Sun Life Financial has completed the acquisition of an 80% stake in the UK-based global infrastructure and real estate manager InfraRed Capital Partners.
InfraRed will be part of the company’s alternatives asset management business SLC Management. The acquisition is expected to expand SLC Management’s investment solutions for institutional clients by adding infrastructure equity and advance sustainable investment options.
The transaction is also expected to provide the company with opportunities within renewable infrastructure in North America.
As of 31 March 31 this year, the acquired company advises institutional and pooled fund clients on almost $12bn in assets under management.
SLC Management president Steve Peacher said: “We’re excited to complete the acquisition of InfraRed. While the current global environment continues to test all industries and financial markets, we’re very confident about the long-term growth in infrastructure investing.
“The increased demand for infrastructure around the world has not dissipated. Infrastructure investing remains well-positioned, presenting many opportunities for enhancing societies in a post-Covid-19 world.”
InfraRed Capital Partners CEO Werner von Guionneau said: “We are delighted to announce the completion of the transaction agreement between InfraRed and Sun Life.
“This agreement represents an important milestone in InfraRed’s journey and will support our continued evolution, including the launch of a North American renewable infrastructure fund.”
InfraRed’s owners have agreed to sell their remaining interest to Sun Life in 2024. The company has the option to call any remaining interest by the end of 2025.