Infrastructure investment is an intricate, layered field that demands a high degree of expertise to manage effectively. Fortunately, there are professionals who have devoted their careers to understanding the nuances of this work, and today, we’re spotlighting one such expert.
Tatiane Shibata has nearly 15 years of experience as a global infrastructure investment specialist, focusing on deal execution, due diligence, asset management, and fund underwriting. Currently a Principal on IMCO’s Asset Management team, Tatiane directs initiatives aimed at enhancing portfolio value, oversee due diligence for private investments, and manages critical aspects of IMCO’s infrastructure-focused assets. With over $77 billion of assets under management, IMCO is a fund manager focused on providing comprehensive and value-added investment management and advisory solutions to public-sector clients in Ontario, Canada.
Her career has spanned a range of sectors, including renewable energy, energy transition, power distribution and transmission, and digital infrastructure, with projects across North America, Latin America, and Europe. In her previous roles at Brookfield Asset Management (NYSE: BAM, TSX: BAM), she was deeply involved in deal execution and investment strategies within the renewable power and energy transition sectors. Brookfield is a leading global investment firm with over $1 trillion of assets under management with investments in more than 30 countries, managing assets and businesses that help form the backbone of the global economy. Tatiane’s responsibilities included developing investment theses, analyzing complex financial structures, coordinating due diligence, and overseeing financial assessments for large acquisitions and portfolio management.
Beyond her professional experience, Tatiane is committed to sustainable investing and has been a vocal advocate for gender diversity in the workplace. Her expertise in financial analysis has been central to her effectiveness in asset management, and she shared insights into some of the key components of her work, which we will explore throughout this article.
Let’s begin with her approach to evaluating new investment opportunities.
ESG-centered financial vision in energy
Having a lasting impact on the investment industry, particularly within the Brookfield Global Transition Fund I (BGTF I), Tatiane’s approach to financial analysis in the energy transition sector stands out for its influence and effectiveness. “BGTF I is one of the industry’s most substantial funds with $15 billion of capital raised dedicated to reducing carbon emissions and facilitating a transition to a low-carbon economy,” she explained, reflecting on her role in supporting establishing the fund and its mission to support impactful, sustainable projects. Through BGTF, Tatiane and her team have been instrumental in shifting financial industry standards toward more responsible investment practices, setting a benchmark that prioritizes environmental goals alongside financial performance.
Her efforts have extended beyond the traditional underwriting process to include refining risk assessment models and elevating ESG criteria in decision-making. By promoting a collaborative approach to underwriting that emphasizes sustainability and long-term value creation, Tatiane and her team have strengthened BGTF’s market position and inspired other funds to incorporate similar principles. This commitment to sustainable finance has fostered a broader shift, encouraging firms across the industry to align their investment strategies with global climate targets.
Due diligence tools that drive success
Conducting due diligence for large infrastructure assets demands a thorough and systematic approach, one that Tatiane has refined through years of experience. “Performing due diligence on large infrastructure assets requires a meticulous and systematic approach to ensure that all potential risks and opportunities are thoroughly evaluated,” she explained. Over the years, she has developed frameworks that combine financial modeling, technical assessments, ESG analysis, legal and regulatory reviews, market research, and stakeholder engagement. This multifaceted method, she noted, enables her team to comprehensively assess both risks and opportunities, ensuring informed and strategic investment decisions that create long-term value.
In leading the due diligence for IMCO’s investment in Scala Data Centres, Tatiane faced the challenges of navigating complex regulations across multiple Latin American countries. “Each country has distinct regulatory and legal requirements for foreign investments, especially in critical infrastructure like data centers,” she remarked. To address this, she coordinated with local legal experts and risk consultants, setting up rigorous frameworks that analyzed country-specific risks and compliance needs, ensuring the project’s alignment with both local requirements and future market dynamics.
Creative financing for impact
Expertise in financial structuring has enabled Tatiane to craft solutions that align strategic and environmental goals, frequently employing unconventional models to tackle complex challenges. “My team and I spearheaded the creation of hybrid financing models that combined traditional debt and equity structures with innovative performance-based returns linked to sustainability metrics,” she explained, describing her work with the BGTF I and IMCO. This approach provided investors with both financial returns and environmental impact, broadening the appeal of these investments to a wider range of stakeholders.
One notable example of her innovative structuring involved a utility company in Central America, where she and her team implemented long-term debt-like structures linked to the performance of the company’s initiatives to reduce carbon emissions. Tatiane emphasized that this strategy diverged from the industry norm of focusing on short-term returns. Instead, it fostered long-term local support and encouraged sustainable economic growth, setting it apart from conventional deals and reinforcing commitment to environmentally responsible investment.
Strategies for value creation
Developing value creation strategies for portfolio assets, in Tatiane’s approach, begins with a deep dive into performance metrics, industry benchmarks, and active collaboration with management teams to pinpoint specific challenges and objectives. “Identifying value creation strategies for portfolio assets begins with a comprehensive analysis of performance metrics, benchmarking against industry standards, and engaging with management teams,” she explained, underscoring the importance of a well-rounded evaluation process.
