the infrastructure company
classification standard 

Created in 2018, TICCS (and its ESG extention TICCS+) is a classification system for infrastructure investments. It is used by investors in unlisted and listed infrastructure areas and has been adopted by many investors as the default system to organise their portfolio according to 4 pillars: business risk, industrial activity, geo-economic exposure and corporate structure. Since 2022 TICCS is also mapped to NACE and the EU Taxonomy. It is available under a Creative Commons open source licence (CC-BY-ND4).


Every two years, we organise a market consultation to prepare the review of the TICCS standard. We would like to hear your views in preparation of the release of TICCS 2024. The results of the consultation will be evaluated by the TICCS  Review Committee.

The consultation is open until 31st July, 2024.

Complete the survey

the Four Pillars of TICCS


origins of TICCS®

TICCS® is built in the context of the infraMetrics® database of private infrastructure investments, the largest of its kind, which tracks the financial performance of hundreds of infrastructure companies globally.

Each national market included in the universe is analysed in detail, including all the relevant aspects of infrastructure-procurement history and regulation in order to match this classification.

TICCS® is regularly reviewed with a biennial consultation and by an independent Review Committee.

Download TICCS®

Key Features of TICCS

  • RobustTICCS is built on the basis of academic research on the financial economics of infrastructure companies.

  • Global: Its range of categories ensures that any private infrastructure company worldwide can be integrated into this framework, be it a regulated utility or a solar-project company.

  • Risk focused: While TICCS aims to categorise companies on the basis of their prima facie characteristics. It focuses on groupings that are relevant to risk and that play a role in asset pricing and portfolio construction.

  • Dynamic: Infrastructure companies evolve over their life cycles and with changes in national and sector regulation. The evolution of their characteristics plays an important role in infrastructure investment and can be reflected consistently and homogeneously over time.



Review Commitee

Independent and representative
Andrew Knight, Ph.D
TICCS Review Committee Chairman
Matthew Pyrz
TICCS Review Committee Secretary


  • Chairman: Andrew Knight, RICCS
  • Secretary: Matthew Pyrz, Ares Management

  • Tony Li, OTTP
  • Marie Lam-Fremdo, Meridiam
  • Trevor Lewis, Asian Development Bank
  • Christoph Manser, Swiss Life
  • Laurence Monnier, OnePlanet
  • Marija Simpraga, LGIM
  • Joss Balmire, GRESB
  • Fraser Hughes, GLIO
  • Serge Lauper, BlackRock
  • James Davis, OPTrust
  • Petya Nikolova, NYC Comptroller Office
  • Paul Shantic, CalSTRS

Integrating double materiality: TICCS+

TICCS+ is an extension of the 2nd TICCS Pillar for Industrial Activities designed to capture the double materiality of infrastructure investments: a taxonomy of the ESG impacts and risks that are relevant to all infrastructure companies in each activity peer group.

At its most granular level, the taxonomy identifies and classifies the environmental and social, impacts and risks, and outlines the principles of corporate governance, material to infrastructure companies. This taxonomy thus creates an analytical framework of ESG issues found in the infrastructure sector.

Double materiality: the ESG impacts and risks of infrastructure companies