The Caisse de Dépôt et Placement du Québec, the Indonesian Investment Authority, the Abu Dhabi Investment Authority and APG Asset Management have signed a memorandum of understanding to establish an infrastructure investment platform in the Southeast Asian nation.
In the memorandum of understanding, the Indonesian sovereign wealth fund stated its intention to explore joint investment opportunities in Indonesian toll roads. The document also set out the consortium’s intention to identify an initial set of investment opportunities within six months, with other investments expected to follow. The signatories are targeting an investment cap of 54 trillion Indonesian rupiah [$5.56 billion].
In a press release, Emmanuel Jaclot, senior vice-president and head of infrastructure at the Caisse, said the pension fund had long considered Indonesia a promising target for infrastructure investments.
“This MOU is an opportunity to jointly build a portfolio of critical road assets in one of the most dynamic economies in the world and to combine INA’s deep market knowledge and local networks with the international infrastructure expertise of CDPQ, APG and ADIA.”
In other investment news, the Caisse — alongside partners — has acquired all the outstanding Class A common shares of the New Look Vision Group Inc., a Canadian eyecare and optical retail business. The pension fund previously invested in the company in 2019.
“This investment in New Look Vision . . . is aligned with our approach to support thriving entrepreneurial businesses in their expansion,” said Kim Thomassin, executive vice-president and head of investments in Québec and stewardship investing at the Caisse. “Alongside FFL Partners and New Look Vision’s strong management team, we look forward to contributing to the next chapter of the company’s growth and enduring success.”
Meanwhile, the private equity arm of the Ontario Municipal Employees Retirement System has signed an agreement to acquire a 25 per cent stake in International Schools Partnership from Partners Group.
“Over the last 15 years, OMERS Private Equity has successfully executed on a strategy of partnering with top management teams at industry leading companies,” said Jonathan Mussellwhite, senior managing director and OMERS head of European private equity, in a release. “ISP is a great fit for this strategy, especially given the strength and experience of its leadership team. We are excited by the addition of ISP to our portfolio as we continue to look for opportunities to deploy capital across Europe and build our European private equity business.”