Sun Life Financial has agreed to acquire a majority stake in InfraRed Capital Partners, a real estate investment manager with nearly $12bn in AUM.
Under the deal, Sun Life will purchase an 80% interest in InfraRed for $390m.
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Additionally, the insurer can acquire the remaining stake five years from the closing of the deal.
Sun Life will also co-invest $400m to facilitate the roll-out of new InfraRed investment solutions.
Upon deal completion, InfraRed will become part of Sun Life’s alternatives asset management unit SLC Management.
SLC Management president Steve Peacher said: “We’re excited to acquire a majority position in InfraRed, which further broadens SLC Management’s alternative solutions to now include infrastructure equity.”
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By GlobalDataHeadquartered in the UK, InfraRed is a FCA-regulated company that advises institutional and pooled fund clients.
Peacher added: “InfraRed is a leader in global infrastructure investing in both greenfield and brownfield projects, including renewable energy. These investments have historically provided the returns and horizon that institutional clients are seeking.”
InfraRed has over 175 partners and staff, with offices in London, Hong Kong, New York, Sydney, Seoul and Mexico City.
InfraRed CEO Werner von Guionneau said: “I am delighted to announce this transaction with Sun Life and SLC Management which enables us to drive the growth of our business in the Americas, in particular the renewable energy market.”
The InfraRed acquisition awaits regulatory nod and is slated to complete in the first half of 2020.
