Strategic Partners buys into Macquarie infra fund

Strategic Partners has acquired a stake in a Macquarie-managed European infrastructure fund, according to a UK regulatory filing.

The Blackstone unit bought a stake in Macquarie European Infrastructure Fund II (MEIF II), a €4.64 billion fund that closed in 2007. The fund is fully invested and focuses on energy, transport and water infrastructure projects in central, eastern and western Europe.

UK pension fund manager Trafalgar House Pension Trust sold its entire stake in MEIF II to SP Real Asset Holdings, according to the filing. SP Real Asset Holdings is a Strategic Partners entity, according to a source familiar with the transaction.

The deal was completed on 1 July.

MEIF II’s investments include Thames Water, Swedish heating provider Varmevarden, and Airwave, a UK public safety communications firm, according to Macquarie’s website. Macquarie invests in infrastructure projects across Europe through its four MEIF vehicles, and limited partners in MEIF II include BlackRock, BAE Systems’ pension fund and The State Pension Fund of Finland, according to PEI’s Research and Analytics division.

Trafalgar House manages £1.7 billion ($2.6 billion, €2.3 billion) for around 24,000 retired and deferred pensioners, according to PEI data.

In July, SL Capital Partners also bought a stake in MEIF II, acquiring the interest from Norwegian financial group Storebrand Livsforsikring.

Macquarie, Strategic Partners and Trafalgar House declined to comment on the deal.

Pricing for infrastructure fund stakes are stabilising, as Secondaries Investor recently reported, with deals being completed in the last six months at around par, according to industry participants.