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Legal disputes, annual calls to annul it and an anniversary that sets the stage for six decades of private-sector upside make the deal a case study in the dangers of misaligned interests.

The French firm achieved a 100% re-up rate amid growing investor appetite, particularly from North America and Asia.

James Gordon has joined the group as an investment director, following a raft of senior staff departures earlier this year.

The firm’s third vehicle is nearly two-and-a-half times larger than its $3.1bn predecessor, which was raised in 2015, and has secured two deals to date.

The fund manager attracted more than double the number of LPs that had invested in its debut vehicle, while Fund II had a re-up rate of more than 80%.

The group, which was an underbidder in EQT’s 2015 sale, has now succeeded in acquiring the transmission system operator, its second Swedish gas investment since March.

Mark Corben was ‘pivotal’ to the regulated-asset-base model used for the Thames Tideway project, which the Department for Business, Energy & Industrial Strategy is looking to replicate.

The consortium led by the toll-road operator – including Australian Super, CPPIB and Tawreed – beat competition from an IFM-led team, as Transurban gains control of 16 of the country’s 20 toll roads.

With managers increasingly putting pressure on LPs to enter the carry early, Threadmark partner Patricia Wilkinson and PEI senior editors Bruno Alves, Jonathan Brasse and Toby Mitchenall look across asset classes to find out whether the status quo really is changing.