InfraRed Capital Partners (“InfraRed”) announces the launch of Public Safety Towers, LLC (“PSTC”) in the United States. Starting with an initial seed portfolio located in California, PSTC will construct new telecommunication towers in areas that are currently underserved. InfraRed is allocating c. $50 million to PSTC for the initial roll out but expects to deploy more capital over time as the tower build program expands. PSTC will be headquartered in Carlsbad, California.
InfraRed recognizes that wireless networks have become an inseparable part of how we all live our daily lives and key to a connected community. Demand for wireless data continues to increase rapidly on a global basis and, as a result, is driving significant investment into new telecommunication towers and other wireless infrastructure. PSTC aims to provide better and more reliable wireless cellular coverage to serve the community at large, including first responders such as firefighters, law enforcement and emergency medics, who rely on connectivity to perform critical jobs.
Jack Paris, Head of Americas at InfraRed Capital Partners, said “InfraRed is delighted to partner with PSTC, a team that has successfully built and operated leading telecommunications and public safety enterprises in the U.S. InfraRed continues to grow its presence in the market by making value-accretive investments in target sectors, funding and developing critical infrastructure that connects communities”.
Chris Odenthal, the Chief Operating Officer for PSTC, said “Wireless connectivity has become a basic need for data consumers as well as first responders, and PSTC will look to address a gap in the market for the benefit of the community. Public safety lies very close to our hearts at PSTC, and we will look to establish the public safety community as a partner in building industry-leading wireless facilities”. Mr. Odenthal, who will lead the day-to-day operations of PSTC, has extensive recent experience building the Los Angeles Regional Interoperable Communications System (LARICS) which is arguably one of the most challenging build-markets in the country.
Houlihan Lokey acted as PSTC’s exclusive financial advisor, and Greenberg Traurig, LLP served as PSTC’s legal advisor. Phillips Lytle LLP, Procopio, Cory, Hargreaves & Savitch LLP, EY-Parthenon and EY served as the advisor group to InfraRed.
About InfraRed Capital Partners:
InfraRed is an international investment manager, investing in infrastructure which contribute positively to society and support the transition to a net zero future. Over the past 30 years, InfraRed has established itself as a highly successful developer and custodian of core infrastructure, renewable energy and real estate assets that play a vital role in supporting sustainable communities. It operates worldwide from offices in London, New York, Sydney and Seoul. With around 165 professionals, it manages in excess of US$10bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.
At InfraRed, a long-term, sustainability-led mindset is essential to delivering lasting success, and this mindset directs its assessment and management of the Environmental, Social and Governance (“ESG”) aspects of its business. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has been awarded triple A+ score in the 2020 review (relating to the 2019 assessment period). It is also a member of the Net Zero Asset Manager’s Initiative, a certified CarbonNeutral® company1 and is a TCFD supporter.
InfraRed is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
1. In accordance with The CarbonNeutral Protocol. Further information is available at https://carbonneutral.com/ the-carbonneutral-protocol
