Stuart Gray

Stuart Gray is a Partner and the Chief Financial Officer of Arcus Infrastructure Partners, and was part of the team that founded the firm in 2009. Arcus is an independent fund manager specialising in European mid-market infrastructure, investing on behalf of institutional investors through discretionary closed-end funds; it manages investments with an aggregate enterprise value in the multi-billion-euro range and reports roughly €12.5bn of assets under management as of December 2025.

Gray is a finance and tax specialist by training. Prior to co-founding Arcus he was Tax Director with Babcock & Brown in London (the investment and advisory group from whose European infrastructure team Arcus spun out). Before Babcock & Brown he was Global Head of Tax at market-research group Taylor Nelson Sofres (TNS) in London, and earlier in his career he worked with Andersen and with Sanmina-SCI in Glasgow.

At Arcus, Gray works closely with the transaction teams to implement effective holding and ownership structures across all Arcus investments, bringing extensive experience in tax structuring and European tax issues associated with infrastructure investing. As CFO he oversees the firm's finance function alongside the deal-execution teams.

He holds a BAcc (Bachelor of Accountancy) from the University of Glasgow and is a member of both the Institute of Chartered Accountants of Scotland (ICAS) and the Chartered Institute of Taxation.

• Invests in European mid-market infrastructure across four core sectors: digital/telecoms, transport, energy, and logistics & industrials.
• Targets established, asset-heavy, cash-generative businesses and platforms — owner-operators of physical infrastructure — rather than early-stage or pre-revenue companies.
• Deploys capital through discretionary closed-end funds (e.g., the Arcus European Infrastructure Fund series), taking majority/control stakes and backing buy-and-build platform growth.
• Gray's specific lens within the partnership is financial and tax structuring — designing the holding structures and ensuring deals are efficiently and durably capitalised across European jurisdictions.
• Firm scale signals the cheque size: €8.7bn+ of equity invested across ~25 businesses, with portfolio enterprise value in the tens of billions.