Sun Life Financial Takes Big Stake in Real Estate Manager

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The deal brings InfraRed into the fold of SLC Management

Sun Life Financial and its alternative asset management arm just received a boost. Sun Life announced it plans to purchase an 80% stake in the infrastructure and real estate investment manager InfraRed Capital Partners.

InfraRed is headquartered in London, U.K. and has more than 175 partners and staff.  The firm had roughly $12 billion in assets under management as of September 30, 2019.

Sun Life Financial Seeks Alts Boost

The deal will see InfraRed fall into the fold of SLC Management.

SLC is Sun Life’s alternative asset management business. According to terms of the deal, Sun Life will buy this stake for $384.9 million (or 300 million pounds). The firm will also co-invest about $400 million to help launch a new version of InfraRed.

Finally, the deal allows Sun Life to purchase the rest of InfraRed within five years of the deal’s closing date.

“We’re excited to acquire a majority position in InfraRed, which further broadens SLC Management’s alternative solutions to now include infrastructure equity,” said Steve Peacher, President, SLC Management.

The transaction will likely close during the first six months of 2020.

Skadden, Arps, Slate, Meagher & Flom LLP served as Sun Life’s legal counsel and Fenchurch Advisory Partners served as financial advisors. Ardea Partners International LLP were financial advisors to InfraRed and Weil, Gotshal & Manges LLP served as their legal counsel.

Related: Hedge Funds Blink; Private Equity Firms Free to Take Control of Inmarsat

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