InfraRed Capital Partners completes sale of stake in Royal Adelaide Hospital PPP

5 May 2023 Investments

InfraRed Capital Partners (“InfraRed”) today announces that it has completed the sale of its investment in Celsus Holding Pty Ltd, the consortium that manages the Royal Adelaide Hospital (“RAH” or the “Hospital”) Public-Private Partnership (“PPP”).

The RAH is South Australia’s flagship health facility and, as the State’s largest hospital, one of Australia’s most technically advanced medical facilities. The RAH began operations in 2017 and is a 35-year PPP with the South Australian Government. The 800-bed hospital is operated by SA Health and provides a comprehensive range of the most complex clinical care to an estimated 85,000 inpatients and 400,000 outpatients each year.

Over the period of the investment, InfraRed stewarded the RAH through development and construction phases, bringing a depth of experience to support these crucial stages of the project. We also created links between the RAH and UK healthcare facilities in the InfraRed portfolio to facilitate best practices. InfraRed has also worked to embed ESG measures and processes at the heart of the project’s operating model.

Stephane Kofman, Head of Capital Gain Funds at InfraRed said:

“InfraRed provided significant support to the Royal Adelaide Hospital project throughout its development and construction by leveraging its experience in the healthcare sector and in greenfield investments more broadly. Alongside our partners, we also facilitated the first Green and Social Loan financing for a PPP project in Australia.

“The facility, which is South Australia’s flagship hospital, significantly benefited from InfraRed’s early implementation of ESG initiatives and is now making a significant contribution towards sustainable healthcare services in Adelaide.

“InfraRed continues to seek new attractive investment opportunities in the region.”

The Hospital spans the equivalent of three city blocks and is located on a site containing almost four hectares of landscaped environment, including sky gardens across its nine levels, forming a 1.6-hectare footprint of greenspace within the Hospital. Moreover, the RAH has been awarded a 4* Green Star – Healthcare Design v1 rating, making it the largest and most technically complex Green Star project in Australia1, recognising its environmentally sustainable design and building practices.



About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure investment manager, with more than 190 professionals operating worldwide from offices in London, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and custodian of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$14bn+ of equity capital1 for investors around the globe, in listed and private funds across both income and capital gain strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating2 for its infrastructure business for seven consecutive assessments, having secured a 5 star rating for the 2021 period. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BentallGreenOak, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

1.  Data as at Q3 2022. Equity Capital is calculated using a 5-year average FX rate

2. Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at

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