A consortium including several of Canada’s largest institutional investors is acquiring an Australian energy network.
The Alberta Investment Management Corp., the Healthcare of Ontario Pension Plan, the Investment Management Corp. of Ontario and the Public Sector Pension Investment Board have joined a consortium acquiring AusNet Services Ltd. The company, which has infrastructure assets worth about $1.01 billion, operates an energy network that serves of 1.5 million customers in the state of Victoria.
In a press release, Ben Hawkins, senior vice-president of infrastructure and renewable resources at the AIMCo, described the network as a leader in the energy transition in Australia. He also said it offers a compelling value proposition to the AIMCo.
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“After the robust returns that AIMCo’s infrastructure investments have brought our clients over the past year, the acquisition of AusNet on behalf of our clients is another exciting addition to [their] infrastructure portfolios. . . . This regulated infrastructure investment will provide our clients’ portfolios with a strong foundation to participate in Victoria’s clean energy future while providing stable regulated returns and inflation protection that matches [their] needs.”
In other news, an investment management firm backed by the Caisse de dépôt et placement du Québec is absorbing a business developing alternative investment platforms.
Innocap Investment Management Inc. will acquire BNY Mellon’s HedgeMark business, which specializes in supporting institutional investors in the development and operation of private dedicated managed account platforms. These platforms are used by institutional investors to invest in hedge funds.
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In exchange for the purchase, BNY Mellon will receive a stake in Innocap, joining the Caisse, BNP Paribas, the Fonds de solidarité FTQ and Walter Global Asset Management Inc. Following the transaction, Hedgemark employees will join the Innocap team.
In a press release, Kim Thomassin, executive vice-president and head of investments in Quebec and stewardship investing at the Caisse, said the investment will help its portfolio companies expand to the next stage of growth. “With this transformative acquisition, we are extremely proud to help create the new global leader in its sector.”