Foresight to lift AUM to GBP 6.5bn with PiP acquisition

UK investment manager Foresight Group LLP has agreed to acquire Pensions Infrastructure Platform Ltd (PiP), whose portfolio includes waste-to-energy, renewable energy, transport and social assets.

The deal, which follows a competitive process run by the board of PiP, will boost Foresight’s assets under management (AUM) by 38% to GBP 6.5 billion (USD 8.2bn/EUR 7.3bn). Completion is expected in a month.

PiP is backed by British Airways, Pension Protection Fund, Railpen and local government pension schemes Strathclyde and West Midlands. The 17 assets in its portfolio, among which the 30-MW Azure Sun solar farm and 31-turbine Aura wind park, have a net asset value of more than GBP 700 million.

Once the acquisition wraps up, PiP chief executive Paula Burgess will become a Partner of Foresight. The target’s whole team will join Foresight’s infrastructure team.

(GBP 1 = USD 1.27/EUR 1.12)

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