Hunter Point Capital (HPC) is acquiring a 16.1% stake in infrastructure fund manager Equitix, in a deal that implies an enterprise value of £1.3bn (€1.52bn), excluding net debt.

The investment firm is acquiring a 14.6% stake from Tetragon Financial’s asset management arm, TFG Asset Management, and a 1.5% stake from Equitix management.

TFG Asset Management, which will remain the majority owner, alongside HPC and management.

Equitix was founded in 2007, with Tetragon acquiring a controlling stake in the business in 2015. Equitix currently manages over £11.7bn in assets, diversified across sectors such as social infrastructure, transport, renewable power, environmental services, network utilities and data infrastructure.

Stephen Prince, CEO of TFG Asset Management, said: “Following 10 years of strong growth, Equitix is at an inflection point. This transaction enables Tetragon to realise some of the value created in the business, while remaining invested with a trusted partner in a sector where we continue to see significant runway for innovation and growth.

“In HPC we found an experienced minority partner, bringing additive relationships and expertise to seek to enhance Equitix’s continued innovation and development.”

Avi Kalichstein, CEO and co-founder of HPC, said: “We are thrilled to be adding Equitix to our GP stakes portfolio and to join Tetragon in this next phase of exciting growth for one of Europe’s leading infrastructure managers. The Equitix team has built a market-leading firm offering a differentiated value proposition to investors.

“We look forward to engaging with Equitix as it continues to scale its platform globally and to launch new products to meet the evolving needs of institutional investors, building on its prior experience of value creation and impact.”

Hugh Crossley, CEO of Equitix, said: “Equitix was founded as a responsible long-term investor in infrastructure assets, primarily focused on the UK. It has now evolved into an infrastructure developer and fund manager with over 300 assets in 24 countries and more than 400 employees.

“I am incredibly proud of what Equitix has achieved; we are a trusted partner managing global infrastructure assets, which we believe materially contribute to the lives of the communities they serve.”

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