Keystone noun (C)
(Architecture) the middle stone in the top of an arch that is pivotal in holding all the other stones in position and forms the basis for a larger structure above.
Building great businesses that address the needs of 21st century society
We Invest in Essential Asset-Backed Businesses
With Privileged Growth Leveraging Secular Tailwinds
What is an MML Keystone investment?
Infrastructure fundamentals
- Demand tied to an essential societal need
- Stable cashflows tied to underlying demand
- Prudent capital structures
We Invest in Essential Asset-Backed Businesses
Proven asset-backed model
- Market leaders with durable, distributed assets
- Proven unit economics yielding strong free cash flow
- Data-driven risk assessment
Privileged position
- Platforms with proven and protected ability to grow
- Competitive moat allows asset expansion at attractive unlevered IRRs
- Realistic to double size
With Privileged Growth Leveraging Secular Tailwinds
Secular growth drivers
- Aligned with societal megatrends (e.g., circular economy, digitalization)
- Sustainable and beneficial for society
- Demonstrated value to customers and users
Secular growth
21st century infrastructure needs added flexibility to improve lives and the environment. Investments in infrastructure deliver value to society through the efficient use of resources and taking advantage of technological advances. As a result, these pools of distributed infrastructure assets are a critical addition to the conventional core infrastructure across a wide range of sectors, supporting a range of megatrends such as:
Circular economy
Macro tailwinds
Efficient use of assets through reuse, sharing and recycling
Why distributed?
- Assets need to be able to be used by multiple users
- Often mobile assets
- Platform for management
Access to Healthcare and Education
Macro tailwinds
Essential social services “in the community” closer to demand
Why distributed?
- Require location “in the community” closer to demand
- Social drive for “de-institutionalisation”
Digitalisation
Macro tailwinds
Increased productivity from digital, IoT and smart services
Why distributed?
- Relatively small assets close to the end user
- Demand for low latency as more mission critical
Energy transition
Macro tailwinds
Enabling the decarbonisation of the economy
Why distributed?
- More demand for new assets for electrification
- Most efficient to manage volatility close to point of consumption
Our investments are sustainable, with core business models meeting a societal need for the long-term.
Why MML Keystone?
Our Keystone strategy is a differentiated offering. Our focus on distributed infrastructure platforms means that our proven toolkit for helping management teams drive growth in an asset base is uniquely relevant for scaling infrastructure businesses. This allows us to help teams deploy new assets, creating significant value for:
- Society, by building needed assets efficiently and flexibly;
- Management teams, helping them achieve the visions they have for their companies; and
- Our investors, where successfully growing businesses drives attractive returns
Our unique methodology
We look to create this value by applying private equity skills and methodology to the distributed infrastructure market:
Existing assets
- Management Incentivise best-in-class teams, recruiting top talent to fill gaps
- Data Unlocking operational efficiencies through advanced analytics and enhanced management information
- Sustainability Integration Embedding ESG principles into every investment, with 150+ metrics tracked for continuous improvement
- Governance Leveraging MML’s global expertise and deep industry network to enhance strategic decision-making
Growth opportunity
- Systematised Asset Growth Engineering scalable models that drive repeatable, high-yield asset expansion
- Organic Expansion Driving growth across new geographies, verticals, and deeper in the value chain
- Acquisitions Accelerating scale through strategic M&A, leveraging access to growth capital
By exit, we will have increased scale and repositioned assets with data underpinning, creating investments that combine infrastructure stability with long-term growth potential.
The MML Keystone Advantage
Experienced Team
- Led by Andrew Honan and Sharand Maharaj, founding members of Macquarie’s $50bn principal investment business.
- 18 year track record of delivering consistent and attractive returns with zero losses.
- Supported by a dedicated team, with over 120 years of combined investment experience on the Investment Committee.
Global Network
- Leverages MML’s established platform with offices in London, Paris, Dublin, and New York.
- Access to an extensive network of advisors, operators, and industry experts to unlock opportunities
- Deep bench of experienced former CEO’s and industry leaders to create value in portfolio companies
A Vision for the Future
MML Keystone is not just a fund—it is a partnership. Together, we:
Enable transformative growth for businesses, ensuring they achieve their full potential.
Deliver consistent, risk-adjusted returns for investors by delivering long-term sustainable growth.
Build the infrastructure of tomorrow, addressing the pressing challenges of today.
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