Phoenix Group has provided £47m (€53.1m) funding to Semperian PPP Investment Partners to help finance new infrastructure investments.
The consolidator of heritage funds said Semperian will use the proceeds to finance the purchase of new Public Private Partnerships (PPP) assets and infrastructure investments.
Semperian’s £1.7bn of managed assets are mostly located within the UK, with government-backed and inflation-linked cash flow streams.
Semperian has investments in 92 assets, made up of 2.8m sqm of accommodation, 15,000 hospital beds, 1,600 car parking spaces, 163 schools and 508km of road.
Craig Baker, Phoenix’s head of investment management, performance and relationships, said: “This deal demonstrates Phoenix’s strategic commitment to the private infrastructure debt market which provides regular, stable and long-term cash flows to match Phoenix’s annuity liabilities.
“Phoenix is especially pleased with this opportunity to provide financing to Semperian to support their investment in new PPP assets.”
Jeremy Allcock, Aberdeen Standard Investments’ head of infrastructure debt, said: “This was an opportunity to use our long-term relationship with Semperian to source an investment that will deliver a sustainable stream of cash flows for Phoenix.”
Aberdeen Standard Investments originated and executed the transaction on behalf of Phoenix.