Norwegian financial group Storebrand has announced it is becoming the majority owner of AIP Management - an alternative investment manager founded by Danish pension fund manager PKA - raising its stake to 60% from 10%.
Storebrand said in an announcement late yesterday that the increased ownership gave it control over a well-established infrastructure platform that complemented its existing alternatives offering, which included real estate, private equity, and private credit.
“At the same time, AIP will benefit from Storebrand’s strong market position, scale, and investor relationships,” the firm said.
The parties said AIP would continue to be led by its current partners, staying independent under the AIP brand.
Alongside PKA, Danish pension provider PenSam is also an owner of AIP, alongside the AIP partners. Investors in AIP also include AkademikerPension, Lærernes Pension, and a consortium of Swiss institutional investors.
PKA, PenSam and the partners of AIP are each selling part of their stakes to Storebrand, a PKA spokesman told IPE.
Under the deal, the ownership stakes of PKA, PenSam and the partners are being reduced to 18.75%, 6.25% and 15% from 30%, 10% and 50%, respectively, he said.
PKA’s chief executive officer Jon Johnsen said AIP had now reached a point where it was ready to take the next steps in its development, envisaging a broader range of investors in future for the alternatives manager.
“Therefore, we have concluded that Storebrand, with its size and commercial platform, is a more natural majority owner for AIP Management in the future,” Johnsen said.
Jan Erik Saugestad, CEO of Storebrand Asset Management, said his firm’s clients showed great interest in long-term investments with stable returns and a positive impact such as infrastructure.
“AIP has a strong track record and sustainable investing is at the core of AIP’s investment strategy,” he said.
To read the latest IPE Real Assets magazine click here.
