Rail First Asset Management
An Australian rolling-stock leasing and rail maintenance company serving freight operators across the interstate rail network.
Last updated November 4, 2026
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Overview
Rail First Asset Management, commonly known as RailFirst, is an Australian rolling-stock leasing, maintenance and asset-management company focused on the rail freight market. The business supplies locomotives and freight wagons to private rail operators, primarily for use on Australia’s defined interstate rail network. Its assets operate in most Australian states and are used by major train operating companies under a mixture of long-term leasing arrangements and shorter-term spot-hire contracts. The company was established in 1998 as CFCL Australia by the American Chicago Freight Car Leasing Company. Its first contract involved supplying a small fleet of radio-controlled automated ballast hoppers to Westrail. Later in 1998, it acquired 13 EL-class locomotives from Australian National, establishing an initial locomotive fleet from second-hand Australian railway assets. The wagon business expanded in 2000, providing the foundation for a broader leasing platform covering both locomotives and freight wagons. CFCL Australia subsequently developed beyond straightforward equipment leasing. During the 2010s, rising demand for intermodal freight equipment led much of its wagon fleet to be placed with customers under wet-leasing arrangements. These arrangements enabled companies with limited rail operating assets or experience to access rolling stock and associated support. The company also considered ways to increase its supply of 40-foot intermodal wagons, including modifying existing 60-foot wagons, as new freight terminals and the Inland Rail program were expected to support further growth in intermodal traffic. The ownership structure changed several times. Marubeni Corporation acquired a 49 percent interest in March 2009, later reducing its Australian exposure and ultimately holding no interest in the relevant entities by January 2020. Anchorage Capital Partners acquired CFCL Australia in January 2020. The business adopted the Rail First Asset Management name in 2021, marking a shift from its historical CFCL Australia identity toward a broader asset-management and maintenance proposition. Rail First operates maintenance facilities at the Goulburn Railway Workshops in regional New South Wales and the Islington Railway Workshops in Adelaide. In January 2021, it leased the Goulburn facility, which it named the Australian Horse Power Service Centre, to maintain its locomotive and wagon fleets. The company also performs maintenance for third-party operators, including Qube Logistics, and incorporated engineering capabilities associated with Bluebird Rail Operations at Islington. These facilities allow Rail First to combine leasing with in-house maintenance, refurbishment and support services, including faster turnaround for customer equipment. The fleet has historically included locomotives acquired second-hand from incumbent railways, some of which were rebuilt or given life-extending overhauls. Over time, Rail First increasingly moved toward new-build locomotives. In 2012, it ordered ten MP33C locomotives from MotivePower, a Wabtec subsidiary. By February 2020, older smaller locomotives had been permanently withdrawn, while the company’s inventory was reported at 78 locomotives in March 2020. Its wagon fleet comprises approximately 1,200 units across grain hoppers, bulk-mineral hoppers and intermodal flat wagons of different lengths and capacities. Many locomotives carry names associated with famous Australian racehorses. DIF Capital Partners and Amber Infrastructure acquired Rail First in December 2022. Following that transaction, the company ordered new 4,400-horsepower AC-traction locomotives from UGL, associated with GE and Wabtec technology, with 26 units planned for service by December 2024. Amber Infrastructure subsequently exited Australia and sold its interest to DIF Capital Partners in mid-2024. Rail First therefore combines a large leased freight-rolling-stock portfolio with workshops, engineering services and newer high-power locomotive investments, positioning it as an infrastructure-oriented supplier to Australia’s private rail freight sector.
History
Rail First Asset Management originated in 1998 as CFCL Australia, established by Chicago Freight Car Leasing Company to participate in the Australian rail-freight equipment market. Its first commercial contract supplied radio-controlled automated ballast hoppers to Westrail. In November of the same year, the company acquired 13 EL-class locomotives from Australian National, beginning a fleet that initially relied substantially on surplus or second-hand railway equipment. The wagon portfolio expanded in 2000. Marubeni Corporation became a significant investor in March 2009 by purchasing a 49 percent stake. CFCL Australia broadened its customer and equipment base during the following years. In November 2012, it introduced an infrastructure-train operation in Western Australia’s Pilbara region. By October 2014, its locomotives were working on construction trains associated with the Roy Hill and Hamersley and Robe River railways. During the 2010s, intermodal freight generated increased demand for leased rolling stock. CFCL Australia placed much of its wagon fleet with customers in intermodal service, often through wet-leasing structures. This model was useful for operators and logistics businesses that needed rail capacity without owning or managing a complete fleet. The company examined additional 40-foot wagon capacity, including the possible conversion or shortening of existing 60-foot wagons, as freight terminals in the Sydney basin and elsewhere in New South Wales expanded and the Inland Rail program progressed. Marubeni decided in 2016 to relinquish its direct stake in CFCL Australia while shifting toward a 15 percent holding in CF Asia Pacific. By January 2020, it held no interest in either entity. Anchorage Capital Partners acquired CFCL Australia in January 2020. The business was renamed Rail First Asset Management in 2021. The 2021 period also saw a stronger emphasis on maintenance and engineering. Rail First leased the Goulburn Railway Workshops in New South Wales in January and established the Australian Horse Power Service Centre there. The facility maintained Rail First’s locomotives and wagons while also undertaking work for third parties, including Qube Logistics. Rail First also maintained locomotives at Islington Railway Workshops in Adelaide and brought together the Goulburn and Islington engineering activities, including the engineering business previously associated with Bluebird Rail Operations. The workshop expansion was intended to improve capacity and reduce customer turnaround times. The company’s locomotive strategy gradually shifted from reliance on used units toward new-build, higher-capacity equipment. In May 2012, it ordered ten MP33C locomotives from MotivePower, a Wabtec subsidiary. Older smaller locomotives were later withdrawn, and the reported fleet contained 78 locomotives by March 2020. The wider fleet included about 1,200 freight wagons, covering grain, bulk-mineral and intermodal applications. DIF Capital Partners and Amber Infrastructure acquired Rail First in December 2022. After the acquisition, Rail First ordered 4,400-horsepower AC-traction locomotives from UGL, using technology associated with GE and Wabtec. Twenty-six locomotives were planned to enter service by December 2024. Amber Infrastructure exited Australia in mid-2024 and sold its interest to DIF Capital Partners. Rail First remains an active Australian rolling-stock lessor and maintenance provider, with equipment distributed across the national freight network and workshops in New South Wales and South Australia.
