Stafford makes partner promotion

The real assets specialist is in market with its fourth infrastructure secondaries fund, which has raised €580m of a €750m target.

Stafford Capital Partners, the 25th-ranked secondaries firm by fundraising according to the SI 50 ranking, has promoted Steven Zehr to partner within its infrastructure business.

Zehr joined the firm in 2018 and is focused on sourcing, evaluating and structuring LP-led and GP-led secondaries investments, as well as co-investments, according to a statement announcing his promotion. He is also a member of the Stafford’s infrastructure investment committee.

Zehr has more than 16 years’ investment experience in real assets and private equity. Prior to joining Stafford, he held roles at global insurers and reinsurers, including XL Catlin and Swiss Re, where he built portfolios comprising of direct investments, co-investments and fund investments.

At the end of June, Stafford agreed to acquire a £58 million ($69 million; €68 million) stake in UK and Italy-focused infrastructure fund Equitix Fund III, a 2013-vintage vehicle, Secondaries Investor reported. The fund includes 46 mainly public-private partnerships and private finance initiative assets across social infrastructure, transportation, environmental services and renewables.

Stafford invested out of its 2020-vintage Stafford Infrastructure Secondaries Fund IV as well as a separately managed account for a single investor. SISF IV has raised €580 million out of a target of €750 million, according to Secondaries Investor data. Equitix was the 13th deal completed by the fund, which has committed around €350 million so far.

Stafford also raises timberland secondaries funds. Its most recent was Stafford International Timberland Fund IX, which raised $695 million by final close in April 2021.

Energy and infrastructure secondaries accounted for 6 percent of the $134 billion in deal volume last year, according to data from Evercore.