Acquisition planning involves decisions to be made regarding the number of assets to be acquired initially and the type and timing of replacement and upgrade actions to maintain performance measures efficiently. Acquisition planning is challenging for high-valued assets because of considerable uncertainties in their long-term life cycle. This article proposes an approach to determine which acquisition strategy—i.e. what initial number of assets, what number of new acquisitions, and in what time throughout a long-term planning period—can robustly fulfil multiple performance objectives in the face of plausible future scenarios.