For decades, waste sat on the periphery of infrastructure investing: necessary but unremarkable, operationally complex, and often associated with environmental liability rather than opportunity. Today, that perception is shifting rapidly, as investors are increasingly recognizing that the systems underpinning waste collection, processing and recovery are not merely defensive holdings — they are foundational to the circular economy and, by extension, the energy transition itself.
“A substantial part of H.I.G. Infrastructure’s investments are in waste and related sectors, reflecting how compelling we find it currently,” says Miriam Rafiqi, managing director on H.I.G. Capital’s infrastructure team. “Waste stands out among infrastructure subsectors because it combines infrastructure-like downside protection with private equity–style value creation.”
Demand, she notes, is “predominantly nondiscretionary,” while growth can be driven through pricing discip
