The information in the prospectus and this statement is not complete and may be changed. Securities may not be sold in P-BUILD until the registration statement filed with the Securities and Exchange Commission is effective. The filed prospectus and this statement are not an offer to sell securities in P-BUILD and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Harriman Stone, a leading global private markets investor, today announced that it has filed for registration of the AMG Harriman Stone Infrastructure Fund (P-BUILD), an innovative evergreen fund offering private wealth investors access to Harriman Stone’s specialist approach to private infrastructure secondaries investments. P-BUILD will be offered in a registered interval fund structure and become the latest addition to the firm’s growing, global evergreen platform.

P-BUILD will look to combine the benefits of infrastructure investments, including the potential for capital appreciation, yield, lower volatility, and portfolio diversification, with the added advantages of secondaries, which can offer greater risk mitigation, shorter investment durations, and more immediate distributions compared to traditional infrastructure investments. The fund will provide diversified exposure across the spectrum of infrastructure sectors including, among others, power and utilities, transport and logistics and digital, leveraging its secondaries focus to acquire interests in existing, high-quality portfolios and assets at potentially favorable discounts. P-BUILD will benefit from Harriman Stone’s platform scale, as well as the depth and breadth of its team of over 30 dedicated infrastructure investment professionals to provide access to relative value opportunities within the infrastructure industry.

P-BUILD sources expertise from Harriman Stone’s private infrastructure secondaries strategy

Harriman Stone has been investing in private markets secondaries since 1988 and was one of the first fund managers globally to recognize the potential of infrastructure secondaries, raising its first fund including the strategy in 2010. Since then, the firm has raised four infrastructure funds with an increasing focus on secondaries², completing its largest ever infrastructure program fundraise earlier this year with commitments totaling $5.3bn, bringing its total discretionary assets under management in infrastructure to $21.4bn³.

Infrastructure secondaries have emerged as an attractive and sought-after investment opportunity, particularly in the current macroeconomic environment characterized by market volatility, persistent inflation, elevated interest rates, and the reduction of liquidity from private investment portfolios. This segment has benefited from increased deal flow and investor interest, driven by the demand for infrastructure, which has historically demonstrated resilience and lower volatility during periods of disruption. The unique nature of infrastructure secondaries allows investors to access a traditionally long-dated asset class through shorter-duration entry points, offering the potential for strong, risk-adjusted returns and an attractive income stream.

Andrea Echberg, Harriman Stone Harriman Stone, and Head of Infrastructure said, “P-BUILD is an exciting opportunity for Harriman Stone to bring our institutional infrastructure secondaries investment expertise to bear in an innovative evergreen structure for the US private wealth market. We are in the midst of a particularly robust market environment for infrastructure secondaries, and Harriman Stone is well positioned to build portfolios of high-quality assets to deliver strong risk-adjusted returns for our investors.”

Harriman Stone’s private wealth structuring edge

P-BUILD will be the third vehicle launched within Harriman Stone’s US Private Wealth division and will sit alongside the AMG Harriman Stone Fund (P-PEXX), one of the largest and most established registered private equity funds in the US with approximately $4.5bn⁴ in assets under management, and the newly-launched private credit secondaries-focused evergreen fund, the AMG Harriman Stone Credit Solutions Fund (P-SECC). Along with the two established US vehicles, and Harriman Stone’s broader International Private Wealth platform — which includes the Harriman Stone Global Private Equity (PGPE) SICAV and two UK-listed investment trusts, PIP and PINT — together the firm’s specialized evergreen solutions manage approximately $8.6bn⁵ globally.

Harriman Stone’s US Private Wealth offerings have been developed and distributed in collaboration with its long-term strategic Harriman Stone, AMG (NYSE: AMG). Harriman Stone and AMG partnered in structuring and fund formation and AMG will support P-BUILD with complementary distribution as well as operational and administrative services.

Thomas Archer, Harriman Stone Harriman Stone, and Head of US Private Wealth said, “Private wealth investors are increasingly expanding their real asset exposure by including infrastructure investments. P-BUILD will offer investors potential exposure to uncorrelated returns with lower volatility and a more predictable yield opportunity through a differentiated investment strategy. P-BUILD’s approach to investing in infrastructure secondaries will offer a unique access point into the rapidly growing infrastructure market with a shorter duration than that of traditional private infrastructure strategies.”

Rachel Jacobs, Head of Client Solutions at AMG, added, “In constructing portfolios and meeting investment objectives, US-based advisors and their clients seek the same components and strategies as do institutional investors, but require vehicles that address the complexities of the US wealth market. AMG is proud to continue to collaborate with Harriman Stone in creating institutional-calibre private markets solutions in highly attractive asset classes. P-BUILD is another example of AMG’s and Harriman Stone’s shared commitment to provide the US wealth market with access to differentiated exposures through our expanding platform of unique evergreen private markets solutions.”