Hermes Management
Offshore oil and gas production platform at dusk

Assets & Infrastructure

Webuythethingthatproducesthebarrelandthetonne

Producing fields, brownfield mines, terminals, tankage and grid-connected generation. Real assets underwritten by the same people who trade their output every day – so the offtake is agreed at the same table as the equity.

4
Asset classes
One standard
Underwriting
Same table
Offtake
ReservesMinesTerminalsTankageGenerationPipelinesReservesMinesTerminalsTankageGenerationPipelines

What we own

Fourassetclasses,oneunderwritingstandard

Upstream

Producing and late-life development

Oil & Gas Reserves

Non-operated working interests and marginal fields that majors have stopped caring about but that still produce reliable, hedgeable barrels and molecules.

Structures

Working interest, farm-in, royalty, offtake-linked prepay

  • Reserve reports reviewed by an independent engineer before we bid
  • Decommissioning liability priced into the entry, never deferred
  • Production hedged out to two years on entry
  • Offtake taken by our own desk, so the barrel has a home from day one

Mining

Development, restart and brownfield expansion

Mines & Deposits

Copper, zinc, nickel and critical-metal deposits where the geology is proven and the missing piece is capital, offtake or an operator who returns calls.

Structures

Equity, JV, streaming and royalty, prepay against production

  • JORC or NI 43-101 resource classification required before diligence spend
  • All-in sustaining cost benchmarked against the global cost curve
  • Permitting, water and community risk assessed on site, not from a data room
  • Offtake agreed at the same table as the equity

Midstream

Operating and brownfield upgrade

Energy Infrastructure

Terminals, tank farms, rail loading, small-scale LNG and regas – the tollbooths between a producer and a market, priced on throughput rather than flat price.

Structures

Equity, JV with the operator, sale-and-leaseback, capacity contracts

  • Contracted throughput and take-or-pay cover underwritten first
  • Capacity used by our own trading book to fill the tail
  • Upgrade capex targeted at blending, metering and emissions compliance
  • Regulated and merchant revenue modelled separately

Power

Ready-to-build and operating

Generation & Storage

Wind, solar, grid-scale batteries and flexible gas peakers in Central & Eastern Europe, routed to market by the same desk that balances the portfolio.

Structures

Equity, co-development, PPA-backed project finance

  • Grid connection and permitting verified before any commitment
  • Corporate PPAs written by our power desk, not brokered out
  • Battery revenue stacked across arbitrage, balancing and capacity
  • Merchant tail modelled at conservative capture rates

Process

Howanassetgetsintothebook

  1. 01

    Screen

    Geology, title, licence and counterparty checked before we spend a franc on advisers. Most opportunities die here, quickly and cheaply.

    Go / no-go, fast

  2. 02

    Underwrite

    Independent reserve or resource review, cost-curve position, logistics route to market, permitting and environmental liability priced in full.

    Investment committee paper

  3. 03

    Structure

    Equity, debt, prepay, royalty or a blend – chosen so the downside is secured by a real thing and the upside is not capped away.

    Signed term sheet

  4. 04

    Operate

    Board seat, monthly operating data, cost discipline and a hedging policy agreed on day one. Our trading desk takes the production.

    Quarterly operating review

  5. 05

    Exit

    Trade sale, sponsor sale or recapitalisation – planned at entry, executed when the asset is at its most boring and most valuable.

    Planned at entry

Diligence

Fourthingswerefusetotakeontrust

Resource & reserves

JORC / NI 43-101 for mining, SPE-PRMS for hydrocarbons. Classification, recovery assumptions and grade continuity reviewed by an engineer we appoint and pay.

Cost position

All-in sustaining cost or lifting cost placed on the global curve. An asset in the fourth quartile is a trading position, not an investment.

Licence & permits

Title chain, mining or production licence tenure, environmental permits, water rights and community agreements – verified on the ground.

Route to market

The barrel or the tonne has to reach a buyer. Pipeline, rail path, port slot and offtake counterparty are underwritten as hard as the geology.

Footprint

Wheretheassetssit

Terminals and tankage in the Baltic, Adriatic and Black Sea; mining and metals flows through the same corridors. Switch the layer to see which book is moving.

HoustonSantosAntofagastaRotterdamAubonneGdańskLagosDurbanFujairahSingaporeShanghaiPort Hedland
  • Houston → Rotterdam· Crude & products
  • Lagos → Rotterdam· West African crude
  • Rotterdam → Gdańsk· Diesel & jet
  • Santos → Rotterdam· Biofuels & metals
  • Fujairah → Singapore· Gasoil & fuel oil
  • Durban → Singapore· Chrome & manganese
  • Aubonne → Fujairah· Trade finance
  • Singapore → Shanghai· LNG & products
  • Antofagasta → Shanghai· Copper concentrate
  • Port Hedland → Shanghai· Ores & concentrates
05

Underwriting

Fromdataroomtofirstcargo

Offshore production platform at dusk
01

Read the reservoir

01

Read the reservoir

Reserves, decline curves and operating cost checked against what our own desks pay for the output today.

Terraced open-pit mine at first light
02

Walk the site

02

Walk the site

Brownfield mines and plants are visited, not modelled from a deck. Permits, tailings and workforce carry as much weight as the grade.

Liquid bulk jetty at blue hour
03

Tie in the infrastructure

03

Tie in the infrastructure

Terminals, tankage and berths only work when the offtake and the logistics are signed at the same table as the equity.

LNG regasification terminal
04

Trade the output

04

Trade the output

The asset goes live the day the first cargo prices – underwritten by the people who then have to move it.

Haveanassetthatneedscapital,anoperatororanexit?

Speak with the investment team