Colliers' Strategic Expansion in Alternative Asset Management: A New Era for Global Infrastructure and Real Estate Investing

In 2025, Colliers made two transformative moves that have reshaped its position in the global alternative asset management landscape: the rebranding of its investment management division to Harrison Street Asset Management (HSAM) and the acquisition of Astris Finance, a leading infrastructure and energy transition-focused investment bank. These strategic steps are not merely rebranding exercises or corporate acquisitions—they represent a calculated effort to position Colliers as a dominant force in infrastructure and real estate investing during a pivotal moment in global capital markets.

Rebranding to HSAM: Consolidating a Legacy of Expertise

The rebranding of Colliers' investment management division to HSAM is a masterstroke in brand alignment. By leveraging the Harrison Street name—a brand synonymous with two decades of leadership in alternative asset management—Colliers has created a unified identity that reflects its global scale and specialized expertise. With over $100 billion in assets under management, HSAM now operates as a premier global investment platform, consolidating the capabilities of subsidiaries like Basalt Infrastructure Partners, Versus Capital, and Rockwood Capital.

This rebranding is more than a name change. It is a signal to investors and competitors alike that Colliers is doubling down on alternative assets. The leadership changes—most notably Christopher Merrill's appointment as Global CEO and largest individual shareholder—underscore a commitment to continuity and long-term performance. Complementing Merrill's vision are key hires like Zachary Michaud (Global CFO) and Stephen Gordon (Global COO), who bring deep expertise in capital allocation and operational efficiency.

The strategic rationale is clear: by unifying its investment management arm under the Harrison Street brand, Colliers is streamlining its ability to deliver institutional-quality investment solutions to a broader range of clients, from institutional investors to high-net-worth individuals via its new Harrison Street Private Wealth division. This vertical integration strengthens its value proposition, particularly in a market where alternative assets are increasingly seen as a hedge against inflation and a driver of long-term capital appreciation.

Acquiring Astris Finance: Expanding the Infrastructure Playbook

Colliers' acquisition of a controlling interest in Astris Finance—a 25-year-old investment bank with a proven track record in infrastructure and energy transition—cements its dominance in a sector poised for explosive growth. Astris brings a pipeline of over 50 M&A and financing deals across the Americas, Europe, and Asia, representing $15 billion in aggregate investment. This acquisition is not just about scale; it's about accessing specialized expertise in high-growth areas like renewable energy, transportation, and digital infrastructure.

What makes this move particularly compelling is Astris' focus on emerging markets. As global capital flows increasingly target infrastructure gaps in Latin America, Southeast Asia, and Eastern Europe, Colliers gains a critical edge. Astris' experience in advising on debt and equity raises, project finance, and cross-border M&A will allow Colliers to execute deals in regions where its competitors are less entrenched.

Moreover, the integration of Astris aligns with Colliers' broader diversification strategy. The firm already manages $25 billion in energy transition and infrastructure assets through its subsidiaries. By adding Astris' capabilities, Colliers can now offer end-to-end solutions—from advisory services to direct investment—positioning itself as a one-stop shop for clients seeking exposure to the energy transition. This is especially relevant in a post-pandemic world where decarbonization and energy security are top-of-mind for institutional investors.

The Synergy Between Rebranding and Acquisition

The rebranding of HSAM and the acquisition of Astris Finance are not isolated events; they are interdependent components of a larger strategy. The HSAM rebranding provides the brand equity and institutional credibility, while Astris delivers the executional agility and niche expertise. Together, they create a platform capable of scaling into new asset classes and geographies.

For example, HSAM's focus on private infrastructure credit—a sector Colliers previously underemphasized—now gains traction through Astris' deal pipeline. This is a high-priority growth area, as global demand for infrastructure financing outpaces supply. By combining Astris' advisory prowess with HSAM's capital deployment capabilities, Colliers can monetize this gap more effectively than competitors who lack a cohesive infrastructure strategy.

The financial implications are equally significant. Colliers' stock has seen a surge in institutional buying in recent quarters, with major investors like JARISLOWSKY, FRASER LTD, and T. ROWE PRICE increasing their stakes. Analysts have responded with optimism, with price targets ranging from $142 to $175 as of July 2025. A would likely show a steady upward trajectory, reflecting investor confidence in the firm's strategic direction.

Investment Implications and the Road Ahead

For investors, Colliers' moves represent a compelling case for long-term value creation. The firm is not only capitalizing on existing trends in infrastructure and energy transition but also proactively shaping them. Key sectors to watch include:
- Digital infrastructure (e.g., data centers, 5G networks), where Colliers has already made strategic investments.
- Energy efficiency in buildings, a $1.2 trillion global market by 2030, where HSAM's real estate expertise can intersect with Astris' energy transition focus.
- Private infrastructure credit, a growing asset class that offers diversification and yield in a low-interest-rate environment.

However, risks remain. The infrastructure sector is capital-intensive and subject to regulatory and environmental scrutiny. Colliers must navigate these challenges while maintaining its profitability. The firm's partnership model—retaining equity for Astris' management—mitigates some of this risk by aligning incentives and preserving entrepreneurial agility.

Conclusion: A New Benchmark in Alternative Asset Management

Colliers' rebranding and acquisition efforts are setting a new benchmark for alternative asset management. By unifying its investment management arm under the Harrison Street brand and integrating Astris' infrastructure expertise, the firm is not just adapting to market trends—it is leading them. For investors, this signals a company that is agile, forward-thinking, and deeply attuned to the structural shifts in global capital markets.

In an era where infrastructure and real estate are increasingly intertwined with energy transition and sustainability, Colliers is positioning itself as a one-stop partner for investors seeking both resilience and growth. The question is no longer whether Colliers can dominate this space—it's whether its competitors can keep up.