's population living in urban environments, the impact of machine learning and automation on nearly two-thirds of today's occupations, the addition of over a billion people to the global population and implications for demographics, labor, and healthcare, and finally, climate change – agricultural failure, natural disasters, energy shortages, and relocation.

While the majority of asset managers tend to share lofty rhetoric about the importance of climate action, the Cantor Fitzgerald Sustainable Infrastructure Fund joins a very exclusive club of asset managers aiming to issue retail-accessible products that put meaningful climate impact in their Funds' bylaws, and have devised a mechanism to put capital to work solving global climate-related challenges.

Fittingly, Cantor has engaged friend of, Capital Innovations, LLC to serve as Sub-Adviser to the Fund. Capital Innovations is a boutique alternative asset manager specializing in private funds dealing with investments in real estate, infrastructure, and natural resources. Since 2007 the firm has advised, managed, or co-sponsored investment programs encompassing over $9 billion in assets.

Cantor Fitzgerald, founded in 1945, is a major global financial services firm. They specialize in equities, fixed income & currencies, investment banking, real estate, and middle market prime brokerage, and manage more than $3 billion in total assets.

From the Fund's prospectus:

The Fund: The Fund is a non-diversified, closed-end management investment company registered as such under the 1940 Act.

Investment Objective: The Fund's investment objective is to seek an attractive total return with an emphasis on current income.

Investment Strategies: The Fund pursues its investment objective by strategically investing in a portfolio of Private Investment Funds as well as a set of public infrastructure securities. Under normal circumstances, the Fund intends to invest at least 80% of its assets (net assets plus borrowings for investment purposes) in securities issued by infrastructure companies, including Private Investment Funds, secondary interests and co-investments and public infrastructure securities. The Fund intends to focus on the Megatrends. The Fund may also invest in investment grade debt securities of infrastructure companies. The Fund expects to invest primarily in both domestic and foreign (including emerging markets) securities. Potential investments include all types of equities including ADRs and GDRs of global infrastructure securities trading on U.S. and global exchanges and marketplaces. In addition, the Fund may invest in REITs. Under normal circumstances, the portion of the Fund’s investment portfolio that is allocated to securities of Private Investment Funds will likely comprise between 50% and 95% of the Fund’s portfolio. The portion of the Fund’s investment portfolio that is allocated to publicly traded securities will likely comprise between 5% and 50% of the Fund’s portfolio.

The Fund defines an infrastructure company as a company that derives at least 50% of its revenues or profits from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, or operation of infrastructure assets or the provision of services to companies engaged in such activities. Infrastructure assets may include, among other asset types, regulated assets (such as electricity generation, transmission and distribution facilities, gas transportation and distribution systems, water distribution, and waste water collection and processing facilities), transportation assets (such as toll roads, airports, seaports, railway lines, intermodal facilities), renewable power generation (wind, solar and hydro power) and communications assets (including broadcast and wireless towers, fiber, data centers, distributed network systems and satellite networks). These assets share certain investment features that may be attractive as part of an overall diversified portfolio, including some or all of the following:

• Provision for essential services with few substitutes that generally serve as the backbone for local, regional, and national economic and social activity.

• Stable and predictable income and cash flow that are often inflation-linked with low return correlations to traditional asset classes.

• Inelastic demand with strong pricing power for their use as essential assets for a functioning society.

• Limited operating risk.

• High operating margins and predictable maintenance capital requirements.

• Strong competitive advantages characteristics with high barriers to entry.

In many cases, the rates, or the fees charged to end users, that are charged by infrastructure assets are determined by regulators, concession agreements with governments, and long-term contracts. Owners of such assets in many cases have the ability to increase such rates or fees at some level linked to inflation or economic growth. The Fund may invest in these securities directly or indirectly through investments in other investment companies, unlisted funds or ETFs.

The Fund will use a multi-step investment process that combines top-down geographic region and infrastructure sector allocations with bottom-up security selection focused within the Megatrends. It is the opinion of the Adviser and Sub-Adviser that such investments by the Fund will offer investors exposure that aligns with a number of the United Nation’s Sustainable Development Goals.

Digital Transformation: Investments in the securities of companies that are within the communications infrastructure sector, including companies that own, operate, and develop cell tower, fiber network, satellite and data center assets.

Decarbonization: Investments in the securities of companies that intend to enable the transition to cleaner energy sources and electrification through investment in the assets (generation, transmission, network grid, storage, smart meters, battery charging stations, among other assets) that will lead to more efficiency and lower carbon-intense power and heating.

Enhancement of Aging Infrastructure Assets: Investments in the securities of companies that are within the midstream energy, water utilities, gas utilities and transportation infrastructure sectors that may benefit from increased investment to repair and enhance existing assets. 

Adviser: Cantor Fitzgerald Investment Advisors, L.P.

Sub-Adviser: Capital Innovations, LLC

Legal Counsel: Greenberg Traurig, LLP

Partner: Terrence O. Davis

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