Sun Life Financial Inc, a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients, announced the completion of its majority stake acquisition of InfraRed Capital Partners.
InfraRed will be part of SLC Management, Sun Life’s alternatives asset management business. The Company said that the acquisition will broaden SLC Management’s investment solutions for institutional Clients to include infrastructure equity and advance sustainable investment options.
“We’re excited to complete the acquisition of InfraRed,” said Steve Peacher, President, SLC Management. “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.”
Peacher added that this transaction also presents opportunities within renewable infrastructure in North America. “We believe there is a compelling case for investing in renewable infrastructure, such as wind farms and solar energy, which can also have a positive impact on the world.”
“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,” said Werner von Guionneau, CEO, InfraRed Capital Partners.
von Guionneau added, “High quality, reliable core infrastructure has been essential in delivering to the needs of communities through this crisis. As societies emerge from the coronavirus pandemic, it is more crucial than ever to invest in improving our infrastructure, making it greener and more connected, to ensure we support communities and deliver sustainable returns. This transaction positions us perfectly and will ensure we remain at the forefront of essential and sustainable infrastructure. We look forward to working closely with SLC Management and Sun Life to extend our capabilities in North America, with particular focus on the transition to decarbonize energy, where we see enormous opportunity.”
With the transaction close, Sun Life acquires an 80% interest in InfraRed. According to the Company’s press statement, InfraRed’s owners have a put option to sell their remaining interest to Sun Life in 2024 and Sun Life has the option to call any remaining interest by the end of 2025.
Headquartered in London, UK, InfraRed is a global infrastructure and real estate manager. InfraRed advises institutional and pooled fund Clients on approximately US$12 billion (C$17 billion) in assets under management, as of March 31, 2020.
Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda.
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