- 2024
Amber exits Australian ownership
[1]Amber Infrastructure exited Australia and sold its interest in Rail First to DIF Capital Partners.
- 2022
DIF and Amber acquisition
[1]DIF Capital Partners and Amber Infrastructure acquired Rail First in December.
- 2021
Rebranding as Rail First Asset Management
[1]CFCL Australia adopted the Rail First Asset Management name.
- 2021
Goulburn maintenance centre established
[1]Rail First leased the Goulburn Railway Workshops and established the Australian Horse Power Service Centre.
- 2020
Anchorage Capital acquisition
[1]Anchorage Capital Partners acquired CFCL Australia in January.
- 2014
Construction-train activity
[1]The company had locomotives operating construction trains on the Roy Hill and Hamersley and Robe River railways.
- 2012
New-build locomotive order
[1]The company ordered ten MP33C locomotives from MotivePower, beginning a greater emphasis on new-build traction.
- 2012
Pilbara infrastructure-train operation
[1]CFCL Australia unveiled an infrastructure train for work in Western Australia’s Pilbara region.
- 2009
Marubeni investment
[1]Marubeni Corporation purchased a 49 percent interest in CFCL Australia.
- 2000
Wagon fleet expansion
[1]CFCL Australia expanded its freight-wagon portfolio to support its developing leasing business.
Products and positioning
An Australian rail asset owner and service provider combining freight rolling-stock leasing with maintenance, engineering and fleet-support capabilities.
Rolling-stock leasing · 1998
Freight locomotives
Rail First leases diesel locomotives for intermodal, bulk and infrastructure freight work. Its fleet has included second-hand and rebuilt Australian locomotives as well as new-build units, with a gradual shift toward more powerful modern traction. Locomotives are supplied through long-term customer arrangements and shorter-term spot-hire availability.
Rolling-stock leasing · 2000
Freight wagons
The wagon portfolio includes grain hoppers, bulk-mineral hoppers and intermodal flat wagons in multiple lengths and load configurations. Rail First leases wagons to private operators and logistics customers, including through wet-leasing structures that combine equipment access with operational support.
Rail services · 2021
Rail maintenance and engineering
Rail First maintains its own locomotive and wagon fleets and provides maintenance and engineering services for third-party operators. Its principal facilities include the Australian Horse Power Service Centre at Goulburn in New South Wales and maintenance capability at Islington in Adelaide.
Rail services · 2012
Infrastructure-train services
The business has supplied locomotives and equipment for infrastructure-train work, including activity in Western Australia’s Pilbara region and construction-train operations associated with major mineral railway projects.
Brand decisions
2023
Order for 4,400-horsepower AC locomotivesProduct launchBackground
After the 2022 ownership change, Rail First pursued newer and more powerful traction for freight operations.
Action taken
The company ordered new 4,400-horsepower AC-traction locomotives from UGL, using technology associated with GE and Wabtec; 26 units were planned for service by December 2024.
Aftermath
The order marked a significant fleet-modernisation program and increased Rail First’s planned high-power locomotive capacity.
2022
Acquisition by DIF Capital Partners and Amber InfrastructureM&ABackground
Rail First changed ownership after operating under Anchorage Capital Partners.
Action taken
DIF Capital Partners and Amber Infrastructure acquired the company in December.
Aftermath
The new ownership supported further investment in high-power locomotive capacity and infrastructure-oriented rail assets.
2021
Expansion of maintenance operationsStrategyBackground
Customer demand increased for rail equipment maintenance and rapid fleet turnaround.
Action taken
Rail First leased the Goulburn Railway Workshops, named the facility the Australian Horse Power Service Centre, and integrated engineering capabilities at Goulburn and Islington.
Aftermath
The company expanded from a primarily leasing-focused business into a broader rolling-stock maintenance and engineering provider.
2021
Rebrand to Rail First Asset ManagementStrategyBackground
Following the 2020 acquisition by Anchorage Capital Partners, the company sought a new identity for its leasing, engineering and maintenance activities.
Action taken
CFCL Australia was renamed Rail First Asset Management.
Aftermath
The Rail First identity became the operating brand for the Australian rolling-stock platform.
2012
Order for MP33C locomotivesProduct launchBackground
Rail First’s predecessor was expanding beyond second-hand and rebuilt locomotives and sought new traction for freight customers.
Action taken
CFCL Australia ordered ten new MP33C locomotives from MotivePower, a Wabtec subsidiary.
Aftermath
The order represented an early step toward a more modern, new-build-oriented locomotive fleet.
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