A UK corporate pension scheme has sold its stake in DIF Capital Partners’ fifth infrastructure fund to Stafford Capital Partners for €100m.
Stafford said it made the investment in the DIF Infrastructure V fund as the unnamed pension fund sold its stake following a change in strategy that has seen it exit several fund holdings across its private markets portfolio in recent years.
Stafford acquired the stake through Stafford Infrastructure Secondaries Fund IV (SISF IV), the manager’s fourth infrastructure secondaries fund.
DIF V reached its €1.9bn in May 2018. The fund’s portfolio of 24 public-private partnerships, concessions, regulated assets and renewable energy projects are located mainly in Europe, North America and Australasia.
Stafford said its investment marks the first limited partner secondary to be completed in the fully-invested DIF infrastructure fund.
Stafford said SISF IV is currently in talks to complete three other deals which will see the fund invest a further €150m in the coming months.
SISF IV, which has so far raised €580m, is expected to close in the third quarter of the year.
William Greene, managing partner Stafford Infrastructure, said: “Our investment in DIF V offers investors access to a portfolio of high-quality core infrastructure assets and a manager with a proven track record of delivering on both its financial and ESG objectives.
“By investing through the secondaries market, we are delighted to be able to offer investors access to such opportunities in a value accretive manner without the added blind pool risk that can come when investing in a fund at inception.”
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