Luba Nikulina
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Luba Nikulina demonstrates the Navigator archetype throughout this interview, charting deliberate course through complex terrain with calibrated precision. She maps the infrastructure asset class using layered frameworks, distinguishing mature from development assets, calibrating governance and rule-of-law risk by geography, and situating infrastructure within the broader private markets liquidity budget. Her 17 years at Willis Towers Watson sharpened an advisor's instinct to read institutional momentum before it becomes consensus, evidenced by her private equity 25 years ago comparison. At IFM, Nikulina translates this orientation into concrete positioning: brokering the UK energy transition blueprint, forging partnerships with NEST and USS, and expanding into infratech. Her leadership is defined by purposeful movement across geopolitical and capital-market terrain, always orienting toward long-term outcomes for working savers.
“The task was to transform an Australian manager with global ambitions into a global investment with a proud Australian heritage.”
“Infrastructure feels almost in the same tipping point where there is enough knowledge and enough critical mass of investors who have experience, but also a big wave of newcomers because the market context just has this catalyst for the interest.”
“Not giving up, but sometimes pivoting to ensure that you get to your objective faster.”
Money Maze Podcast: “Infrastructure: From Niche to Mainstream Asset Class - With Luba Nikulina, CSO of IFM Investors”
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