In her work with a US-based data center platform within IMCO’s portfolio, Tatiane’s thorough review of corporate policies led to actionable insights, including enhancements in the company’s enterprise risk matrix, internal controls, and compliance framework. Beyond operational improvements, Tatiane also emphasized sustainability, focusing on ESG initiatives and energy transition solutions to increase efficiency and cut environmental impact. A comprehensive review of the company’s sustainability targets and carbon reduction roadmap showcased how sustainability assessments can drive overall operational improvements and strategic and sustainable growth, seamlessly aligning with the broader investment vision.
Trust-building in infrastructure deals
Managing relationships in complex, multi-stakeholder infrastructure investments is fundamental to achieving alignment and success, according to Tatiane. “My team and I establish clear communication channels by providing regular updates and maintaining transparent reporting,” she explained, noting that this open approach fosters trust among stakeholders, from investors to management teams, and ensures everyone remains informed about financial goals and asset performance. Active engagement through board meetings, site visits, and structured feedback sessions further supports this collaborative approach, helping to integrate stakeholder input into key decision-making processes.
Tatiane and her team also use strategic incentive plans to align goals between investors and operational teams, ensuring that performance targets resonate across the organization. “Implementing long-term management incentive plans linked to the company’s objectives is an effective tool for aligning the interests of shareholders and management,” she remarked, highlighting a specific example within IMCO’s portfolio. In this instance, an incentive plan extended to both senior executives and broad operational staff motivated them to strive for shared objectives, thereby driving the success of the investment by meeting both financial and operational milestones.
Managing risk for stability
For Tatiane, managing financial risk throughout an asset’s lifecycle is essential to maintaining stability and creating sustainable, lasting value. “My approach involves a multi-faceted strategy that incorporates rigorous financial analysis, continuous monitoring, and proactive risk mitigation measures,” she explained. This begins with an in-depth due diligence process, which includes financial modeling to project future cash flows, sensitivity analysis to evaluate various scenarios, and stress testing to gauge an asset’s resilience under challenging conditions. For the Scala Data Centers investment, for example, this approach meant closely examining revenue sustainability, market demand, and financial stability under various macroeconomic scenarios.
Tatiane’s strategy extends well beyond the initial investment phase, involving continuous monitoring of key performance indicators (KPIs) and financial metrics to detect early warning signs of risk. “To mitigate risks, we implement preventive measures such as hedging against currency fluctuations, securing long-term contracts to stabilize revenue, and maintaining an adequate level of liquidity,” she noted. Additional contingency planning, including alternative supply chains and robust continuity measures, ensures the asset’s stability in the face of unforeseen disruptions. This comprehensive risk management framework safeguards investments and aligns Tatiane’s commitment to delivering sustainable value for investors over the long term.
Asset integration for steady returns
Integrating newly acquired assets into a portfolio for consistent performance requires a structured and strategic approach, one that Tatiane has honed over her career in M&A within the infrastructure sector. “I establish a comprehensive monitoring framework,” she explained, which involves tracking asset-specific key performance indicators (KPIs) to ensure each new acquisition aligns with the portfolio’s overall goals. This system enables her team to detect any early signs of deviation from expected performance, allowing for timely adjustments through regular audits and performance reviews.
Beyond monitoring, Tatiane emphasizes the importance of a detailed value creation plan tailored to each asset. “For instance, the value creation plan for a platform like Scala Data Centers would include initiatives to enhance energy efficiency, expand service offerings and bookings, and implement sustainable practices for new developments,” she noted. This focused strategy, along with proactive stakeholder engagement and aligned incentives for management, creates a cohesive effort across all levels. “Implementing management long-term incentive plans linked to the company’s objectives” aligns both shareholder and management interests, driving consistent asset performance and maximizing value for the portfolio.
Tracking global investment trends
Global megatrends like sustainability, digitalization, and decarbonization are reshaping the future of infrastructure investments, presenting new opportunities and influencing value creation strategies. “Sustainability and carbon emission reductions are at the forefront,” explained Tatiane, as the shift toward green infrastructure and low-emission sectors becomes increasingly central. Alongside these environmental priorities, digitalization is transforming the investment landscape, with advanced technologies such as AI, machine learning, and IoT that are expected to impact many areas of the economy, including business operations and consumer behavior, creating numerous investment opportunities, especially in critical sectors like digital infrastructure.
Tatiane’s expertise spans the entire investment underwriting process, including sourcing, evaluation, and execution of new investment opportunities, along with asset management and leading value creation initiatives—skills crucial to successful infrastructure investment. Known as a leading figure in the investment community with extensive expertise in renewable energy and energy transition, she is equally respected for her work in digital infrastructure. Her advice to aspiring finance professionals underscores the importance of mastering the technical foundations of investment underwriting, such as valuation and financial modelling, and applying sustainable solutions to asset management and value creation strategies with a holistic perspective. In an industry moving toward sustainable infrastructure investments, Tatiane’s track record affirms her role as a key authority in these high-impact sectors.
