The Pensions Infrastructure Platform (PiP) has plans to acquire a portfolio of interests in 10 U.K. public-private partnership projects for more than £400 million ($533 million) from Aberdeen U.K. Infrastructure Partners.
PiP will manage the interests directly.
The acquisition, by the PiP Multi-Strategy Infrastructure Fund (MSIF), includes hospitals, highways operations and maintenance contracts, energy from waste projects and social housing.
Over the last 18 months, PiP has acquired two infrastructure debt portfolios, a portfolio of 31 onshore wind turbines, a portfolio of six solar energy parks, a stake in a ferry company and now 10 social infrastructure assets, bringing all of them into the direct ownership of U.K. pension schemes.
PiP has now exceeded its initial funding objective by securing approximately £750 million ($1 billion) of investment from seven pension schemes, and has an experienced investment, asset management and operational team in place.
PiP invests for the long-term on behalf of pension schemes and their members. It owns and manages assets capable of providing 20–30 years or more of inflation-linked cash flows to help schemes meet their long-term pension payment obligations. It will continue to build on these investments to deliver a diversified portfolio of U.K. infrastructure assets for pension schemes and their members.
