The University of Arizona Foundation has sold its stake in Macquarie European Infrastructure Fund III to UK pension authority the Royal Borough of Windsor and Maidenhead, according to a UK regulatory notice.
The Macquarie purchase is the RBWM’s first ever deal on the secondary market, according to pension fund manager Nick Greenwood. The UK pension bought the fund stake to add on it its existing interest in the fund, which closed on €1.2 billion in 2010. The fund invested in Thyssengas, a German gas transmission network operator, České Radiokomunikace, a Czech telecommunication tower operator and the Brussels and Copenhagen airports. It was unclear at press time how much capital the fund had to deploy.
Sydney-based Macquarie closed a subsequent European infrastructure fund on €2.7 billion, ahead of its €1.5 billion to €2 billion target, in April 2013. The fund has invested in German gas transmission operator Open Grid Europe and a Czech gas distribution network, according to the website. Macquarie was unavailable to comment by press time.
The University of Arizona Foundation manages the US university’s $225 million endowment. The foundation commits 8.7 percent of its endowment to private equity and sees a “need to make meaningful allocations to private equity, absolute return and real assets,” according to its 2013 annual review. The foundation did not return a request for comment by press time.
RBWM is the administering authority of UK-based Royal County of Berkshire Pension Fund, which has about £1.45 billion of assets under management.