The seed portfolio consists of seven assets that have been acquired from HICL Infrastructure PLC, the FTSE-250 infrastructure investment company. These assets are spread across health and education projects, including Southmead Hospital and Edinburgh Schools. Through this transaction, HICL has also agreed a partnership framework with APG that creates the scope for future mutually beneficial divestments, as well as for co-investments. This transaction enhances InfraRed and HICL’s valued relationship with APG, who will become a co-shareholder on several of HICL’s assets.
The mandate from APG is for 22 years and covers both core and core-plus infrastructure, with InfraRed responsible for managing all facets of the SMA over this period. InfraRed will draw heavily on its deep social infrastructure experience and extensive in-house investment, portfolio, and asset management capabilities, which span across the infrastructure risk spectrum. InfraRed made its first social infrastructure investment in 2003 and since then has made over 171 investments with 68 disposals*. Today, InfraRed is the manager of one of the largest, diversified mid-market core portfolios and has over £1.9bn* of social infrastructure assets under management.
Michael Straka, Head of Capital Formation, InfraRed, said: “We are delighted to deepen our relationship with APG, a highly sophisticated infrastructure investor. This long-term mandate is a testament to the track record we have built over the past 25 years and the capabilities of our platform, drawing on our particular strength in meeting our investors’ requirements with customised solutions. We look forward to working closely with APG over the coming years to capture long-term social infrastructure opportunities across Europe.”
Marjolaine Lopes, Europe Social Infrastructure Lead at APG, commented: “This transaction marks a meaningful step in expanding our social infrastructure portfolio, providing access to high-quality assets in the UK healthcare and education sectors. We look forward to working with InfraRed to further enhance the value of these investments. As we continue to grow our infrastructure exposure, we remain committed to delivering strong financial outcomes while contributing to a more sustainable future.”
Completion of the portfolio sale is expected before 31 December 2025.
* as at 31 March 2025.
ENDS
Notes to Editors
About InfraRed Capital Partners (“InfraRed”)
InfraRed is a leading international mid-market infrastructure asset manager. Over the past 25 years, InfraRed has established itself as a highly successful developer, particularly in early-stage projects, and an active steward of essential infrastructure.
InfraRed manages US$13bn of equity capital [1] for investors around the globe in listed and private funds across both core and value-add strategies.
InfraRed combines a global reach, operating worldwide from offices in London, Madrid, New York, Sydney and Seoul, with deep sector expertise from a team of more than 160 people.
InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, and benefits from its scale and global platform.
For more information, please visit www.ircp.com.
[1] Uses 5-year average FX as at 31st December 2024 of GBP/USD of 1.2818; EUR/USD 1.1092. EUM is USD 13.186m.
About APG
As the largest pension services provider in the Netherlands APG manages approximately €590 billion (June 2025) in pension assets for 4.6 million participants. APG provides executive consultancy, asset management, pension administration and pension communication. With approximately 4,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, and Singapore. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects.
Further details can be found on APG’s website www.apg.nl/en/
