Vertical evacuation helps people escape tsunami risks by elevating them above the level of tsunami inundation, usually by moving to higher ground or taking refuge in tall buildings or other elevated structures. Unlike horizontal evacuation, which involves moving away from the coast to higher ground, vertical evacuation reduces the demand for horizontal evacuation routes that can become congested and impede evacuation efforts. Therefore, investing in critical infrastructure that enables vertical evacuation is crucial in tsunami-prone areas. This study proposes a multi-objective optimization model to help decision-makers assign critical infrastructure for vertical evacuation in tsunami-prone areas. Critical infrastructure includes buildings that can provide shelter during a tsunami and road networks for rapid access to shelter points. The proposed model balances three objectives: (1) minimizing investment costs in critical infrastructure, (2) maximizing the population covered by shelters, and (3) minimizing the evacuation time for evacuees to reach the shelters. This model is tested on real-world data from the Coquimbo-La Serena coastal conurbation in the Coquimbo region of Chile. The study contributes to the literature on tsunami evacuation modeling and provides valuable information for decision-makers to plan and invest in critical infrastructure for vertical evacuation during tsunamis. A sensitivity analysis of various parameters is conducted, and managerial insights are provided.