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About us
Amber is a leading international investment manager. For over 15 years, we have mobilised capital into essential, responsible infrastructure.
What we do
We source, finance and manage infrastructure assets for both the public and private sectors, applying an integrated approach throughout the lifecycle of each investment.
Sectors
Amber develops and invests across a wide range of infrastructure sectors, each characterised by a long-term investment horizon and robust, creditworthy counterparties.
Sustainability
As long-term investors, we recognise the need to consider how a changing world could impact our core business activities and investments.
News and insights
View our latest press releases and insights on key topics from across the business.
People
Our people are essential to our success. We are committed to building exceptional teams, maintaining our unique entrepreneurial spirit, and building a culture that is inclusive and impactful.
Projects

Angel Trains

Transport and Logistics

Angel Trains stands as the UK's leading rolling stock leasing company, driving innovation and significant investment in the rail industry through new rolling stock and refurbishment programmes. This venture supports thousands of jobs and paves the way for a greener, more efficient UK rail system.

Sector
Transport and Logistics
Location
Various sites, UK
Status
Operational
Equity ownership
10%
Financial closes
August 2008 (4.6%)
October 2012 (4.8%)
September 2021 (10.0%)
Concession term
N/A

About

Angel Trains emerged in 1994 as one of three rolling stock leasing companies (‘ROSCOs’) leading up to the privatisation of British Rail. Today, with an asset base of over 4,000 vehicles, it holds the distinction of being the UK’s largest ROSCO.

Angel Trains project team on train

The Company's core expertise lies in procuring state-of-the-art rolling stock and leasing it to various train operating companies ('TOCs’). These leasing agreements typically last between seven and ten years. Angel Trains adopts a proactive asset management strategy to unlock the full potential of their rolling stock assets throughout their lifecycle—from initial procurement and delivery to fleet management, enhancements, and eventual disposal.

However, it is the TOCs that are responsible for the operation of the train services under agreements with the Department for Transport. As a result, its lease revenues are largely unaffected by changes in passenger numbers.

Total investment in rolling stock since privatisation

£ 0 bn+

Total number of vehicles

0,000 +

Investment in electric or bi-model vehicles

0 %

since 2000

Why we invested in Angel Trains

Our strategic investment in Angel Trains demonstrates INPP’s drive to fund assets that are not only financially resilient but also play a significant role in the modernisation and decarbonisation of essential infrastructure.

  • Experienced Management: A team who have built long-lasting relationships with key counterparties
  • Resiliency: A highly robust business with a track record of adapting to market conditions
  • Performance: Excellent operating performance since establishment in 1994
  • Decarbonisation: Commitment to supporting the decarbonisation of transport in the UK
Sustainable Development Goals (SDGs)

2030 Agenda for Sustainable Development adopted by UN Member States in 2015

SDGs supported:

Outcomes

Angel Trains offers INPP a unique opportunity to contribute to the UK’s green energy transition while promoting economic growth through job creation and an investment that delivers a consistent risk-adjusted return.

  • Green Transition:  Angel Trains plays a key role in the transport sector’s transition to net zero, with 99% of investments in electric or bi-modal vehicles since 2000
  • Investment: Over £5 billion invested in rolling stock and refurbishment since its inception
  • Job Creation: Angel Trains manages the rolling stock it procures over its lifecycle and has delivered thousands of jobs throughout its supply chain in the process

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