M&A

With infra outperforming practically every other private asset class, and a difficult macro environment persisting, the M&A activity seen in the last two years is probably just the beginning.

The proposed merger of IFM Investors and ISPT is the latest in a string of examples of GPs seeking to combine infra and real estate strategies.

The Australian superfund-owned managers would combine infra and property expertise, but stakeholders say they have distinct governance arrangements that will be hard to reconcile.

Brookfield and EIG’s take-private bid, hot on the heels of AGL Energy’s failed demerger, could point the way for energy transition.

AGL Energy’s decision to scrap its planned demerger could mean the end of its recently announced A$2bn energy transition partnership with GIP, which was subject to the completion of the demerger.

Third-party investors buying GP stakes is a fairly new phenomenon in infrastructure, and it is picking up steam. But what does it mean for LPs and competition?

The infrastructure investment firm is the latest in a series of its kind to sell an ownership stake to infra-hungry asset managers.

The firm, now known as PrivateMarketsCo, is set to sell its A$7bn infrastructure debt arm to Ares Management which attempted a takeover bid for AMP Capital earlier this year.

The initial focus will be on expanding Greencoat’s existing business but as new technologies mature, such as hydrogen and large-scale energy storage, the strategy will go beyond wind, solar and biomass.

A pandemic deal binge gave the firm’s open-end fund a portfolio of platforms to grow over the decades. We catch up with Blackstone’s senior team and its LPs to tell the story behind the manager’s infra programme.