Railpen promotes Lewis Vanstone as Head of Infrastructure

5 September 2025 – Railpen, investment manager for the £34 billion UK Railways pensions schemes, is pleased to announce the promotion of Lewis Vanstone as Head of Infrastructure.

05 September 2025

Lewis, who joined Railpen in 2019, has played a central role in expanding Railpen’s infrastructure portfolio across renewable energy, energy storage, waste collection, hospitals and other essential infrastructure projects – with a steady shift from core assets into higher-returning, earlier-stage growth infrastructure. His appointment reflects the organisations commitment to delivering long-term, sustainable returns for the 350,000 members of the railways pension schemes. 

Railpen continues to increase its allocation to infrastructure, an asset class that often provides resilient cash flows, inflation protection, and long-duration assets which closely align with the needs of the schemes. Lewis will lead Railpen’s infrastructure team as it deepens its presence in renewable energy and essential services infrastructure, including the expansion of key collaborations – such as those with AGR Power and Constantine Energy Storage, while exploring new opportunities that support the transition to a low carbon economy.  

Commenting on the promotion, Anna Rule, Director of Real Assets and Private Markets, said: “We are delighted to appoint Lewis, whose leadership and deep industry expertise will be invaluable as we continue to grow and diversify our infrastructure portfolio. This appointment reflects our belief in the importance of the asset class – not only in delivering secure and sustainable outcomes for our members – but with wider-reaching environmental, societal and economic benefits.” 

Lewis Vanstone, Head of Infrastructure, added: "It is a privilege to take on this role at such an exciting time for Railpen’s infrastructure strategy. The opportunities within the asset class are broad and reach beyond Railpen’s current asset mix, considering waste, zero-emission transport and digital infrastructure, as well as renewable energy and social infrastructure. My aims within this role are to build upon our well-established infrastructure capability, diversify our infrastructure holdings, further develop our co-investment approach, and ultimately deliver resilient infrastructure returns to secure our members’ future.” 

Railpen currently allocates around £1.2 billion to infrastructure, with a combination of direct and indirect investments.