InfraRed Capital Partners (“InfraRed”) today announces an investment in Vancouver Island Ferry Company (“VIFC”) to establish and develop the business. The funding will be used for the purchase of two vessels, leases, and initial set-up costs. This investment was undertaken in partnership with Conqora Capital Partners, an experienced team of professionals in the infrastructure and transportation industries. InfraRed acquired a majority stake in the business.
VIFC will operate two high-speed passenger catamarans to provide year-round, 70-minute direct service between downtown Vancouver and downtown Nanaimo on Vancouver Island. This is a key route for tourism, business, and the local community. Each vessel can accommodate up to 354 passengers and will complete three to five round trips daily.
The partnership with VIFC aims to address an underserved segment of the Canadian travel market with a 50-year traffic history. Once service commences in the second half of 2023, passengers will benefit from a reliable and convenient service that will be quicker and/or less expensive than existing options along the same route. VIFC has the potential to expand its service between downtown Vancouver and Victoria.
The investment builds upon InfraRed’s sustainability strategy through the cooperation with the Snuneymuxw First Nation to strengthen community engagement, and the commitment to power the vessels using 100% biodiesel in the future.
Jack Paris, Head of Americas at InfraRed Capital Partners, said:
“We are excited by the potential of the Vancouver Island Ferry Company as it will provide vital infrastructure to the island. This is a further example of our investment capabilities to identify under-explored infrastructure opportunities and create companies to address the need. We look forward to working with Conqora Capital Partners to establish and grow the business over time.”
About InfraRed Capital Partners
InfraRed Capital Partners is an international infrastructure investment manager, with more than 180 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 capital[1] for investors across the globe, across listed and private funds in 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 rating[2] for its infrastructure business for seven consecutive assessments, having secured a 5 stars rating for the 2021 period. It is also a member of the Net Zero Asset Manager’s Initiative, a certified CarbonNeutral® company[3], 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 Q2 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 https://www.unpri.org/about-the-pri
[3] In accordance with The CarbonNeutral Protocol. Further information is available at https://carbonneutral.com/the-carbonneutral-protocol
