Lincoln Frost
Managing Director. 20 years across funds management, private equity and real estate
Who we are
We invest in, develop and build Australian infrastructure — and then we own it.
Allcap Securities is a Sydney-based investment and infrastructure group. Over the last three years we have assembled something uncommon in Australian private markets: origination, capital, engineering and construction inside a single group.
We originate through Project Velocity, the Gladstone development programme we lead. We fund through the Allcap Investment Series. We build through Haslin Constructions and BOW Projects. And we hold positions in the assets we create.
35 years
Senior team experience across construction and infrastructure
$15Bn+
Construction and infrastructure overseen at manager or sponsor level
5 states
Building and civil delivery footprint through BOW Projects and Haslin Constructions
How the group is structured
Held inside one group.
Allcap Securities sits at the centre: raising wholesale capital under the Allcap Investment Series, originating through Project Velocity, delivering through Haslin Constructions and BOW Projects, and holding positions in the assets the group creates.
Allcap Securities
Sydney. Investment and infrastructure group.
Corporate authorised representative (CAR 001321561) of Capital Matters RE Services Limited (AFSL 563036).
Capital
Structured and offered by Allcap
Allcap Investment Series
Wholesale investments across the capital structure, offered through the InvestOS platform.
External trustee: Capital Matters RE Services Limited, AFSL 563036.
Origination
Programme led by Allcap
Project Velocity
An approximately $20 billion1 proposed development programme anchored on the Port of Gladstone and the Central Queensland corridor.
Delivery
Acquired December 2025
Haslin Constructions
Complex water, transport, energy and civil infrastructure.
30 years, around 300 projects, more than $1.5Bn delivered.
Delivery
Delivery partnership
BOW Projects Australia
Building and development capability across five states.
Port infrastructure, cold-chain and reefer facilities, energy, industrial and logistics.
Ownership
Positions held
Operating assets
Long-term positions in the assets the group creates.
First activation: an initial 20% interest in the 1,392-room Homeground workforce village, Gladstone.
How we work
Invest, develop, build, operate, own.
Each stage is performed inside the group rather than contracted out. That is what lets us control cost, programme and risk on the assets we back — and it is why our capital behaves differently to a fund that can only allocate.
Stage 1
Capital
Allcap capital and strategic partners. Wholesale and strategic capital formation.
Stage 2
Development
Project Velocity. Origination across the Gladstone and Central Queensland corridor.
Stage 3
Planning and engineering
Master planning: sequencing, siting and enabling infrastructure.
Stage 4
Civil and infrastructure
Haslin Constructions. Water, transport, energy and civil delivery.
Stage 5
Building and development
BOW Projects. Building capability across five states.
Stage 6
Ownership
Operating assets, long-term ownership. Positions retained in the assets we create.
What makes us different
We own the delivery layer.
Australian infrastructure has no shortage of capital. What it lacks is the ability to convert capital into a finished asset — on programme, at cost, with the risk understood by the people funding it.
Most private groupsThe Allcap group
Capital
ContractorHaslin Constructions
Acquired December 2025
Most private groups outsource that risk to a contractor.
We acquired the contractor.
Haslin Constructions builds civil and water infrastructure for Transport for NSW, Water NSW, Sydney Water and Sydney Metro. BOW Projects extends that capability into building and development across five states. Both sit inside the group.
That changes what we can see. We price a project knowing our own cost base. We monitor delivery through our own board seats. And when a programme slips, we find out at a site meeting rather than in a quarterly report.
Owning the delivery layer isn’t a talking point. It’s how the group controls cost, programme and risk on everything it touches.
The year ahead
From platform formation to asset activation.2
Allcap has entered FY2026/27 with a materially different profile to the business of twelve months ago. The focus of the year is activation and execution: converting the platforms assembled over recent years into operating assets, contracted projects and long-term infrastructure positions.
Activate assets. Strengthen delivery capability. Advance Project Velocity.
Capital formation is becoming asset ownership.
Development concepts are becoming master-planned projects.
Construction investments are becoming an integrated delivery capability.
Project Velocity is moving toward an interconnected programme.
The weight behind the platform.
Executive
Cameron Perrett
Managing Director, Infrastructure. 20+ years capital markets, CBA / RBS / PwC
Jason O’Hara
Head of Construction. Almost 30 years at Grocon
Alex Hardge
Director, Finance and Corporate Development. Former Finance Director at Foxtel
Johann Kenny, CFA
Investment Director. 18+ years debt capital markets and credit
Arthur Vekiarellis
Head of Distribution
Institutional-grade investments, structured for wholesale investors.
We’d welcome a conversation about which part of the structure fits your objectives.
Arthur VekiarellisHead of Distribution
General corporate information for wholesale clients. Not an offer or financial product advice. Important information
1 Indicative figures. Figures relating to development programmes and pipelines are indicative aggregations of underlying project information and do not represent committed capital or guaranteed expenditure. Financial information relating to portfolio companies is unaudited unless expressly stated otherwise.
2 Forward-looking statements. This page contains forward-looking statements, including statements about proposed developments, pipelines, programmes and expected outcomes. Forward-looking statements are based on assumptions and are subject to risks, uncertainties and other factors, many of which are outside the control of Allcap Securities. Actual outcomes may differ materially. No representation or warranty is given that any forward-looking statement will be achieved.